Arqit Quantum (NASDAQ:ARQQ) Trading Down 2.1% – Here’s Why

Arqit Quantum Inc. (NASDAQ:ARQQ)’s stock price was down 2.1% during mid-day trading on Monday . The company traded as low as $38.32 and last traded at $38.84. Approximately 464,701 shares traded hands during mid-day trading, a decline of 40% from the average daily volume of 774,853 shares. The stock had previously closed at $39.66.

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 research report on Tuesday, December 31st.

Arqit Quantum Trading Down 31.1 %

The stock has a fifty day moving average of $21.45 and a 200-day moving average of $12.37.

Institutional Investors 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 filing with the Securities and Exchange Commission (SEC). The institutional investor 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. Hedge funds and other institutional investors own 16.60% of the company’s stock.

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.