Arqit Quantum (NASDAQ:ARQQ) Stock Price Down 12.4% – Time to Sell?

Arqit Quantum Inc. (NASDAQ:ARQQ)’s stock price fell 12.4% during mid-day trading on Monday . The company traded as low as $13.58 and last traded at $14.02. 421,650 shares changed hands during mid-day trading, a decline of 46% from the average session volume of 786,688 shares. The stock had previously closed at $16.00.

Wall Street Analyst Weigh In

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

Arqit Quantum Stock Performance

The company’s 50-day simple moving average is $25.89 and its 200 day simple moving average is $15.35.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Quarry LP purchased a new position in shares of Arqit Quantum in the 4th quarter worth approximately $30,000. Barclays PLC bought a new stake in Arqit Quantum in the fourth quarter worth $39,000. Wells Fargo & Company MN purchased a new position in Arqit Quantum during the fourth quarter worth $134,000. Wolverine Asset Management LLC bought a new position in Arqit Quantum during the fourth quarter valued at $166,000. Finally, BIT Capital GmbH purchased a new stake in shares of Arqit Quantum in the fourth quarter valued at $207,000. Hedge funds and other 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.