Arqit Quantum (NASDAQ:ARQQ) Trading 6.8% Higher – Here’s What Happened

Arqit Quantum Inc. (NASDAQ:ARQQ) rose 6.8% during trading on Tuesday . The company traded as high as $28.15 and last traded at $28.59. Approximately 640,960 shares were traded during trading, a decline of 52% from the average daily volume of 1,326,187 shares. The stock had previously closed at $26.77.

Wall Street Analyst Weigh In

Separately, HC Wainwright lifted their target price on Arqit Quantum from $27.00 to $52.00 and gave the company a “buy” rating in a research note on Tuesday, December 31st.

Arqit Quantum Price Performance

The business’s 50-day simple moving average is $25.28 and its 200-day simple moving average is $13.58.

Institutional Investors Weigh In On Arqit Quantum

An institutional investor recently bought a new position in Arqit Quantum stock. Veracity Capital LLC bought a new stake in Arqit Quantum Inc. (NASDAQ:ARQQ) during the fourth quarter, according to its most recent filing with the SEC. The firm bought 10,804 shares of the company’s stock, valued at approximately $420,000. Veracity Capital LLC owned about 0.09% of Arqit Quantum at the end of the most recent quarter. 16.60% of the stock is currently owned by 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.