Arqit Quantum (NASDAQ:ARQQ) Given New $2.00 Price Target at HC Wainwright

Arqit Quantum (NASDAQ:ARQQ) had its target price cut by HC Wainwright from $3.00 to $2.00 in a research note issued to investors on Wednesday morning, Benzinga reports. They currently have a buy rating on the stock. HC Wainwright also issued estimates for Arqit Quantum’s FY2024 earnings at ($0.19) EPS.

Arqit Quantum Stock Performance

Shares of ARQQ stock opened at $0.44 on Wednesday. Arqit Quantum has a 12-month low of $0.39 and a 12-month high of $1.65. The company has a 50 day moving average of $0.57 and a 200-day moving average of $0.54.

Institutional Investors Weigh In On Arqit Quantum

Institutional investors have recently made changes to their positions in the stock. Penserra Capital Management LLC grew its holdings in Arqit Quantum by 30.4% during the 3rd quarter. Penserra Capital Management LLC now owns 2,220,814 shares of the company’s stock valued at $1,321,000 after buying an additional 517,942 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake in Arqit Quantum by 150.6% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,636,216 shares of the company’s stock valued at $1,724,000 after acquiring an additional 2,185,402 shares in the last quarter. Finally, Armistice Capital LLC purchased a new position in Arqit Quantum during the third quarter valued at approximately $1,773,000. Hedge funds and other institutional investors own 16.60% of the company’s stock.

About Arqit Quantum

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.