Arqit Quantum (NASDAQ:ARQQ) Shares Gap Down – Here’s What Happened

Shares of Arqit Quantum Inc. (NASDAQ:ARQQ) gapped down before the market opened on Monday . The stock had previously closed at $42.69, but opened at $39.98. Arqit Quantum shares last traded at $41.53, with a volume of 445,527 shares traded.

Analyst Upgrades and Downgrades

Separately, HC Wainwright raised their target price on Arqit Quantum from $27.00 to $52.00 and gave the company a “buy” rating in a research note on Tuesday.

Arqit Quantum Trading Down 10.3 %

The company has a fifty day moving average price of $18.34 and a 200 day moving average price of $11.31.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in Arqit Quantum stock. Cowen AND Company LLC purchased a new stake in shares of Arqit Quantum Inc. (NASDAQ:ARQQ) in the second quarter, according to the company in its most recent filing with the SEC. The fund purchased 100,000 shares of the company’s stock, valued at approximately $34,000. Cowen AND Company LLC owned about 0.06% of Arqit Quantum as of its most recent filing with the SEC. 16.60% of the stock is currently owned by institutional investors and hedge funds.

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.