Arqit Quantum (NASDAQ:ARQQ) Stock Price Down 10.3% – Time to Sell?

Arqit Quantum Inc. (NASDAQ:ARQQ) was down 10.3% during trading on Wednesday . The company traded as low as $37.73 and last traded at $38.84. Approximately 594,233 shares were traded during mid-day trading, an increase of 186% from the average daily volume of 208,079 shares. The stock had previously closed at $43.32.

Analyst Upgrades and Downgrades

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

Arqit Quantum Trading Down 2.1 %

The firm has a 50-day moving average of $19.59 and a two-hundred day moving average of $11.69.

Hedge Funds Weigh In On Arqit Quantum

A hedge fund recently bought a new stake in Arqit Quantum stock. Cowen AND Company LLC bought a new position in shares of Arqit Quantum Inc. (NASDAQ:ARQQ) during the 2nd quarter, according to its most recent disclosure with the SEC. The fund bought 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. 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.