Arqit Quantum (NASDAQ:ARQQ) Shares Up 13% – Time to Buy?

Arqit Quantum Inc. (NASDAQ:ARQQ) shares rose 13% during trading on Friday . The stock traded as high as $45.45 and last traded at $42.97. Approximately 626,126 shares were traded during mid-day trading, an increase of 1% from the average daily volume of 621,500 shares. The stock had previously closed at $38.02.

Analyst Upgrades and Downgrades

Separately, HC Wainwright upped their price objective on Arqit Quantum from $27.00 to $52.00 and gave the stock a “buy” rating in a report on Tuesday, December 31st.

Arqit Quantum Price Performance

The stock’s fifty day simple moving average is $20.24 and its 200-day simple moving average is $11.90.

Hedge Funds 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 second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 100,000 shares of the company’s stock, valued at approximately $34,000. Cowen AND Company LLC owned about 0.06% of Arqit Quantum at the end of the most recent reporting period. 16.60% of the stock is 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.