Arqit Quantum (NASDAQ:ARQQ) Shares Down 3.7%

Arqit Quantum Inc. (NASDAQ:ARQQGet Rating)’s stock price fell 3.7% during trading on Friday . The company traded as low as $5.43 and last traded at $5.44. 656 shares traded hands during mid-day trading, a decline of 100% from the average session volume of 168,826 shares. The stock had previously closed at $5.65.

Separately, HC Wainwright began coverage on shares of Arqit Quantum in a research report on Tuesday, April 26th. They issued a “buy” rating and a $16.00 price objective on the stock.

The stock’s 50-day simple moving average is $8.29 and its 200 day simple moving average is $14.94.

Several hedge funds and other institutional investors have recently bought and sold shares of ARQQ. Advisor Group Holdings Inc. purchased a new position in shares of Arqit Quantum in the 3rd quarter valued at $25,000. Royal Bank of Canada purchased a new position in shares of Arqit Quantum in the 3rd quarter valued at $40,000. Morgan Stanley purchased a new position in shares of Arqit Quantum in the 3rd quarter valued at $181,000. Truist Financial Corp purchased a new position in shares of Arqit Quantum in the 1st quarter valued at $211,000. Finally, Jane Street Group LLC purchased a new position in shares of Arqit Quantum in the 3rd quarter valued at $386,000. 7.54% of the stock is currently owned by hedge funds and other institutional investors.

About Arqit Quantum (NASDAQ:ARQQ)

Arqit Quantum Inc provides cybersecurity services through satellite and terrestrial platforms in the United Kingdom. It offers QuantumCloud that enables any device to download a lightweight software agent, which can create encryption keys in partnership with any other device. The company is based in London, the United Kingdom.

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