Insider Selling: Arqit Quantum (NASDAQ:ARQQ) CEO Sells $249,303.60 in Stock

Arqit Quantum Inc. (NASDAQ:ARQQ) CEO Andrew Leaver sold 9,893 shares of the stock in a transaction dated Thursday, July 2nd. The stock was sold at an average price of $25.20, for a total value of $249,303.60. Following the completion of the sale, the chief executive officer directly owned 51,483 shares of the company’s stock, valued at approximately $1,297,371.60. This represents a 16.12% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website.

Arqit Quantum Stock Performance

ARQQ traded down $1.38 on Monday, reaching $22.13. 712,318 shares of the company traded hands, compared to its average volume of 547,644. The stock’s 50 day moving average price is $17.69 and its 200-day moving average price is $18.40. Arqit Quantum Inc. has a 52-week low of $11.52 and a 52-week high of $62.00.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. National Bank of Canada FI bought a new position in Arqit Quantum in the 3rd quarter worth $27,000. Kestra Advisory Services LLC acquired a new position in shares of Arqit Quantum during the 4th quarter worth about $40,000. MASO CAPITAL PARTNERS Ltd bought a new stake in Arqit Quantum during the 3rd quarter valued at approximately $110,000. Quantbot Technologies LP acquired a new stake in Arqit Quantum in the 2nd quarter valued at approximately $122,000. Finally, Flagship Harbor Advisors LLC acquired a new position in shares of Arqit Quantum during the fourth quarter worth approximately $75,000. 16.60% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

ARQQ has been the subject of a number of recent research reports. Weiss Ratings raised Arqit Quantum from a “sell (d-)” rating to a “sell (d)” rating in a research note on Tuesday, May 26th. Wall Street Zen raised shares of Arqit Quantum from a “strong sell” rating to a “sell” rating in a research report on Saturday, June 20th. One equities research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Arqit Quantum has an average rating of “Hold” and an average price target of $60.00.

About Arqit Quantum

Arqit Quantum Inc is a UK‐based cybersecurity company specializing in quantum-safe encryption solutions designed to protect sensitive data from current and emerging cyber threats. The company’s core technology leverages principles of quantum physics to generate and distribute encryption keys in a way that remains impervious to attacks, including those enabled by future quantum computers. Arqit’s platform is designed to integrate with existing IT infrastructures without requiring hardware upgrades, offering end‐to‐end data protection for enterprises, governments and critical infrastructure providers.

The company’s flagship QuantumCloud platform uses a patented key distribution architecture to deliver symmetrical keys to endpoints across distributed networks.