Arqit Quantum Inc. (NASDAQ:ARQQ) Short Interest Up 8.1% in October

Arqit Quantum Inc. (NASDAQ:ARQQ - Get Free Report) was the target of a significant growth in short interest in the month of October. As of October 15th, there was short interest totalling 131,000 shares, a growth of 8.1% from the September 30th total of 121,200 shares. Based on an average daily trading volume, of 84,300 shares, the short-interest ratio is presently 1.6 days. Approximately 3.4% of the company's shares are short sold.

Arqit Quantum Stock Down 12.5 %

Shares of ARQQ traded down $0.85 during trading hours on Wednesday, reaching $5.97. 132,158 shares of the company traded hands, compared to its average volume of 65,414. Arqit Quantum has a 12-month low of $3.72 and a 12-month high of $23.00. The stock's fifty day moving average price is $6.49 and its 200 day moving average price is $8.47.

Hedge Funds Weigh In On Arqit Quantum

A hedge fund recently bought a new stake in Arqit Quantum stock. Cowen AND Company LLC acquired a new position in Arqit Quantum Inc. (NASDAQ:ARQQ - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 100,000 shares of the company's stock, valued at approximately $34,000. Cowen AND Company LLC owned approximately 0.06% of Arqit Quantum as of its most recent SEC filing. 16.60% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Separately, HC Wainwright reissued a "buy" rating and set a $50.00 price target on shares of Arqit Quantum in a research note on Thursday, July 11th.

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.