Insider Selling: Arqit Quantum (NASDAQ:ARQQ) Director Sells 439 Shares of Stock

Arqit Quantum Inc. (NASDAQ:ARQQ) Director Garth Ritchie sold 439 shares of Arqit Quantum stock in a transaction that occurred on Thursday, July 2nd. The stock was sold at an average price of $25.20, for a total transaction of $11,062.80. Following the completion of the transaction, the director directly owned 104,609 shares in the company, valued at $2,636,146.80. This represents a 0.42% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Arqit Quantum Stock Down 5.9%

ARQQ stock traded down $1.38 on Monday, hitting $22.13. 712,318 shares of the company’s stock traded hands, compared to its average volume of 547,644. Arqit Quantum Inc. has a 1-year low of $11.52 and a 1-year high of $62.00. The stock has a fifty day moving average of $17.69 and a 200-day moving average of $18.40.

Hedge Funds Weigh In On Arqit Quantum

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. National Bank of Canada FI purchased a new position in Arqit Quantum during the 3rd quarter worth approximately $27,000. Kestra Advisory Services LLC purchased a new stake in shares of Arqit Quantum in the fourth quarter valued at $40,000. MASO CAPITAL PARTNERS Ltd acquired a new stake in shares of Arqit Quantum in the third quarter worth $110,000. Quantbot Technologies LP purchased a new position in shares of Arqit Quantum during the second quarter valued at $122,000. Finally, Flagship Harbor Advisors LLC acquired a new stake in Arqit Quantum during the 4th quarter worth about $75,000. Institutional investors and hedge funds own 16.60% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on ARQQ. Weiss Ratings upgraded Arqit Quantum from a “sell (d-)” rating to a “sell (d)” rating in a report on Tuesday, May 26th. Wall Street Zen upgraded Arqit Quantum from a “strong sell” rating to a “sell” rating in a research report on Saturday, June 20th. One research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target 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.