Arqit Quantum (NASDAQ:ARQQ) Stock Price Down 10.3% – What’s Next?

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

Wall Street Analyst Weigh In

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

Arqit Quantum Price Performance

The business has a 50 day moving average price of $19.59 and a 200-day moving average price 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 Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 100,000 shares of the company’s stock, valued at approximately $34,000. Cowen AND Company LLC owned approximately 0.06% of Arqit Quantum as of its most recent SEC filing. 16.60% of the stock is currently 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.