Arqit Quantum (NASDAQ:ARQQ) Stock Price Down 34.8% – Time to Sell?

Arqit Quantum Inc. (NASDAQ:ARQQ) traded down 34.8% during trading on Wednesday . The stock traded as low as $21.88 and last traded at $23.27. 939,625 shares were traded during mid-day trading, an increase of 9% from the average session volume of 861,583 shares. The stock had previously closed at $35.70.

Wall Street Analysts Forecast Growth

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

Arqit Quantum Stock Down 27.7 %

The firm has a 50 day moving average of $21.45 and a two-hundred day moving average of $12.37.

Institutional Trading of Arqit Quantum

An institutional investor recently bought a new position 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 disclosure with the Securities and Exchange Commission. The institutional investor acquired 100,000 shares of the company’s stock, valued at approximately $34,000. Cowen AND Company LLC owned about 0.06% of Arqit Quantum at the end of the most recent reporting period. 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.