Arqit Quantum (NASDAQ:ARQQ) Stock Price Up 9.9% – Here’s What Happened

Arqit Quantum Inc. (NASDAQ:ARQQ) rose 9.9% during mid-day trading on Monday . The stock traded as high as $6.80 and last traded at $6.53. Approximately 23,605 shares were traded during mid-day trading, a decline of 59% from the average daily volume of 57,477 shares. The stock had previously closed at $5.94.

Wall Street Analyst Weigh In

Separately, HC Wainwright reissued a “buy” rating and issued a $50.00 price target on shares of Arqit Quantum in a report on Thursday, July 11th.

Arqit Quantum Stock Performance

The company has a 50-day moving average of $2.19 and a 200 day moving average of $1.03.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in Arqit Quantum stock. Cowen AND Company LLC purchased a new position in Arqit Quantum Inc. (NASDAQ:ARQQ) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 100,000 shares of the company’s stock, valued at approximately $34,000. Cowen AND Company LLC owned approximately 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.