Short Interest in Arqit Quantum Inc. (NASDAQ:ARQQ) Rises By 39.9%

Arqit Quantum Inc. (NASDAQ:ARQQ) saw a significant growth in short interest in January. As of January 31st, there was short interest totalling 539,000 shares, a growth of 39.9% from the January 15th total of 385,300 shares. Currently, 8.6% of the shares of the company are short sold. Based on an average daily volume of 956,100 shares, the short-interest ratio is presently 0.6 days.

Arqit Quantum Price Performance

NASDAQ ARQQ traded down $1.47 on Friday, reaching $16.53. 448,427 shares of the stock were exchanged, compared to its average volume of 892,398. Arqit Quantum has a one year low of $3.72 and a one year high of $52.79. The company’s 50-day simple moving average is $26.97 and its two-hundred day simple moving average is $14.98.

Hedge Funds Weigh In On Arqit Quantum

Hedge funds have recently made changes to their positions in the business. Quarry LP purchased a new position in Arqit Quantum in the 4th quarter worth approximately $30,000. Barclays PLC purchased a new position in shares of Arqit Quantum in the fourth quarter worth $39,000. Biltmore Family Office LLC lifted its holdings in shares of Arqit Quantum by 57.2% in the fourth quarter. Biltmore Family Office LLC now owns 7,202 shares of the company’s stock worth $280,000 after buying an additional 2,620 shares in the last quarter. Wells Fargo & Company MN bought a new position in shares of Arqit Quantum during the fourth quarter worth $134,000. Finally, Wolverine Asset Management LLC purchased a new position in Arqit Quantum during the fourth quarter valued at $166,000. Institutional investors own 16.60% of the company’s stock.

Analysts Set New Price Targets

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

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.