Arqit Quantum (NASDAQ:ARQQ) Trading Up 7% – Still a Buy?

Shares of Arqit Quantum Inc. (NASDAQ:ARQQ) were up 7% during mid-day trading on Wednesday . The company traded as high as $15.75 and last traded at $15.68. Approximately 534,944 shares were traded during trading, an increase of 36% from the average daily volume of 393,400 shares. The stock had previously closed at $14.65.

Wall Street Analysts Forecast Growth

ARQQ has been the subject of a number of recent research reports. Weiss Ratings reissued a “sell (d)” rating on shares of Arqit Quantum in a research note on Wednesday, January 21st. Wall Street Zen downgraded shares of Arqit Quantum from a “hold” rating to a “sell” rating in a research note on Saturday, January 17th. One research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Arqit Quantum has an average rating of “Hold” and an average target price of $60.00.

Arqit Quantum Stock Up 7.0%

The company’s 50 day simple moving average is $14.48 and its 200 day simple moving average is $22.59.

Insider Buying and Selling

In other news, CEO Andrew Leaver sold 7,595 shares of the stock in a transaction on 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 sale, the chief executive officer owned 45,751 shares of the company’s stock, valued at $618,096.01. This represents a 14.24% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have sold a total of 13,921 shares of company stock valued at $186,828 over the last ninety days. 54.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Arqit Quantum

Several large investors have recently made changes to their positions in the stock. Defiance ETFs LLC bought a new stake in shares of Arqit Quantum during the fourth quarter worth $30,248,000. Penserra Capital Management LLC increased its position in shares of Arqit Quantum by 43.4% during the third quarter. Penserra Capital Management LLC now owns 1,021,248 shares of the company’s stock worth $39,573,000 after acquiring an additional 308,942 shares in the last quarter. UBS Group AG increased its position in shares of Arqit Quantum by 92.5% during the fourth quarter. UBS Group AG now owns 147,397 shares of the company’s stock worth $3,225,000 after acquiring an additional 70,811 shares in the last quarter. Raymond James Financial Inc. increased its position in shares of Arqit Quantum by 86.6% during the third quarter. Raymond James Financial Inc. now owns 84,713 shares of the company’s stock worth $3,283,000 after acquiring an additional 39,316 shares in the last quarter. Finally, Legal & General Group Plc increased its position in shares of 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. Institutional investors own 16.60% of the company’s stock.

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.