Arqit Quantum (NASDAQ:ARQQ) Announces Earnings Results, Misses Expectations By $0.22 EPS

Arqit Quantum (NASDAQ:ARQQ) issued its quarterly earnings data on Thursday. The company reported ($1.00) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.78) by ($0.22), FiscalAI reports. The business had revenue of $0.31 million for the quarter, compared to the consensus estimate of $1.10 million.

Arqit Quantum Stock Up 24.1%

Shares of NASDAQ:ARQQ traded up $3.16 during midday trading on Thursday, hitting $16.25. The stock had a trading volume of 796,234 shares, compared to its average volume of 299,368. The stock has a 50 day moving average price of $13.99 and a two-hundred day moving average price of $20.65. Arqit Quantum has a 1 year low of $11.52 and a 1 year high of $62.00.

Analysts Set New Price Targets

Separately, Weiss Ratings reissued a “sell (d)” rating on shares of Arqit Quantum in a report on Wednesday, January 21st. One research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $60.00.

Insider Transactions at Arqit Quantum

In related news, CEO Andrew Leaver sold 7,595 shares of the stock in a transaction dated 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 transaction, the chief executive officer directly 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 transaction was disclosed in a document filed with the SEC, which is available at this link. Insiders have sold 14,356 shares of company stock worth $193,732 over the last three months. Corporate insiders own 54.60% of the company’s stock.

Hedge Funds Weigh In On Arqit Quantum

Several institutional investors and hedge funds have recently added to or reduced their stakes in ARQQ. Royal Bank of Canada increased its position in Arqit Quantum by 222.9% during the 1st quarter. Royal Bank of Canada now owns 20,550 shares of the company’s stock worth $284,000 after purchasing an additional 14,186 shares during the period. Geode Capital Management LLC purchased a new stake in shares of Arqit Quantum in the second quarter valued at approximately $268,000. JPMorgan Chase & Co. purchased a new stake in shares of Arqit Quantum in the second quarter valued at approximately $386,000. Quantbot Technologies LP acquired a new position in Arqit Quantum during the second quarter worth $122,000. Finally, Raymond James Financial Inc. raised its position in Arqit Quantum by 120.6% in the second quarter. Raymond James Financial Inc. now owns 45,397 shares of the company’s stock worth $1,681,000 after acquiring an additional 24,822 shares in the last quarter. Institutional investors and hedge funds 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.