Short Interest in Arqit Quantum Inc. (NASDAQ:ARQQ) Increases By 8.1%

Arqit Quantum Inc. (NASDAQ:ARQQ) saw 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 volume of 84,300 shares, the days-to-cover ratio is currently 1.6 days. Approximately 3.4% of the company’s stock are short sold.

Institutional Investors Weigh In On Arqit Quantum

A hedge fund recently bought a new stake in Arqit Quantum stock. Cowen AND Company LLC bought a new stake in Arqit Quantum Inc. (NASDAQ:ARQQ) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 100,000 shares of the company’s stock, valued at approximately $34,000. Cowen AND Company LLC owned about 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.

Analysts Set New Price Targets

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

Arqit Quantum Trading Down 9.4 %

Shares of Arqit Quantum stock opened at $5.41 on Friday. The business’s fifty day simple moving average is $6.44 and its 200 day simple moving average is $8.46. Arqit Quantum has a 12 month low of $3.72 and a 12 month high of $23.00.

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.