Arqit Quantum (NASDAQ:ARQQ) Stock Price Down 6.4%

Shares of Arqit Quantum Inc. (NASDAQ:ARQQ) traded down 6.4% during trading on Friday . The company traded as low as $5.22 and last traded at $5.24. 47,009 shares changed hands during mid-day trading, a decline of 11% from the average session volume of 52,772 shares. The stock had previously closed at $5.60.

Analysts Set New Price Targets

Separately, HC Wainwright reiterated a “buy” rating and issued a $2.00 price objective on shares of Arqit Quantum in a report on Thursday, July 11th.

Arqit Quantum Stock Down 8.0 %

The stock’s fifty day simple moving average is $0.51 and its 200 day simple moving average is $0.48.

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 shares of Arqit Quantum Inc. (NASDAQ:ARQQ) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor 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 quarter. Institutional investors own 16.60% of the company’s stock.

About Arqit Quantum

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.