Arqit Quantum (NASDAQ:ARQQ) Sees Unusually-High Trading Volume – Here’s What Happened

Shares of Arqit Quantum Inc. (NASDAQ:ARQQ) saw strong trading volume on Wednesday . 50,184 shares traded hands during mid-day trading, a decline of 9% from the previous session’s volume of 54,981 shares.The stock last traded at $5.60 and had previously closed at $4.83.

Wall Street Analyst Weigh In

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

Arqit Quantum Stock Performance

The stock’s 50-day simple moving average is $1.80 and its two-hundred day simple moving average is $0.89.

Institutional Inflows and Outflows

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) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 100,000 shares of the company’s stock, valued at approximately $34,000. Cowen AND Company LLC owned 0.06% of Arqit Quantum at the end of the most recent quarter. 16.60% of the stock is owned by hedge funds and other institutional investors.

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.