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

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

Analysts Set New Price Targets

Separately, HC Wainwright upped their price objective on 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 Stock Down 5.8 %

The firm has a fifty day moving average of $14.56 and a two-hundred day moving average of $10.12.

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 Arqit Quantum Inc. (NASDAQ:ARQQ) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 100,000 shares of the company’s stock, valued at approximately $34,000. Cowen AND Company LLC owned 0.06% of Arqit Quantum at the end of the most recent reporting period. 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.