Arqit Quantum (NASDAQ:ARQQ) Shares Gap Up After Analyst Upgrade

Arqit Quantum Inc. (NASDAQ:ARQQ) gapped up before the market opened on Tuesday after HC Wainwright raised their price target on the stock from $27.00 to $52.00. The stock had previously closed at $43.32, but opened at $44.89. HC Wainwright currently has a buy rating on the stock. Arqit Quantum shares last traded at $43.05, with a volume of 168,960 shares.

Hedge Funds Weigh In On Arqit Quantum

An institutional investor recently bought a new position 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 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 as of its most recent SEC filing. Institutional investors and hedge funds own 16.60% of the company’s stock.

Arqit Quantum Price Performance

The company’s 50 day simple moving average is $18.97 and its 200 day simple moving average is $11.51.

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.