Arqit Quantum (NASDAQ:ARQQ) Stock Price Down 5.8% - What's Next?

Arqit Quantum Inc. (NASDAQ:ARQQ) saw its stock price decrease by 5.8% on Wednesday during mid-day trading. The stock value dropped to a low of $26.10 and was last seen trading at $29.13. A total of 616,000 shares changed hands, marking a significant increase of 228% from the average daily trading volume of 187,723 shares. Previously, the stock closed at $30.93.

Investors may want to stay updated on any developments related to Arqit Quantum.

Wall Street Analyst Insights

• Two lesser-known quantum computing companies are starting to gain traction.

In separate analyst actions, HC Wainwright raised their target price for Arqit Quantum from $22.00 to $27.00 and maintained a "buy" rating in a research note published on December 6.

Discover more about Arqit Quantum's stock performance.

Arqit Quantum's Stock Performance Overview

The stock is currently performing well above its 50-day moving average of $14.56 and its 200-day moving average of $10.12.

Institutional Investments in Arqit Quantum

Recently, a hedge fund initiated a new stake in Arqit Quantum. Cowen and Company LLC acquired 100,000 shares during the second quarter, with the shares valued at about $34,000, according to their latest 13F filing with the Securities and Exchange Commission. Following this transaction, Cowen and Company LLC now holds approximately 0.06% of Arqit Quantum's stock. Notably, institutional investors and hedge funds collectively own about 16.60% of the company’s shares.

About Arqit Quantum

Arqit Quantum Inc. is a company based in London, UK, that specializes in cybersecurity through both satellite and terrestrial platforms. Its flagship offering, QuantumCloud, is a Platform as a Service that creates unbreakable software encryption keys. The firm also provides maintenance, support, and professional services to its clients.

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This article is based on news generated by financial data and technology capabilities designed to deliver fast and accurate reporting.

Should You Invest in Arqit Quantum Now?

If you are contemplating an investment of $1,000 in Arqit Quantum, it might be worth considering some additional advice.

MarketBeat tracks leading analysts and their recommendations, identifying top-rated stocks that are being suggested to clients, and it appears that Arqit Quantum does not make the cut. While it currently holds a "buy" rating, analysts have identified five alternative stocks that may present better investment opportunities.

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Arqit, Quantum, Stocks