Arqit Quantum (NASDAQ:ARQQ) Trading Down 8.9% – Here’s What Happened

Shares of Arqit Quantum Inc. (NASDAQ:ARQQ) traded down 8.9% on Thursday . The company 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.

Analysts Set New Price Targets

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

Arqit Quantum Stock Down 12.0 %

The stock’s 50 day moving average price is $1.69 and its two-hundred day moving average price is $0.86.

Hedge Funds Weigh In On Arqit Quantum

An institutional investor recently bought a new position in Arqit Quantum stock. Cowen AND Company LLC acquired a new position in Arqit Quantum Inc. (NASDAQ:ARQQ) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor 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 & Exchange Commission. 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.