Arqit Quantum (NASDAQ:ARQQ) Stock Price Up 31.8% – Time to Buy?

Arqit Quantum Inc. (NASDAQ:ARQQ) shares shot up 31.8% during trading on Monday . The company traded as high as $18.63 and last traded at $17.92. 3,031,709 shares traded hands during trading, an increase of 313% from the average session volume of 734,748 shares. The stock had previously closed at $13.60.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings upgraded shares of Arqit Quantum from a “sell (d-)” rating to a “sell (d)” rating in a research note on Tuesday, May 26th. One analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $60.00.

Arqit Quantum Stock Performance

The business’s 50 day simple moving average is $14.59 and its 200 day simple moving average is $18.72.

Insider Buying and Selling

In other Arqit Quantum news, CEO Andrew Leaver sold 7,595 shares of the firm’s stock in a transaction dated Monday, April 6th. The shares were sold at an average price of $13.51, for a total transaction of $102,608.45. Following the completion of the transaction, the chief executive officer owned 45,751 shares in the company, valued at $618,096.01. This trade represents a 14.24% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders have sold a total of 14,356 shares of company stock worth $193,732 in the last three months. 54.60% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the company. Royal Bank of Canada raised its stake in shares of Arqit Quantum by 133.4% in the first quarter. Royal Bank of Canada now owns 7,012 shares of the company’s stock valued at $92,000 after acquiring an additional 4,008 shares during the last quarter. Renaissance Technologies LLC bought a new position in shares of Arqit Quantum in the first quarter valued at approximately $549,000. True Vision MN LLC bought a new position in shares of Arqit Quantum in the first quarter valued at approximately $197,000. Defiance ETFs LLC bought a new position in shares of Arqit Quantum in the fourth quarter valued at approximately $30,248,000. Finally, Kestra Advisory Services LLC bought a new position in shares of Arqit Quantum in the fourth quarter valued at approximately $40,000. Institutional investors own 16.60% of the company’s stock.

Arqit Quantum Company Profile

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.