Arqit Quantum (NASDAQ:ARQQ) Trading Down 3.3% – Here’s Why

Arqit Quantum Inc. (NASDAQ:ARQQ)’s share price dropped 3.3% during trading on Tuesday . The stock traded as low as $26.10 and last traded at $29.92. Approximately 369,220 shares changed hands during mid-day trading, an increase of 98% from the average daily volume of 186,470 shares. The stock had previously closed at $30.93.

Analysts Set New Price Targets

Separately, HC Wainwright raised their price objective on Arqit Quantum from $22.00 to $27.00 and gave the stock a “buy” rating in a research report on Friday, December 6th.

Arqit Quantum Price Performance

The firm has a 50-day simple moving average of $15.05 and a two-hundred day simple moving average of $10.26.

Institutional Investors Weigh In On Arqit Quantum

An institutional investor recently bought a new position in Arqit Quantum stock. Cowen AND Company LLC bought a new position in shares of Arqit Quantum Inc. (NASDAQ:ARQQ) during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 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.

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.