Arqit Quantum (NASDAQ:ARQQ) Shares Up 11.8% – Here’s Why

Arqit Quantum Inc. (NASDAQ:ARQQ)’s share price was up 11.8% on Thursday . The company traded as high as $33.74 and last traded at $32.57. Approximately 531,072 shares traded hands during trading, an increase of 181% from the average daily volume of 188,885 shares. The stock had previously closed at $29.13.

Wall Street Analysts Forecast Growth

Separately, HC Wainwright upped their price objective on Arqit Quantum from $22.00 to $27.00 and gave the company a “buy” rating in a research note on Friday, December 6th.

Arqit Quantum Price Performance

The firm’s 50 day moving average price is $15.50 and its two-hundred day moving average price is $10.39.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in Arqit Quantum stock. Cowen AND Company LLC bought a new position in Arqit Quantum Inc. (NASDAQ:ARQQ) during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor bought 100,000 shares of the company’s stock, valued at approximately $34,000. Cowen AND Company LLC owned approximately 0.06% of Arqit Quantum at the end of the most recent reporting period. Institutional investors own 16.60% of the company’s stock.

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.