Arqit Quantum Inc

Company Overview: Arqit Quantum Inc. (NASDAQ: ARQQ) is a United Kingdom-based quantum encryption technology company. The Company supplies a quantum encryption platform-as-a-service which makes the communications links of any networked device secure against current and future forms of attack such as attack from a quantum computer. The Company’s product, QuantumCloud, is a cloud delivered symmetric key agreement platform as a service.

As per our previous US Daily report published on ‘ARQQ’ on 19^th July 2023, Kalkine provided a ‘Speculative Buy’ stance on the stock at USD 1.32 based on “price-action, recent key business and financial updates, momentum in the stock in previous month and technical indicator analysis” and the stock price has now moved by 11.36% since then and the price has crossed resistance 1 and close to resistance 2.

Noted below are the details of support and resistance levels provided in our previous report:

ARQQ’s Daily Chart

Considering the resistance around the range of USD 1.50 – USD 1.60, resistance 1 attainment and close to resistance 2 attainment, current trading levels, risks associated, and volatile market conditions on the back of rising interest rates, a ‘Sell’ rating is assigned to the “ARQQ” at the closing market price of USD 1.47 (as of 1 August 2023).  

Note: This report may be updated with details around fundamental and technical analysis, price/ chart in due course, as appropriate

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance level is August 01, 2023. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Note 4: Target Price refers to a price level that the stock is expected to reach as per the relative valuation method and or technical analysis taking into consideration both short-term and long-term scenarios.

Note 5: ‘Kalkine reports are prepared based on the stock prices captured either from the New York Stock Exchange (NYSE), NASDAQ Capital Markets (NASDAQ), and or REFINITIV. Typically, all sources (NYSE, NASDAQ, or REFINITIV) may reflect stock prices with a delay which could be a lag of 15-20 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.’

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