Arqit Quantum (NASDAQ:ARQQ) Stock Price Down 5.3% – Here’s Why

Arqit Quantum Inc. (NASDAQ:ARQQ) fell 5.3% on Monday . The stock traded as low as $25.69 and last traded at $26.77. 2,298,499 shares were traded during trading, an increase of 101% from the average session volume of 1,142,420 shares. The stock had previously closed at $28.28.

Analyst Upgrades and Downgrades

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

Arqit Quantum Stock Down 5.3 %

The stock has a 50 day moving average of $24.09 and a 200-day moving average of $13.20.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Arqit Quantum stock. Veracity Capital LLC purchased a new stake in Arqit Quantum Inc. (NASDAQ:ARQQ) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 10,804 shares of the company’s stock, valued at approximately $420,000. Veracity Capital LLC owned approximately 0.09% of Arqit Quantum as of its most recent filing with the Securities & Exchange Commission. 16.60% of the stock is owned by institutional investors.

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.