Arqit Quantum (NASDAQ:ARQQ) Trading Down 5.8% – Time to Sell?

Arqit Quantum Inc. (NASDAQ:ARQQ)’s stock price traded down 5.8% on Wednesday . The company traded as low as $26.10 and last traded at $29.13. 616,000 shares changed hands during mid-day trading, an increase of 228% from the average session volume of 187,723 shares. The stock had previously closed at $30.93.

Analysts Set New Price Targets

Separately, HC Wainwright increased their price objective on Arqit Quantum from $22.00 to $27.00 and gave the company a “buy” rating in a report on Friday, December 6th.

Arqit Quantum Price Performance

The stock’s 50 day moving average price is $15.50 and its two-hundred day moving average price is $10.39.

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 position in shares of Arqit Quantum Inc. (NASDAQ:ARQQ) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. 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 as of its most recent filing with the Securities and Exchange Commission. 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.