Shares of Arqit Quantum Inc. (NASDAQ:ARQQ – Get Rating) saw unusually-strong trading volume on Monday . Approximately 23,040 shares traded hands during mid-day trading, a decline of 93% from the previous session's volume of 311,223 shares.The stock last traded at $6.19 and had previously closed at $5.59.
Analyst Ratings Changes
Separately, Deutsche Bank Aktiengesellschaft began coverage on shares of Arqit Quantum in a research report on Tuesday, July 19th. They set a "hold" rating and a $7.00 price target on the stock.
Get Arqit Quantum alerts:Arqit Quantum Stock Up 40.4 %
The company's 50 day moving average price is $5.66 and its 200-day moving average price is $6.13.
Institutional Investors Weigh In On Arqit Quantum
A number of hedge funds have recently made changes to their positions in the business. US Bancorp DE grew its holdings in Arqit Quantum by 4,755.6% during the 2nd quarter. US Bancorp DE now owns 12,139 shares of the company's stock valued at $76,000 after buying an additional 11,889 shares in the last quarter. Truist Financial Corp purchased a new position in shares of Arqit Quantum during the 1st quarter valued at about $211,000. Raymond James & Associates purchased a new position in shares of Arqit Quantum during the third quarter worth approximately $76,000. Millennium Management LLC boosted its position in Arqit Quantum by 176.6% during the second quarter. Millennium Management LLC now owns 15,329 shares of the company's stock valued at $97,000 after buying an additional 35,329 shares during the period. Finally, Advisory Services Network LLC bought a new position in Arqit Quantum during the 2nd quarter worth approximately $158,000. 2.15% of the stock is currently owned by institutional investors.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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