Short Interest in Arqit Quantum Inc. (NASDAQ:ARQQ) Decreases By 11.9%

Arqit Quantum Inc. (NASDAQ:ARQQ) was the recipient of a significant decline in short interest in the month of May. As of May 31st, there was short interest totalling 3,790,000 shares, a decline of 11.9% from the May 15th total of 4,300,000 shares. Approximately 7.2% of the company’s shares are sold short. Based on an average daily trading volume, of 1,700,000 shares, the short-interest ratio is presently 2.2 days.

Arqit Quantum Trading Down 8.4 %

Shares of NASDAQ ARQQ traded down $0.03 during mid-day trading on Monday, hitting $0.34. 1,144,119 shares of the stock traded hands, compared to its average volume of 1,377,675. Arqit Quantum has a 52 week low of $0.33 and a 52 week high of $1.51. The stock has a fifty day moving average price of $0.44 and a 200-day moving average price of $0.52.

Analysts Set New Price Targets

Separately, HC Wainwright restated a “buy” rating and set a $2.00 price target on shares of Arqit Quantum in a research report on Wednesday, May 29th.

Institutional Investors Weigh In On Arqit Quantum

Several hedge funds have recently made changes to their positions in the company. Penserra Capital Management LLC boosted its position in shares of Arqit Quantum by 30.4% during the third quarter. Penserra Capital Management LLC now owns 2,220,814 shares of the company’s stock valued at $1,321,000 after purchasing an additional 517,942 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Arqit Quantum by 150.6% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,636,216 shares of the company’s stock worth $1,724,000 after acquiring an additional 2,185,402 shares in the last quarter. Finally, Armistice Capital LLC bought a new stake in Arqit Quantum in the third quarter worth $1,773,000. 16.60% of the stock is currently 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.