Arqit Quantum (NASDAQ:ARQQ) CEO Sells 2,818 Shares of Company Stock

Arqit Quantum Inc. (NASDAQ:ARQQ) CEO Andrew Leaver sold 2,818 shares of Arqit Quantum stock in a transaction dated Friday, October 2nd. The shares were sold at an average price of $24.47, for a total value of $68,956.46. Following the completion of the transaction, the chief executive officer owned 59,082 shares in the company, valued at $1,445,736.54. This trade represents a 4.55% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Arqit Quantum Stock Performance

Arqit Quantum stock traded down $0.25 during trading hours on Tuesday, reaching $23.43. The stock had a trading volume of 156,841 shares, compared to its average volume of 363,062. The business’s 50 day moving average price is $21.47 and its 200-day moving average price is $18.43. Arqit Quantum Inc. has a 52 week low of $11.52 and a 52 week high of $62.00.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on ARQQ shares. Wall Street Zen raised shares of Arqit Quantum from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 8th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Arqit Quantum in a report on Friday, August 21st. One research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Arqit Quantum has a consensus rating of “Hold” and an average target price of $60.00.

Institutional Investors Weigh In On Arqit Quantum

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Royal Bank of Canada grew its stake in shares of Arqit Quantum by 133.4% during the first quarter. Royal Bank of Canada now owns 7,012 shares of the company’s stock worth $92,000 after acquiring an additional 4,008 shares during the last quarter. Heck Capital Advisors LLC purchased a new position in shares of Arqit Quantum in the 2nd quarter valued at approximately $234,000. True Vision MN LLC purchased a new position in shares of Arqit Quantum in the 1st quarter valued at approximately $197,000. Renaissance Technologies LLC acquired a new stake in Arqit Quantum in the 1st quarter worth approximately $549,000. Finally, Bank of New York Mellon Corp purchased a new stake in Arqit Quantum during the 2nd quarter worth approximately $2,947,000. 16.60% of the stock is currently owned by hedge funds and other institutional investors.

Arqit Quantum Company Profile

Arqit Quantum Inc is a cybersecurity company that develops encryption technology designed to protect data and communications against current and future cyber threats, including potential attacks enabled by quantum computing. The company’s solutions are intended for governments, enterprises and other organizations that need to secure sensitive information across networks, devices and cloud environments.

Arqit’s principal offering is QuantumCloud, a cloud-based platform designed to enable the creation and management of secure encryption keys.