Insider Selling: Arqit Quantum (NASDAQ:ARQQ) Director Sells $11,062.80 in Stock

Arqit Quantum Inc. (NASDAQ:ARQQ) Director Garth Ritchie sold 439 shares of the firm’s stock in a transaction that occurred on Thursday, July 2nd. The shares were sold at an average price of $25.20, for a total value of $11,062.80. Following the completion of the sale, the director directly owned 104,609 shares of the company’s stock, valued at $2,636,146.80. This represents a 0.42% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Arqit Quantum Stock Performance

Arqit Quantum stock opened at $20.05 on Thursday. The stock’s 50 day moving average price is $18.06 and its 200 day moving average price is $18.34. Arqit Quantum Inc. has a 1-year low of $11.52 and a 1-year high of $62.00.

Institutional Trading of Arqit Quantum

Several institutional investors and hedge funds have recently modified their holdings of ARQQ. Defiance ETFs LLC acquired a new position in shares of Arqit Quantum during the 4th quarter worth approximately $30,248,000. UBS Group AG increased its position in Arqit Quantum by 92.5% during the fourth quarter. UBS Group AG now owns 147,397 shares of the company’s stock worth $3,225,000 after buying an additional 70,811 shares in the last quarter. Kessler Investment Group LLC acquired a new position in shares of Arqit Quantum in the fourth quarter worth $1,047,000. Renaissance Technologies LLC acquired a new position in shares of Arqit Quantum in the first quarter worth $549,000. Finally, Raymond James Financial Inc. lifted its position in shares of Arqit Quantum by 86.6% in the third quarter. Raymond James Financial Inc. now owns 84,713 shares of the company’s stock valued at $3,283,000 after acquiring an additional 39,316 shares in the last quarter. Hedge funds and other institutional investors own 16.60% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on ARQQ. Weiss Ratings raised shares of Arqit Quantum from a “sell (d-)” rating to a “sell (d)” rating in a report on Tuesday, May 26th. Wall Street Zen upgraded Arqit Quantum from a “strong sell” rating to a “sell” rating in a report on Saturday, June 20th. One investment analyst has rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus 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.