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

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

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 value of $58,007.62.
• On Monday, October 5th, Andrew Leaver sold 2,535 shares of Arqit Quantum stock. The shares were sold at an average price of $23.78, for a total value 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 value of $68,956.46.

Arqit Quantum Stock Up 3.4%

ARQQ opened at $15.90 on Friday. The stock has a 50-day moving average price of $21.26 and a 200-day moving average price of $18.64. Arqit Quantum Inc. has a 1 year low of $11.52 and a 1 year high of $53.60.

Hedge Funds Weigh In On Arqit Quantum

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp purchased a new position in shares of Arqit Quantum in the second quarter worth $2,947,000. Kessler Investment Group LLC bought a new position in shares of Arqit Quantum during the third quarter valued at $3,333,000. Renaissance Technologies LLC bought a new position in shares of Arqit Quantum during the first quarter valued at $549,000. Royal Bank of Canada boosted 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 buying an additional 4,008 shares during the last quarter. Finally, Heck Capital Advisors LLC purchased a new stake in shares of Arqit Quantum during the second quarter valued at $234,000. 16.60% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

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