Arqit Quantum (NASDAQ:ARQQ) Shares Down 5.5% – Here’s Why

Arqit Quantum Inc. (NASDAQ:ARQQ)’s stock price fell 5.5% on Tuesday . The company traded as low as $40.76 and last traded at $40.92. 263,201 shares traded hands during mid-day trading, an increase of 27% from the average session volume of 206,637 shares. The stock had previously closed at $43.32.

Analyst Ratings Changes

Separately, HC Wainwright raised their target price on shares of Arqit Quantum from $27.00 to $52.00 and gave the stock a “buy” rating in a research note on Tuesday.

Arqit Quantum Stock Down 10.3 %

The company’s 50 day moving average is $18.97 and its 200 day moving average is $11.51.

Institutional Investors Weigh In On Arqit Quantum

A hedge fund recently bought a new stake in Arqit Quantum stock. Cowen AND Company LLC acquired a new stake in Arqit Quantum Inc. (NASDAQ:ARQQ) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 100,000 shares of the company’s stock, valued at approximately $34,000. Cowen AND Company LLC owned approximately 0.06% of Arqit Quantum at the end of the most recent reporting period. 16.60% of the stock is currently owned by hedge funds and other institutional investors.

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.