HC Wainwright Forecasts Strong Price Appreciation for Arqit Quantum (NASDAQ:ARQQ) Stock

Arqit Quantum (NASDAQ:ARQQ) had its price target increased by investment analysts at HC Wainwright from $27.00 to $52.00 in a research report issued on Tuesday, Marketbeat.com reports. The firm presently has a “buy” rating on the stock. HC Wainwright’s price objective suggests a potential upside of 33.88% from the company’s current price.

Arqit Quantum Trading Down 10.3 %

Shares of NASDAQ ARQQ opened at $38.84 on Tuesday. Arqit Quantum has a 12-month low of $3.72 and a 12-month high of $52.79. The business’s fifty day simple moving average is $18.97 and its 200-day simple moving average is $11.51.

Hedge Funds Weigh In On Arqit Quantum

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 2nd quarter, according to its most recent disclosure with the SEC. The fund acquired 100,000 shares of the company’s stock, valued at approximately $34,000. Cowen AND Company LLC owned about 0.06% of Arqit Quantum at the end of the most recent quarter. 16.60% of the stock is currently owned by hedge funds and other institutional investors.

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.