Arqit Quantum (NASDAQ:ARQQ) Trading Down 3.6% – Here’s Why

Shares of Arqit Quantum Inc. (NASDAQ:ARQQ) dropped 3.6% during trading on Tuesday . The stock traded as low as $35.61 and last traded at $37.60. Approximately 262,635 shares traded hands during mid-day trading, a decline of 67% from the average daily volume of 784,642 shares. The stock had previously closed at $39.00.

Analyst Upgrades and Downgrades

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

Arqit Quantum Stock Down 6.6 %

The firm’s fifty day moving average is $20.88 and its 200-day moving average is $12.17.

Institutional Investors Weigh In On Arqit Quantum

An institutional investor recently bought a new position in Arqit Quantum stock. Cowen AND Company LLC purchased a new position in shares of Arqit Quantum Inc. (NASDAQ:ARQQ) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 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 filing with the SEC. 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.