Insider Selling: Arqit Quantum (NASDAQ:ARQQ) CRO Sells 506 Shares of Company Stock

Arqit Quantum Inc. (NASDAQ:ARQQ) CRO Paul Feenan sold 506 shares of Arqit Quantum stock in a transaction that occurred on Friday, October 2nd. The stock was sold at an average price of $24.47, for a total transaction of $12,381.82. Following the completion of the sale, the executive directly owned 20,915 shares of the company’s stock, valued at approximately $511,790.05. This trade represents a 2.36% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Arqit Quantum Stock Performance

Shares of ARQQ traded down $0.25 during trading hours on Tuesday, hitting $23.43. The stock had a trading volume of 156,841 shares, compared to its average volume of 363,062. Arqit Quantum Inc. has a 12 month low of $11.52 and a 12 month high of $62.00. The stock has a fifty day moving average price of $21.47 and a 200 day moving average price of $18.43.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Bank of New York Mellon Corp bought a new stake in shares of Arqit Quantum in the 2nd quarter valued at approximately $2,947,000. Renaissance Technologies LLC purchased a new stake in shares of Arqit Quantum during the first quarter valued at $549,000. Royal Bank of Canada boosted its holdings in shares of Arqit Quantum by 133.4% in the first quarter. Royal Bank of Canada now owns 7,012 shares of the company’s stock valued at $92,000 after purchasing an additional 4,008 shares during the period. Heck Capital Advisors LLC purchased a new stake in shares of Arqit Quantum in the 2nd quarter worth $234,000. Finally, True Vision MN LLC bought a new position in Arqit Quantum during the 1st quarter worth about $197,000. Institutional investors own 16.60% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently weighed in on ARQQ shares. Weiss Ratings reiterated a “sell (d)” rating on shares of Arqit Quantum in a research report on Friday, August 21st. Wall Street Zen upgraded shares of Arqit Quantum from a “strong sell” rating to a “sell” rating in a report on Saturday, August 8th. One analyst has rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $60.00.

Arqit Quantum Company Profile

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.