Arqit Quantum (NASDAQ:ARQQ) Shares Gap Up – Time to Buy?

Shares of Arqit Quantum Inc. (NASDAQ:ARQQ) gapped up prior to trading on Friday . The stock had previously closed at $39.56, but opened at $40.56. Arqit Quantum shares last traded at $39.55, with a volume of 465,458 shares trading hands.

Analyst Upgrades and Downgrades

Several analysts have weighed in on ARQQ shares. HC Wainwright set a $60.00 price objective on Arqit Quantum and gave the company a “buy” rating in a research report on Monday, October 13th. Weiss Ratings restated a “sell (d)” rating on shares of Arqit Quantum in a report on Wednesday, October 8th. One analyst has rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $60.00.

Arqit Quantum Stock Performance

The business has a fifty day moving average of $37.41 and a 200 day moving average of $30.16.

Hedge Funds Weigh In On Arqit Quantum

A number of institutional investors have recently added to or reduced their stakes in ARQQ. Penserra Capital Management LLC bought a new position in Arqit Quantum in the second quarter worth $26,376,000. Legal & General Group Plc bought a new position in Arqit Quantum in the second quarter worth $2,687,000. Virtu Financial LLC raised its holdings in Arqit Quantum by 440.7% in the first quarter. Virtu Financial LLC now owns 32,208 shares of the company’s stock worth $446,000 after purchasing an additional 26,251 shares in the last quarter. Raymond James Financial Inc. raised its holdings in Arqit Quantum by 120.6% in the second quarter. Raymond James Financial Inc. now owns 45,397 shares of the company’s stock worth $1,681,000 after purchasing an additional 24,822 shares in the last quarter. Finally, Advisory Services Network LLC bought a new position in Arqit Quantum in the second quarter worth $800,000. 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.