Arqit Quantum (NASDAQ:ARQQ) Trading 2.9% Higher – Time to Buy?

Arqit Quantum Inc. (NASDAQ:ARQQ) shares rose 2.9% during trading on Friday . The stock traded as high as $32.63 and last traded at $29.11. Approximately 1,422,951 shares traded hands during trading, an increase of 10% from the average daily volume of 1,292,461 shares. The stock had previously closed at $28.28.

Wall Street Analysts Forecast Growth

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

Arqit Quantum Trading Down 5.3 %

The company’s fifty day moving average price is $24.09 and its 200-day moving average price is $13.16.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Arqit Quantum stock. Veracity Capital LLC acquired a new stake in shares of Arqit Quantum Inc. (NASDAQ:ARQQ) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 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 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.