Arqit Quantum Stock: An Overvalued Encryption Play

September 7. 2021. 5 mins read

The herd behaves in mysterious ways. Special purpose acquisition companies (SPACs) are a great example of how irrational investors can be. First, they were pumping shares when a planned merger was announced, never mind that the merger hadn’t completed yet. When that foolish behavior was called out, the herd then started pumping shares the day of the merger. The efficient market hypothesis tells us that no new information is being made available in 24 hours that merits a sharp price increase, yet newbie investors don’t seem to care. Today, we’re going to talk about a company that inexplicably jumped (checks Bloomberg terminal) +123% on the first day of trading following the merger – Arqit Quantum (ARQQ).

Image of shares of Arquit Quantum
Credit: Yahoo Finance
Credit: Yahoo Finance

About Arqit

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