Arqit Quantum (NASDAQ:ARQQ) Shares Down 0.6% – What’s Next?

Arqit Quantum Inc. (NASDAQ:ARQQ) dropped 0.6% during trading on Thursday . The stock traded as low as $36.12 and last traded at $38.61. Approximately 260,428 shares changed hands during mid-day trading, an increase of 25% from the average daily volume of 208,079 shares. The stock had previously closed at $38.84.

Analyst Upgrades and Downgrades

Separately, HC Wainwright increased their price target on shares of Arqit Quantum from $27.00 to $52.00 and gave the stock a “buy” rating in a report on Tuesday.

Arqit Quantum Price Performance

The firm’s fifty day moving average price is $20.24 and its two-hundred day moving average price is $11.90.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in Arqit Quantum stock. Cowen AND Company LLC acquired a new stake in Arqit Quantum Inc. (NASDAQ:ARQQ) in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor acquired 100,000 shares of the company’s stock, valued at approximately $34,000. Cowen AND Company LLC owned approximately 0.06% of Arqit Quantum as of its most recent filing with the SEC. Hedge funds and other institutional investors own 16.60% of the company’s stock.

Arqit Quantum Company Profile

Arqit Quantum Inc provides cybersecurity services through satellite and terrestrial platforms in the United Kingdom. It offers QuantumCloud, a Platform as a Service that creates unbreakable software encryption keys. The company also provides maintenance and support, and professional services. Arqit Quantum Inc is based in London, the United Kingdom.