Arqit Quantum (NASDAQ:ARQQ) Shares Gap Down to $7.88

Arqit Quantum Inc. (NASDAQ:ARQQGet Rating) gapped down prior to trading on Wednesday . The stock had previously closed at $7.88, but opened at $7.53. Arqit Quantum shares last traded at $8.14, with a volume of 2,126 shares changing hands.

Wall Street Analysts Forecast Growth

Separately, Deutsche Bank Aktiengesellschaft began coverage on shares of Arqit Quantum in a report on Tuesday, July 19th. They issued a “hold” rating and a $7.00 price objective on the stock.

Arqit Quantum Stock Up 5.6 %

The company’s fifty day simple moving average is $5.99 and its two-hundred day simple moving average is $8.71.

Institutional Investors Weigh In On Arqit Quantum

Hedge funds have recently bought and sold shares of the company. US Bancorp DE raised its holdings in Arqit Quantum by 4,755.6% in the second quarter. US Bancorp DE now owns 12,139 shares of the company’s stock worth $76,000 after purchasing an additional 11,889 shares during the period. Truist Financial Corp acquired a new stake in Arqit Quantum in the first quarter worth $211,000. Millennium Management LLC increased its position in shares of Arqit Quantum by 176.6% during the second quarter. Millennium Management LLC now owns 15,329 shares of the company’s stock worth $97,000 after acquiring an additional 35,329 shares in the last quarter. Advisory Services Network LLC bought a new stake in shares of Arqit Quantum during the second quarter worth $158,000. Finally, State Street Corp bought a new stake in shares of Arqit Quantum during the second quarter worth $182,000. 2.15% of the stock is currently owned by institutional investors and hedge funds.

About Arqit Quantum

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Arqit Quantum Inc provides cybersecurity services through satellite and terrestrial platforms in the United Kingdom. It offers QuantumCloud that enables any device to download a lightweight software agent, which can create encryption keys in partnership with any other device. The company is based in London, the United Kingdom.

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