Arqit Quantum (NASDAQ:ARQQ) Trading Down 5.5% – Time to Sell?

Arqit Quantum Inc. (NASDAQ:ARQQ) shares were down 5.5% on Tuesday . The company traded as low as $40.76 and last traded at $40.92. Approximately 263,201 shares changed hands during mid-day trading, an increase of 27% from the average daily volume of 206,637 shares. The stock had previously closed at $43.32.

Wall Street Analyst Weigh In

Separately, HC Wainwright lifted their price objective on shares of Arqit Quantum from $27.00 to $52.00 and gave the stock a “buy” rating in a research report on Tuesday.

Arqit Quantum Stock Down 10.3 %

The company has a fifty day moving average price of $18.97 and a two-hundred day moving average price of $11.51.

Institutional Inflows and Outflows

An institutional investor recently bought a new position 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 the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 100,000 shares of the company’s stock, valued at approximately $34,000. Cowen AND Company LLC owned about 0.06% of Arqit Quantum as of its most recent SEC filing. 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.