Arqit Quantum (NASDAQ:ARQQ) Shares Down 2.1% – Should You Sell?

Shares of Arqit Quantum Inc. (NASDAQ:ARQQ) traded down 2.1% during trading on Monday . The stock traded as low as $38.32 and last traded at $38.84. 464,701 shares traded hands during trading, a decline of 40% from the average session volume of 774,853 shares. The stock had previously closed at $39.66.

Analyst Ratings Changes

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

Arqit Quantum Price Performance

The business has a 50-day simple moving average of $20.24 and a two-hundred day simple moving average of $11.93.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Arqit Quantum stock. Cowen AND Company LLC acquired a new position in shares of Arqit Quantum Inc. (NASDAQ:ARQQ) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund 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. 16.60% of the stock is owned by hedge funds and other 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.