Arqit Quantum (NASDAQ:ARQQ) Sets New 52-Week High - Should You Buy?

Arqit Quantum Inc. (NASDAQ:ARQQ - Get Free Report) shares hit a new 52-week high during mid-day trading on Friday . The company traded as high as $44.48 and last traded at $43.83, with a volume of 1750511 shares changing hands. The stock had previously closed at $29.13.

Analysts Set New Price Targets

Separately, HC Wainwright raised their target price on shares of Arqit Quantum from $22.00 to $27.00 and gave the company a "buy" rating in a research note on Friday, December 6th.

Arqit Quantum Stock Performance

The business has a 50 day simple moving average of $16.25 and a 200-day simple moving average of $10.62.

Institutional Investors Weigh In On Arqit Quantum

A hedge fund recently bought a new stake in Arqit Quantum stock. Cowen AND Company LLC bought a new stake in shares of Arqit Quantum Inc. (NASDAQ:ARQQ - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 100,000 shares of the company's stock, valued at approximately $34,000. Cowen AND Company LLC owned about 0.06% of Arqit Quantum at the end of the most recent reporting period. 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.