Arqit Quantum Inc. (NASDAQ:ARQQ) Short Interest Down 29.9% in July

Arqit Quantum Inc. (NASDAQ:ARQQ) was the recipient of a significant decline in short interest during the month of July. As of July 15th, there was short interest totalling 2,160,000 shares, a decline of 29.9% from the June 30th total of 3,080,000 shares. Based on an average trading volume of 1,850,000 shares, the days-to-cover ratio is presently 1.2 days. Currently, 3.4% of the company’s stock are sold short.

Arqit Quantum Stock Up 5.8 %

NASDAQ ARQQ traded up $0.02 on Friday, hitting $0.39. 309,011 shares of the company were exchanged, compared to its average volume of 1,184,323. The firm has a 50 day moving average of $0.36 and a two-hundred day moving average of $0.49. Arqit Quantum has a 1-year low of $0.30 and a 1-year high of $1.50.

Institutional Trading of Arqit Quantum

A hedge fund recently raised its stake in Arqit Quantum stock. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Arqit Quantum Inc. (NASDAQ:ARQQ) by 150.6% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 3,636,216 shares of the company’s stock after purchasing an additional 2,185,402 shares during the quarter. Mirae Asset Global Investments Co. Ltd. owned about 2.22% of Arqit Quantum worth $1,724,000 as of its most recent filing with the Securities and Exchange Commission. Institutional investors and hedge funds own 16.60% of the company’s stock.

Wall Street Analyst Weigh In

Separately, HC Wainwright reiterated a “buy” rating and issued a $2.00 target price on shares of Arqit Quantum in a research note on Thursday, July 11th.

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.