Arqit Quantum (NASDAQ:ARQQ) Trading 6.8% Higher – Should You Buy?

Arqit Quantum Inc. (NASDAQ:ARQQ)’s stock price traded up 6.8% during mid-day trading on Tuesday . The stock traded as high as $28.15 and last traded at $28.59. 640,960 shares were traded during trading, a decline of 52% from the average session volume of 1,326,187 shares. The stock had previously closed at $26.77.

Analyst Upgrades and Downgrades

Separately, HC Wainwright upped their target price on Arqit Quantum from $27.00 to $52.00 and gave the stock a “buy” rating in a research note on Tuesday, December 31st.

Arqit Quantum Stock Performance

The firm’s 50-day simple moving average is $24.46 and its 200-day simple moving average is $13.33.

Institutional Investors Weigh In On Arqit Quantum

A hedge fund recently bought a new stake in Arqit Quantum stock. Veracity Capital LLC acquired a new stake in shares of Arqit Quantum Inc. (NASDAQ:ARQQ) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 10,804 shares of the company’s stock, valued at approximately $420,000. Veracity Capital LLC owned about 0.09% of Arqit Quantum at the end of the most recent quarter. Institutional investors own 16.60% of the company’s stock.

Arqit Quantum Company Profile

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.