Arqit Quantum (NASDAQ:ARQQ) Shares Decline by 5.8% - What to Expect Next?

Arqit Quantum Inc. (NASDAQ:ARQQ) experienced a notable downturn in its stock price, falling by 5.8% during mid-day trading on Wednesday. The shares dropped to a low of $26.10 before recovering slightly to last trade at $29.13. During the trading session, the volume surged to 616,000 shares, which is a significant increase of 228% compared to the average daily volume of 187,723 shares. Prior to this decline, the stock closed at $30.93.

Analyst Opinions on Arqit Quantum

In recent developments, HC Wainwright raised its target price for Arqit Quantum from $22.00 to $27.00, maintaining a "buy" rating for the company according to a research note issued on December 6.

Stock Performance Overview

Looking at Arqit Quantum's recent stock performance, its 50-day moving average stands at $14.56, while the two-hundred day moving average is $10.12, indicating a positive trend over time.

Institutional Investment Activity

In terms of institutional investment, a hedge fund has made a new investment in Arqit Quantum. Cowen AND Company LLC reported buying 100,000 shares of the company during the second quarter, according to their latest 13F filing with the Securities and Exchange Commission. This purchase valued at about $34,000, provided Cowen AND Company with approximately 0.06% ownership of Arqit Quantum. Currently, institutional investors and hedge funds collectively own around 16.60% of the company’s stock.

About Arqit Quantum

Arqit Quantum Inc. specializes in cybersecurity services through both satellite and terrestrial platforms, primarily based in the United Kingdom. One of their key offerings is QuantumCloud, which provides a Platform as a Service (PaaS) that enables the creation of unbreakable software encryption keys. The company also offers maintenance, support, and various professional services.

Future Considerations for Investors

Before making investment decisions regarding Arqit Quantum, prospective investors should be aware of various market factors. Despite having a “Buy” rating, analysts have identified several other stocks that might present a better investment opportunity at this time. As always, thorough research and evaluation of market trends are encouraged before proceeding with investments.

Arqit, Quantum, Stocks