Arqit Quantum (NASDAQ:ARQQ) Stock Price Down 2.1% – Should You Sell?

Arqit Quantum Inc. (NASDAQ:ARQQ) dropped 2.1% on Monday . The stock traded as low as $38.32 and last traded at $38.84. Approximately 464,701 shares were traded during trading, a decline of 40% from the average daily volume of 774,853 shares. The stock had previously closed at $39.66.

Wall Street Analyst Weigh In

Separately, HC Wainwright lifted their price objective 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.

Arqit Quantum Trading Down 31.1 %

The stock has a 50-day simple moving average of $21.45 and a two-hundred day simple moving average of $12.37.

Hedge Funds Weigh In On Arqit Quantum

A hedge fund recently bought a new stake in Arqit Quantum stock. Cowen AND Company LLC bought a new position in shares of Arqit Quantum Inc. (NASDAQ:ARQQ) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 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. Institutional investors and hedge funds 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.