5 Cheap Software Stocks to Buy According to Analysts

2. Arqit Quantum Inc. (NASDAQ:ARQQ)

Number of Hedge Fund Holders: 8

Average Upside Potential Based on Analyst Ratings: 382.14%

Average Price Target: $9.50

Arqit Quantum Inc. (NASDAQ:ARQQ) is a cybersecurity service provider that operates in the United Kingdom using both satellite and terrestrial platforms. The company’s flagship product is QuantumCloud, a Platform as a Service that generates unbreakable software encryption keys. It is one of the best cheap software stocks to consider. 

On February 22, H.C. Wainwright analyst Scott Buck maintained a Buy rating on Arqit Quantum Inc. (NASDAQ:ARQQ) but lowered the firm’s price target on the shares to $10 from $14. Despite a drop in the share price due to an equity offering, Buck suggests that the company now has enough funds to speed up its shift towards a channel partner model. Arqit has secured sufficient capital to run its operations for the next 10-12 months, even if it doesn’t generate any revenue, according to the analyst.

According to Insider Monkey’s fourth quarter database, 8 hedge funds were long Arqit Quantum Inc. (NASDAQ:ARQQ), compared to 3 funds in the earlier quarter. 

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