Arqit Quantum (NASDAQ:ARQQ) Announces Earnings Results

Arqit Quantum (NASDAQ:ARQQ) 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.

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.