Arqit Quantum (NASDAQ:ARQQ) Trading Up 1.2% – Time to Buy?

Arqit Quantum Inc. (NASDAQ:ARQQ) shares shot up 1.2% on Monday . The company traded as high as $31.80 and last traded at $30.88. Approximately 651,115 shares were traded during mid-day trading, an increase of 254% from the average session volume of 183,998 shares. The stock had previously closed at $30.50.

Analyst Ratings Changes

Separately, HC Wainwright increased their target price on shares of Arqit Quantum from $22.00 to $27.00 and gave the company a “buy” rating in a report on Friday, December 6th.

Arqit Quantum Stock Performance

The stock has a 50 day moving average price of $14.56 and a 200-day moving average price of $10.12.

Hedge Funds Weigh In On Arqit Quantum

A hedge fund recently bought a new stake in Arqit Quantum stock. Cowen AND Company LLC acquired a new stake in shares of Arqit Quantum Inc. (NASDAQ:ARQQ) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 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 filing with the Securities and Exchange Commission (SEC). 16.60% of the stock is owned by institutional investors.

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.