Arqit Quantum (NASDAQ:ARQQ) Shares Down 8.9% – Here’s Why

Arqit Quantum Inc. (NASDAQ:ARQQ)’s stock price traded down 8.9% during mid-day trading on Thursday . The stock traded as low as $5.71 and last traded at $6.16. 43,359 shares traded hands during mid-day trading, a decline of 23% from the average session volume of 56,480 shares. The stock had previously closed at $6.76.

Analyst Upgrades and Downgrades

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

Arqit Quantum Stock Performance

The firm’s 50 day moving average is $1.91 and its 200-day moving average is $0.93.

Institutional Investors Weigh In On Arqit Quantum

An institutional investor recently bought a new position in Arqit Quantum stock. Cowen AND Company LLC bought a new position in shares of Arqit Quantum Inc. (NASDAQ:ARQQ) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 100,000 shares of the company’s stock, valued at approximately $34,000. Cowen AND Company LLC owned 0.06% of Arqit Quantum at the end of the most recent quarter. Institutional investors and hedge funds own 16.60% of the company’s stock.

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.