Short Interest in Arqit Quantum Inc. (NASDAQ:ARQQ) Rises By 9.9%

Arqit Quantum Inc. (NASDAQ:ARQQ) saw a large growth in short interest in October. As of October 31st, there was short interest totalling 948,400 shares, a growth of 9.9% from the October 15th total of 862,900 shares. Currently, 1.9% of the shares of the company are short sold. Based on an average trading volume of 994,500 shares, the days-to-cover ratio is presently 1.0 days.

Analyst Upgrades and Downgrades

Separately, HC Wainwright lowered their price target on shares of Arqit Quantum from $6.00 to $4.00 and set a “buy” rating on the stock in a report on Wednesday, September 27th.

Hedge Funds Weigh In On Arqit Quantum

A number of hedge funds have recently made changes to their positions in the business. Armistice Capital LLC purchased a new position in Arqit Quantum in the 3rd quarter worth approximately $1,773,000. First Trust Advisors LP bought a new position in shares of Arqit Quantum during the first quarter worth $28,153,000. Penserra Capital Management LLC grew its stake in Arqit Quantum by 2,831.9% during the second quarter. Penserra Capital Management LLC now owns 1,702,872 shares of the company’s stock valued at $2,060,000 after acquiring an additional 1,644,792 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in Arqit Quantum by 1,086,718.5% in the 2nd quarter. JPMorgan Chase & Co. now owns 293,441 shares of the company’s stock valued at $1,852,000 after acquiring an additional 293,414 shares during the last quarter. Finally, Legal & General Group Plc lifted its stake in Arqit Quantum by 1,228.5% in the 4th quarter. Legal & General Group Plc now owns 314,847 shares of the company’s stock worth $1,132,000 after purchasing an additional 291,148 shares in the last quarter. Institutional investors own 11.16% of the company’s stock.

Arqit Quantum Trading Down 8.3 %

Shares of ARQQ stock opened at $0.55 on Friday. The stock has a fifty day simple moving average of $0.54 and a two-hundred day simple moving average of $0.95. Arqit Quantum has a 52-week low of $0.39 and a 52-week high of $8.66.

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.