Arqit Quantum (NASDAQ:ARQQ) Shares Down 3.7% – Time to Sell?

Shares of Arqit Quantum Inc. (NASDAQ:ARQQ) were down 3.7% during mid-day trading on Tuesday . The stock traded as low as $39.60 and last traded at $39.75. Approximately 129,625 shares traded hands during trading, a decline of 82% from the average daily volume of 705,811 shares. The stock had previously closed at $41.27.

Analyst Ratings Changes

Separately, HC Wainwright reaffirmed a “buy” rating and set a $52.00 price target on shares of Arqit Quantum in a report on Thursday, September 18th. One investment analyst has rated the stock with a Buy rating, Based on data from MarketBeat, Arqit Quantum has an average rating of “Buy” and a consensus target price of $52.00.

Arqit Quantum Price Performance

The company has a 50 day moving average price of $33.77 and a 200 day moving average price of $26.20.

Institutional Investors Weigh In On Arqit Quantum

Several hedge funds and other institutional investors have recently made changes to their positions in ARQQ. Penserra Capital Management LLC acquired a new stake in shares of Arqit Quantum in the 2nd quarter valued at $26,376,000. Legal & General Group Plc acquired a new stake in shares of Arqit Quantum in the 2nd quarter valued at $2,687,000. Virtu Financial LLC increased its stake in shares of Arqit Quantum by 440.7% in the 1st quarter. Virtu Financial LLC now owns 32,208 shares of the company’s stock valued at $446,000 after buying an additional 26,251 shares during the period. Raymond James Financial Inc. boosted its position in shares of Arqit Quantum by 120.6% in the 2nd quarter. Raymond James Financial Inc. now owns 45,397 shares of the company’s stock worth $1,681,000 after purchasing an additional 24,822 shares during the last quarter. Finally, Advisory Services Network LLC acquired a new stake in shares of Arqit Quantum during the second quarter worth $800,000. 16.60% of the stock is owned by institutional investors and hedge funds.

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.