Arqit Quantum Inc. (NASDAQ:ARQQ – Get Free Report) shares traded up 9.2% on Monday . The company traded as high as $18.99 and last traded at $18.18. 318,733 shares traded hands during trading, a decline of 44% from the average session volume of 568,346 shares. The stock had previously closed at $16.65.
Analyst Upgrades and Downgrades
A number of analysts have commented on ARQQ shares. Wall Street Zen raised shares of Arqit Quantum from a “strong sell” rating to a “sell” rating in a report on Saturday, June 20th. Weiss Ratings upgraded Arqit Quantum from a “sell (d-)” rating to a “sell (d)” rating in a research report on Tuesday, May 26th. One investment analyst has rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Arqit Quantum presently has a consensus rating of “Hold” and an average target price of $60.00.
Check Out Our Latest Stock Report on ARQQ
Arqit Quantum Trading Up 9.2%
Insider Activity
In related news, CRO Jennifer Bers sold 8,288 shares of Arqit Quantum stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $21.42, for a total transaction of $177,528.96. Following the transaction, the executive owned 6,712 shares of the company’s stock, valued at $143,771.04. This trade represents a 55.25% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, General Counsel Patrick Willcocks sold 4,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 30th. The shares were sold at an average price of $29.48, for a total transaction of $117,920.00. Following the transaction, the general counsel owned 7,916 shares of the company’s stock, valued at approximately $233,363.68. This represents a 33.57% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 79,073 shares of company stock worth $2,249,085 over the last quarter. 54.60% of the stock is owned by insiders.
Hedge Funds Weigh In On Arqit Quantum
A number of hedge funds and other institutional investors have recently made changes to their positions in ARQQ. Defiance ETFs LLC acquired a new position in shares of Arqit Quantum in the 4th quarter valued at $30,248,000. UBS Group AG raised its stake in Arqit Quantum by 92.5% during the 4th quarter. UBS Group AG now owns 147,397 shares of the company’s stock worth $3,225,000 after buying an additional 70,811 shares during the period. Raymond James Financial Inc. raised its stake in Arqit Quantum by 86.6% during the 3rd 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 lifted its holdings in Arqit Quantum by 4.4% during 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 bought a new position in Arqit Quantum during the fourth quarter worth about $1,047,000. 16.60% of the stock is owned by institutional investors.
About Arqit Quantum
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.
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