Arqit Quantum (NASDAQ:ARQQ) Announces Earnings Results

by · The Markets Daily

Arqit Quantum (NASDAQ:ARQQ – Get Free Report) issued its quarterly earnings results on Tuesday. The company reported ($2.56) earnings per share (EPS) for the quarter, RTT News reports.

Arqit Quantum Stock Performance

Shares of Arqit Quantum stock remained flat at $29.63 on Tuesday. 359,314 shares of the company’s stock traded hands, compared to its average volume of 397,710. The firm has a 50 day moving average price of $37.35 and a 200-day moving average price of $34.67. Arqit Quantum has a 52 week low of $11.00 and a 52 week high of $62.00.

Institutional Investors Weigh In On Arqit Quantum

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ARQQ. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Arqit Quantum by 82.4% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,473 shares of the company’s stock worth $561,000 after buying an additional 6,537 shares during the last quarter. Van ECK Associates Corp increased its stake in shares of Arqit Quantum by 460.2% in the 3rd quarter. Van ECK Associates Corp now owns 26,615 shares of the company’s stock valued at $1,031,000 after acquiring an additional 21,864 shares during the last quarter. JPMorgan Chase & Co. raised its position in shares of Arqit Quantum by 226.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 34,033 shares of the company’s stock valued at $1,319,000 after acquiring an additional 23,596 shares during the period. Envestnet Asset Management Inc. boosted its stake in Arqit Quantum by 11.1% during the 3rd quarter. Envestnet Asset Management Inc. now owns 13,002 shares of the company’s stock worth $504,000 after acquiring an additional 1,299 shares during the last quarter. Finally, Advisory Services Network LLC acquired a new position in Arqit Quantum during the second quarter valued at approximately $800,000. Institutional investors own 16.60% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Read Our Latest Stock Report on Arqit Quantum

About Arqit Quantum

(Get Free Report)

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.

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