Wall Street Zen Upgrades Arqit Quantum (NASDAQ:ARQQ) to “Sell”

Arqit Quantum (NASDAQ:ARQQ) was upgraded by equities researchers at Wall Street Zen from a “strong sell” rating to a “sell” rating in a research report issued to clients and investors on Saturday.

Separately, Weiss Ratings raised Arqit Quantum from a “sell (d-)” rating to a “sell (d)” rating in a research 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 company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $60.00.

Arqit Quantum Price Performance

Shares of NASDAQ ARQQ opened at $22.90 on Friday. Arqit Quantum has a 1 year low of $11.52 and a 1 year high of $62.00. The firm has a 50-day moving average of $19.65 and a 200 day moving average of $17.27.

Insiders Place Their Bets

In other Arqit Quantum news, General Counsel Patrick Willcocks sold 4,000 shares of the business’s stock in a transaction dated Tuesday, June 30th. The stock was sold at an average price of $29.48, for a total value of $117,920.00. Following the completion of the transaction, the general counsel owned 7,916 shares of the company’s stock, valued at approximately $233,363.68. The trade was a 33.57% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director D’ovidio Manfredi Lefebvre sold 32,422 shares of the firm’s stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $30.24, for a total transaction of $980,441.28. Following the sale, the director directly owned 4,342,448 shares in the company, valued at approximately $131,315,627.52. The trade was a 0.74% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 79,073 shares of company stock worth $2,249,085 over the last three months. Company insiders own 54.60% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the stock. National Bank of Canada FI purchased a new position in Arqit Quantum in the 3rd quarter worth approximately $27,000. Envestnet Asset Management Inc. grew its holdings 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 buying an additional 1,299 shares in the last quarter. Kestra Advisory Services LLC bought a new stake in shares of Arqit Quantum during the fourth quarter valued at approximately $40,000. Legal & General Group Plc raised 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 valued at $2,936,000 after buying an additional 3,205 shares during the last quarter. Finally, Quantbot Technologies LP purchased a new position in shares of Arqit Quantum in the second quarter worth $122,000. 16.60% of the stock is owned by hedge funds and other 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.