Arqit Quantum (NASDAQ:ARQQ) Shares Up 6.8% – Here’s Why

Arqit Quantum Inc. (NASDAQ:ARQQ)’s share price rose 6.8% during trading on Tuesday . The company traded as high as $28.15 and last traded at $28.59. Approximately 640,960 shares were traded during trading, a decline of 52% from the average daily volume of 1,326,187 shares. The stock had previously closed at $26.77.

Analyst Ratings Changes

Separately, HC Wainwright lifted their price target on shares of 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 Performance

The firm’s 50-day moving average is $24.46 and its 200-day moving average is $13.33.

Hedge Funds Weigh In On Arqit Quantum

A hedge fund recently bought a new stake in Arqit Quantum stock. Veracity Capital LLC acquired a new stake in shares of Arqit Quantum Inc. (NASDAQ:ARQQ) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 10,804 shares of the company’s stock, valued at approximately $420,000. Veracity Capital LLC owned about 0.09% of Arqit Quantum at the end of the most recent quarter. 16.60% of the stock is owned by institutional investors and hedge funds.

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.