Arqit Quantum (NASDAQ:ARQQ) Stock Price Down 0.3% – Time to Sell?

Shares of Arqit Quantum Inc. (NASDAQ:ARQQ) dropped 0.3% during trading on Friday . The stock traded as low as $38.23 and last traded at $43.68. Approximately 1,587,400 shares changed hands during mid-day trading, an increase of 697% from the average daily volume of 199,137 shares. The stock had previously closed at $43.83.

Analyst Upgrades and Downgrades

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

Arqit Quantum Stock Down 2.6 %

The company has a 50 day moving average price of $16.99 and a 200-day moving average price of $10.86.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Arqit Quantum stock. Cowen AND Company LLC acquired a new position in shares of Arqit Quantum Inc. (NASDAQ:ARQQ) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. 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 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.