Arqit Quantum (NASDAQ:ARQQ) Stock Price Up 1.2% – Here’s Why

Arqit Quantum Inc. (NASDAQ:ARQQ) shot up 1.2% during mid-day trading on Monday . The stock traded as high as $31.80 and last traded at $30.88. 651,115 shares were traded during mid-day trading, an increase of 254% from the average session volume of 183,998 shares. The stock had previously closed at $30.50.

Wall Street Analysts Forecast Growth

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

Arqit Quantum Price Performance

The business has a 50-day simple moving average of $14.02 and a 200 day simple moving average of $9.97.

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 Arqit Quantum Inc. (NASDAQ:ARQQ) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 100,000 shares of the company’s stock, valued at approximately $34,000. Cowen AND Company LLC owned 0.06% of Arqit Quantum as of its most recent filing with the Securities and Exchange Commission. Institutional investors and hedge funds own 16.60% of the company’s stock.

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.