HC Wainwright Weighs in on Arqit Quantum Inc.’s FY2023 Earnings (NASDAQ:ARQQ)

Arqit Quantum Inc. (NASDAQ:ARQQ – Get Rating) – Equities researchers at HC Wainwright cut their FY2023 EPS estimates for shares of Arqit Quantum in a research note issued to investors on Thursday, May 18th. HC Wainwright analyst S. Buck now forecasts that the company will earn ($0.26) per share for the year, down from their previous forecast of $0.07. The consensus estimate for Arqit Quantum’s current full-year earnings is ($0.22) per share. HC Wainwright also issued estimates for Arqit Quantum’s FY2024 earnings at $0.01 EPS.

Separately, Deutsche Bank Aktiengesellschaft cut their price objective on shares of Arqit Quantum from $3.50 to $1.50 in a report on Thursday.

Arqit Quantum Price Performance

Arqit Quantum stock opened at $0.89 on Monday. The firm has a 50 day moving average of $1.12 and a 200 day moving average of $3.10. Arqit Quantum has a 12-month low of $0.70 and a 12-month high of $10.67.

Institutional Investors Weigh In On Arqit Quantum

A number of institutional investors have recently added to or reduced their stakes in the stock. Evolution Equity Partners II SARL purchased a new stake in Arqit Quantum during the 4th quarter valued at approximately $35,853,000. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Arqit Quantum in the fourth quarter valued at $15,885,000. First Trust Advisors LP grew its holdings in shares of Arqit Quantum by 75.9% in the third quarter. First Trust Advisors LP now owns 2,348,547 shares of the company’s stock valued at $13,222,000 after purchasing an additional 1,013,644 shares in the last quarter. Legal & General Group Plc grew its holdings in shares of Arqit Quantum by 1,228.5% in the fourth quarter. Legal & General Group Plc now owns 314,847 shares of the company’s stock valued at $1,132,000 after purchasing an additional 291,148 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its holdings in shares of Arqit Quantum by 1,086,718.5% in the second quarter. JPMorgan Chase & Co. now owns 293,441 shares of the company’s stock valued at $1,852,000 after purchasing an additional 293,414 shares in the last quarter. 3.01% of the stock is owned by hedge funds and other institutional investors.

About Arqit Quantum

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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.