Arqit Quantum (NASDAQ:ARQQ) Stock Price Down 2.1% - Here's Why

Arqit Quantum Inc. (NASDAQ:ARQQ - Get Free Report)'s share price dropped 2.1% during mid-day trading on Monday . The company traded as low as $38.32 and last traded at $38.84. Approximately 464,701 shares changed hands during trading, a decline of 40% from the average daily volume of 774,853 shares. The stock had previously closed at $39.66.

Analyst Ratings Changes

Separately, HC Wainwright raised their price objective on shares of Arqit Quantum from $27.00 to $52.00 and gave the company a "buy" rating in a research report on Tuesday, December 31st.

Arqit Quantum Stock Down 1.7 %

The stock has a 50 day moving average of $20.88 and a two-hundred day moving average of $12.17.

Institutional Investors Weigh In On Arqit Quantum

A hedge fund recently bought a new stake in Arqit Quantum stock. Cowen AND Company LLC acquired a new stake in Arqit Quantum Inc. (NASDAQ:ARQQ - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 100,000 shares of the company's stock, valued at approximately $34,000. Cowen AND Company LLC owned 0.06% of Arqit Quantum as of its most recent SEC filing. Hedge funds and other institutional investors 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.