Short Interest in Arqit Quantum Inc. (NASDAQ:ARQQ) Drops By 11.9%

Arqit Quantum Inc. (NASDAQ:ARQQ) was the recipient of a significant decline in short interest in May. As of May 31st, there was short interest totalling 3,790,000 shares, a decline of 11.9% from the May 15th total of 4,300,000 shares. Approximately 7.2% of the company’s stock are short sold. Based on an average trading volume of 1,700,000 shares, the days-to-cover ratio is currently 2.2 days.

Wall Street Analyst Weigh In

Separately, HC Wainwright restated a “buy” rating and issued a $2.00 price objective on shares of Arqit Quantum in a report on Wednesday, May 29th.

Hedge Funds Weigh In On Arqit Quantum

Several institutional investors and hedge funds have recently added to or reduced their stakes in ARQQ. Penserra Capital Management LLC grew its stake in Arqit Quantum by 30.4% in the third quarter. Penserra Capital Management LLC now owns 2,220,814 shares of the company’s stock valued at $1,321,000 after purchasing an additional 517,942 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake in Arqit Quantum by 150.6% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,636,216 shares of the company’s stock valued at $1,724,000 after purchasing an additional 2,185,402 shares during the last quarter. Finally, Armistice Capital LLC purchased a new stake in shares of Arqit Quantum during the third quarter worth about $1,773,000. Hedge funds and other institutional investors own 16.60% of the company’s stock.

Arqit Quantum Price Performance

ARQQ traded down $0.02 on Tuesday, hitting $0.34. The company had a trading volume of 589,470 shares, compared to its average volume of 1,374,818. The stock has a fifty day moving average price of $0.43 and a 200-day moving average price of $0.52. Arqit Quantum has a 12-month low of $0.33 and a 12-month high of $1.51.

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.