Arqit Quantum (NASDAQ:ARQQ) Shares Gap Up After Analyst Upgrade

Arqit Quantum Inc. (NASDAQ:ARQQ)’s share price gapped up prior to trading on Tuesday after HC Wainwright raised their price target on the stock from $27.00 to $52.00. The stock had previously closed at $43.32, but opened at $44.89. HC Wainwright currently has a buy rating on the stock. Arqit Quantum shares last traded at $43.05, with a volume of 168,960 shares trading hands.

Institutional Trading of Arqit Quantum

A hedge fund recently bought a new stake in Arqit Quantum stock. Cowen AND Company LLC purchased a new position in shares of Arqit Quantum Inc. (NASDAQ:ARQQ) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 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. Institutional investors and hedge funds own 16.60% of the company’s stock.

Arqit Quantum Trading Down 10.3 %

The firm’s 50-day moving average price is $18.34 and its 200 day moving average price is $11.31.

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.