Arqit Quantum (NASDAQ:ARQQ) Stock Price Down 12.4% – Here’s What Happened

Arqit Quantum Inc. (NASDAQ:ARQQ) dropped 12.4% on Monday . The stock traded as low as $13.58 and last traded at $14.02. Approximately 421,650 shares traded hands during trading, a decline of 46% from the average daily volume of 786,688 shares. The stock had previously closed at $16.00.

Wall Street Analyst Weigh In

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

Arqit Quantum Stock Down 12.4 %

The company’s fifty day moving average is $25.89 and its 200-day moving average is $15.35.

Institutional Trading of Arqit Quantum

Several institutional investors and hedge funds have recently modified their holdings of the company. Quarry LP bought a new position in Arqit Quantum in the 4th quarter worth approximately $30,000. Barclays PLC purchased a new position in Arqit Quantum during the fourth quarter valued at $39,000. Wells Fargo & Company MN bought a new stake in Arqit Quantum in the 4th quarter valued at $134,000. Wolverine Asset Management LLC purchased a new stake in Arqit Quantum in the 4th quarter worth $166,000. Finally, BIT Capital GmbH bought a new position in shares of Arqit Quantum during the 4th quarter valued at about $207,000. 16.60% of the stock is currently owned by institutional investors.

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.