Arqit Quantum (NASDAQ:ARQQ) Sees Strong Trading Volume – Here’s What Happened

Arqit Quantum Inc. (NASDAQ:ARQQ) saw unusually-strong trading volume on Friday . Approximately 228,999 shares traded hands during mid-day trading, a decline of 47% from the previous session’s volume of 430,383 shares.The stock last traded at $43.75 and had previously closed at $38.02.

Wall Street Analysts Forecast Growth

Separately, HC Wainwright increased their target price on Arqit Quantum from $27.00 to $52.00 and gave the stock a “buy” rating in a research note on Tuesday.

Arqit Quantum Stock Up 11.7 %

The company’s 50 day moving average price is $19.59 and its 200 day moving average price is $11.69.

Hedge Funds Weigh In On Arqit Quantum

A hedge fund recently bought a new stake in Arqit Quantum stock. Cowen AND Company LLC acquired a new stake in Arqit Quantum Inc. (NASDAQ:ARQQ) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 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 quarter. 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.