Insider Selling: Arqit Quantum (NASDAQ:ARQQ) CEO Sells $249,303.60 in Stock

Arqit Quantum Inc. (NASDAQ:ARQQ) CEO Andrew Leaver sold 9,893 shares of the business’s stock in a transaction that occurred on Thursday, July 2nd. The stock was sold at an average price of $25.20, for a total value of $249,303.60. Following the sale, the chief executive officer directly owned 51,483 shares in the company, valued at $1,297,371.60. The trade was a 16.12% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Arqit Quantum Stock Up 1.1%

NASDAQ:ARQQ opened at $20.05 on Thursday. Arqit Quantum Inc. has a 1 year low of $11.52 and a 1 year high of $62.00. The business has a 50 day simple moving average of $18.06 and a 200-day simple moving average of $18.34.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of ARQQ. National Bank of Canada FI bought a new position in shares of Arqit Quantum during the 3rd quarter worth $27,000. Envestnet Asset Management Inc. increased its position in Arqit Quantum by 11.1% during the 3rd quarter. Envestnet Asset Management Inc. now owns 13,002 shares of the company’s stock valued at $504,000 after purchasing an additional 1,299 shares during the period. Kestra Advisory Services LLC bought a new stake in shares of Arqit Quantum in the 4th quarter valued at about $40,000. MASO CAPITAL PARTNERS Ltd bought a new stake in shares of Arqit Quantum in the 3rd quarter valued at about $110,000. Finally, Legal & General Group Plc lifted its position in shares of Arqit Quantum by 4.4% in the 3rd quarter. Legal & General Group Plc now owns 75,771 shares of the company’s stock worth $2,936,000 after purchasing an additional 3,205 shares during the period. 16.60% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. Wall Street Zen upgraded 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 research 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.

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.