Arqit Quantum (NASDAQ:ARQQ) Stock Price Up 34.5% – Here’s Why

Shares of Arqit Quantum Inc. (NASDAQ:ARQQ) rose 34.5% during mid-day trading on Thursday . The company traded as high as $31.79 and last traded at $27.70. Approximately 2,734,999 shares changed hands during mid-day trading, an increase of 140% from the average daily volume of 1,137,375 shares. The stock had previously closed at $20.59.

Wall Street Analysts Forecast Growth

Separately, HC Wainwright increased their price objective on Arqit Quantum from $27.00 to $52.00 and gave the stock a “buy” rating in a report on Tuesday, December 31st.

Arqit Quantum Price Performance

The company’s fifty day simple moving average is $24.09 and its 200 day simple moving average is $13.12.

Institutional Trading of Arqit Quantum

An institutional investor recently bought a new position in Arqit Quantum stock. Veracity Capital LLC purchased a new position in Arqit Quantum Inc. (NASDAQ:ARQQ) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 10,804 shares of the company’s stock, valued at approximately $420,000. Veracity Capital LLC owned approximately 0.09% of Arqit Quantum as of its most recent SEC filing. Hedge funds and other 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.