Arqit Quantum (NASDAQ:ARQQ) Trading Down 4.4%

Arqit Quantum Inc. (NASDAQ:ARQQ) fell 4.4% during mid-day trading on Friday . The stock traded as low as $0.28 and last traded at $0.29. 837,765 shares were traded during trading, a decline of 31% from the average session volume of 1,221,413 shares. The stock had previously closed at $0.30.

Wall Street Analyst Weigh In

Separately, HC Wainwright reiterated a “buy” rating and issued a $2.00 price objective on shares of Arqit Quantum in a report on Thursday, July 11th.

Arqit Quantum Price Performance

The company has a 50-day simple moving average of $0.34 and a two-hundred day simple moving average of $0.46.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Arqit Quantum stock. Cowen AND Company LLC purchased a new position in Arqit Quantum Inc. (NASDAQ:ARQQ) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 100,000 shares of the company’s stock, valued at approximately $34,000. Cowen AND Company LLC owned about 0.06% of Arqit Quantum as of its most recent SEC filing. Institutional investors own 16.60% of the company’s stock.

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.