Arqit Quantum (NASDAQ:ARQQ) General Counsel Sells 4,000 Shares

Arqit Quantum Inc. (NASDAQ:ARQQ) General Counsel Patrick Willcocks sold 4,000 shares of the business’s stock in a transaction on Tuesday, June 30th. The stock was sold at an average price of $29.48, for a total value of $117,920.00. Following the completion of the sale, the general counsel directly owned 7,916 shares in the company, valued at $233,363.68. This represents a 33.57% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link.

Arqit Quantum Trading Down 16.0%

Shares of Arqit Quantum stock traded down $4.63 during trading on Thursday, hitting $24.22. The stock had a trading volume of 713,003 shares, compared to its average volume of 542,570. The business has a fifty day moving average of $17.36 and a two-hundred day moving average of $18.44. Arqit Quantum Inc. has a fifty-two week low of $11.52 and a fifty-two week high of $62.00.

Hedge Funds Weigh In On Arqit Quantum

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Defiance ETFs LLC purchased a new position in Arqit Quantum in the 4th quarter worth about $30,248,000. UBS Group AG lifted its stake in Arqit Quantum by 92.5% during the fourth quarter. UBS Group AG now owns 147,397 shares of the company’s stock valued at $3,225,000 after buying an additional 70,811 shares in the last quarter. Raymond James Financial Inc. boosted its holdings 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 worth $3,283,000 after buying an additional 39,316 shares during the period. Legal & General Group Plc increased its position in shares of Arqit Quantum by 4.4% in the third quarter. Legal & General Group Plc now owns 75,771 shares of the company’s stock worth $2,936,000 after acquiring an additional 3,205 shares in the last quarter. Finally, Kessler Investment Group LLC purchased a new position in shares of Arqit Quantum in the fourth quarter worth approximately $1,047,000. Institutional investors and hedge funds own 16.60% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. 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 raised shares of Arqit Quantum from a “strong sell” rating to a “sell” rating in a research note on Saturday, June 20th. One analyst has rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $60.00.

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.