Arqit Quantum (NASDAQ:ARQQ) Stock Price Down 5.8% - What's Next?

Arqit Quantum Inc. (NASDAQ:ARQQ) saw its shares decrease by 5.8% during trading on Wednesday. The stock reached a low of $26.10 before eventually settling at $29.13. Over the course of the day, 616,000 shares changed hands, indicating a significant increase of 228% compared to the average session volume of 187,723 shares. This follows a previous close of $30.93.

Wall Street Analyst Commentary

• Two Underrated Quantum Computing Companies Starting to Rally

In other news, HC Wainwright has recently revised their target price for Arqit Quantum, raising it from $22.00 to $27.00 and reaffirming a "buy" rating in a research note dated December 6th.

Arqit Quantum Stock Performance

The company's stock demonstrates a 50-day moving average of $14.56 alongside a two-hundred day moving average of $10.12, suggesting a rising trend compared to previous averages.

Institutional Investor Activity

Recently, Cowen AND Company LLC purchased a new stake in Arqit Quantum, acquiring 100,000 shares. This investment, valued at around $34,000, was recorded in their latest 13F filing with the Securities & Exchange Commission. Cowen AND Company now holds approximately 0.06% of Arqit Quantum's stock. Currently, institutional investors and hedge funds collectively own 16.60% of the stock.

About Arqit Quantum

Arqit Quantum Inc. specializes in cybersecurity solutions, leveraging satellite and terrestrial platforms in the United Kingdom. The company offers a service known as QuantumCloud, a Platform as a Service designed to generate unbreakable software encryption keys. Additionally, Arqit provides maintenance support and various professional services, with its headquarters located in London.

Analyst Recommendations

Before making any investment decisions regarding Arqit Quantum, it's important to consider other options. Notably, MarketBeat has identified five stocks that leading analysts recommend purchasing before the broader market takes notice. Despite Arqit Quantum holding a "buy" rating, it did not feature among these recommended stocks.

Investors who are optimistic about long-term energy demand should also explore how energy stocks can fit into their portfolios.

stocks, investment, quantum