Arqit Quantum Inc. (NASDAQ:ARQQ - Get Free Report) was the target of a large drop in short interest in January. As of January 15th, there was short interest totalling 385,300 shares, a drop of 13.9% from the December 31st total of 447,400 shares. Based on an average daily trading volume, of 919,900 shares, the days-to-cover ratio is currently 0.4 days. Currently, 6.3% of the shares of the stock are short sold.
Hedge Funds Weigh In On Arqit Quantum
An institutional investor recently bought a new position in Arqit Quantum stock. Wolverine Asset Management LLC purchased a new position in shares of Arqit Quantum Inc. (NASDAQ:ARQQ - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 4,270 shares of the company's stock, valued at approximately $166,000. 16.60% of the stock is owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
Separately, HC Wainwright lifted their price target on shares of Arqit Quantum from $27.00 to $52.00 and gave the stock a "buy" rating in a research note on Tuesday, December 31st.
Check Out Our Latest Analysis on ARQQ
Arqit Quantum Stock Performance
Shares of ARQQ stock traded down $0.69 during trading hours on Wednesday, reaching $19.96. 449,540 shares of the company's stock were exchanged, compared to its average volume of 971,364. Arqit Quantum has a fifty-two week low of $3.72 and a fifty-two week high of $52.79. The stock's 50 day moving average is $27.49 and its 200-day moving average is $14.50.
Arqit Quantum Company Profile
(
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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.
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