Arqit Quantum (NASDAQ:ARQQ) CEO Sells 2,573 Shares of Stock

Arqit Quantum Inc. (NASDAQ:ARQQ) CEO Andrew Leaver sold 2,573 shares of the company’s stock in a transaction on Tuesday, October 13th. The shares were sold at an average price of $16.40, for a total value of $42,197.20. Following the completion of the transaction, the chief executive officer directly owned 53,966 shares in the company, valued at $885,042.40. This represents a 4.55% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Andrew Leaver also recently made the following trade(s):

• On Tuesday, October 6th, Andrew Leaver sold 2,398 shares of Arqit Quantum stock. The shares were sold at an average price of $24.19, for a total transaction of $58,007.62.
• On Monday, October 5th, Andrew Leaver sold 2,535 shares of Arqit Quantum stock. The stock was sold at an average price of $23.78, for a total transaction of $60,282.30.
• On Friday, October 2nd, Andrew Leaver sold 2,818 shares of Arqit Quantum stock. The stock was sold at an average price of $24.47, for a total transaction of $68,956.46.

Arqit Quantum Stock Performance

Shares of Arqit Quantum stock traded up $0.49 during trading on Thursday, hitting $15.86. The stock had a trading volume of 325,035 shares, compared to its average volume of 476,227. The stock has a 50 day simple moving average of $21.37 and a 200 day simple moving average of $18.61. Arqit Quantum Inc. has a 1 year low of $11.52 and a 1 year high of $53.60.

Institutional Inflows and Outflows

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

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on ARQQ shares. Wall Street Zen upgraded Arqit Quantum from a “strong sell” rating to a “sell” rating in a report on Saturday, August 8th. Weiss Ratings downgraded Arqit Quantum from a “sell (d)” rating to a “sell (e+)” rating in a research note on Thursday, October 8th. One equities research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, Arqit Quantum presently has a consensus rating of “Hold”.

About Arqit Quantum

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.