Arqit Quantum (NASDAQ:ARQQ) Rating Reiterated by HC Wainwright

Arqit Quantum (NASDAQ:ARQQ)‘s stock had its “buy” rating reaffirmed by stock analysts at HC Wainwright in a report issued on Thursday, Benzinga reports. They presently have a $2.00 target price on the stock. HC Wainwright’s target price indicates a potential upside of 454.02% from the company’s current price.

Arqit Quantum Stock Up 11.5 %

Shares of NASDAQ ARQQ opened at $0.36 on Thursday. The company has a 50 day simple moving average of $0.37 and a two-hundred day simple moving average of $0.50. Arqit Quantum has a fifty-two week low of $0.30 and a fifty-two week high of $1.50.

Institutional Inflows and Outflows

An institutional investor recently raised its position in Arqit Quantum stock. Mirae Asset Global Investments Co. Ltd. lifted its stake in Arqit Quantum Inc. (NASDAQ:ARQQ) by 150.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,636,216 shares of the company’s stock after purchasing an additional 2,185,402 shares during the quarter. Mirae Asset Global Investments Co. Ltd. owned 2.22% of Arqit Quantum worth $1,724,000 as of its most recent filing with the Securities and Exchange Commission (SEC). 16.60% of the stock is owned by institutional investors.

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.