Arqit Quantum (NASDAQ:ARQQ) Stock Price Down 1% – Should You Sell?

Arqit Quantum Inc. (NASDAQ:ARQQ)’s share price fell 1% during trading on Monday . The stock traded as low as $25.23 and last traded at $26.60. 288,331 shares traded hands during trading, a decline of 14% from the average session volume of 334,330 shares. The stock had previously closed at $26.87.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. HC Wainwright reaffirmed a “buy” rating on shares of Arqit Quantum in a research note on Thursday, December 18th. Weiss Ratings restated a “sell (d)” rating on shares of Arqit Quantum in a research report on Wednesday, October 8th. One investment analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $60.00.

Arqit Quantum Stock Down 1.0%

The business’s fifty day moving average is $27.25 and its 200 day moving average is $34.04.

Institutional Investors Weigh In On Arqit Quantum

A number of institutional investors and hedge funds have recently modified their holdings of ARQQ. Royal Bank of Canada boosted its stake in shares of Arqit Quantum by 222.9% during the 1st quarter. Royal Bank of Canada now owns 20,550 shares of the company’s stock worth $284,000 after acquiring an additional 14,186 shares in the last quarter. Biltmore Family Office LLC acquired a new position in shares of Arqit Quantum in the 2nd quarter valued at $253,000. Penserra Capital Management LLC acquired a new position in shares of Arqit Quantum in the 2nd quarter valued at $26,376,000. Allworth Financial LP increased its stake in Arqit Quantum by 53.8% in the 2nd quarter. Allworth Financial LP now owns 1,000 shares of the company’s stock worth $37,000 after purchasing an additional 350 shares in the last quarter. Finally, SBI Securities Co. Ltd. raised its holdings in Arqit Quantum by 17.5% during the 2nd quarter. SBI Securities Co. Ltd. now owns 36,590 shares of the company’s stock worth $1,355,000 after buying an additional 5,445 shares during the period. Institutional investors and hedge funds own 16.60% of the company’s stock.

Arqit Quantum Company Profile

Arqit Quantum Inc is a UK‐based cybersecurity company specializing in quantum-safe encryption solutions designed to protect sensitive data from current and emerging cyber threats. The company’s core technology leverages principles of quantum physics to generate and distribute encryption keys in a way that remains impervious to attacks, including those enabled by future quantum computers. Arqit’s platform is designed to integrate with existing IT infrastructures without requiring hardware upgrades, offering end‐to‐end data protection for enterprises, governments and critical infrastructure providers.

The company’s flagship QuantumCloud platform uses a patented key distribution architecture to deliver symmetrical keys to endpoints across distributed networks.