Arqit Quantum (NASDAQ:ARQQ) Trading Down 5.3% – What’s Next?

Arqit Quantum Inc. (NASDAQ:ARQQ) shares fell 5.3% during trading on Monday . The company traded as low as $25.69 and last traded at $26.77. 2,298,499 shares were traded during trading, an increase of 101% from the average session volume of 1,142,420 shares. The stock had previously closed at $28.28.

Wall Street Analysts Forecast Growth

Separately, HC Wainwright increased their price target on Arqit Quantum from $27.00 to $52.00 and gave the company a “buy” rating in a research report on Tuesday, December 31st.

Arqit Quantum Price Performance

The stock has a 50-day simple moving average of $24.46 and a 200-day simple moving average of $13.33.

Institutional Trading of Arqit Quantum

A hedge fund recently bought a new stake in Arqit Quantum stock. Veracity Capital LLC bought a new position in Arqit Quantum Inc. (NASDAQ:ARQQ) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 10,804 shares of the company’s stock, valued at approximately $420,000. Veracity Capital LLC owned about 0.09% of Arqit Quantum at the end of the most recent reporting period. 16.60% of the stock is owned by hedge funds and other institutional investors.

About Arqit Quantum

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.