Arqit Quantum (NASDAQ:ARQQ) General Counsel Sells $50,626.80 in Stock

Arqit Quantum Inc. (NASDAQ:ARQQ) General Counsel Patrick Willcocks sold 2,009 shares of the stock in a transaction dated Thursday, July 2nd. The stock was sold at an average price of $25.20, for a total transaction of $50,626.80. Following the transaction, the general counsel directly owned 9,462 shares in the company, valued at $238,442.40. This trade represents a 17.51% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Patrick Willcocks also recently made the following trade(s):

• On Tuesday, June 30th, Patrick Willcocks sold 4,000 shares of Arqit Quantum stock. The stock was sold at an average price of $29.48, for a total value of $117,920.00.

Arqit Quantum Trading Up 1.1%

Shares of NASDAQ:ARQQ opened at $20.05 on Thursday. Arqit Quantum Inc. has a 52-week low of $11.52 and a 52-week high of $62.00. The business’s 50 day simple moving average is $18.06 and its two-hundred day simple moving average is $18.34.

Hedge Funds Weigh In On Arqit Quantum

Large investors have recently bought and sold shares of the stock. National Bank of Canada FI bought a new stake in shares of Arqit Quantum in the 3rd quarter worth $27,000. Kestra Advisory Services LLC purchased a new stake in shares of Arqit Quantum in the fourth quarter valued at about $40,000. Flagship Harbor Advisors LLC bought a new position in shares of Arqit Quantum during the fourth quarter valued at about $75,000. Royal Bank of Canada lifted its position 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 valued at $92,000 after purchasing an additional 4,008 shares in the last quarter. Finally, Leonteq Securities AG purchased a new position in Arqit Quantum during the fourth quarter worth about $98,000. 16.60% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. Wall Street Zen raised shares of Arqit Quantum from a “strong sell” rating to a “sell” rating in a research report on Saturday, June 20th. Weiss Ratings upgraded shares of Arqit Quantum from a “sell (d-)” rating to a “sell (d)” rating in a report on Tuesday, May 26th. One equities research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently 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.