Arqit Quantum (NASDAQ:ARQQ) Shares Up 31.8% – Time to Buy?

Arqit Quantum Inc. (NASDAQ:ARQQ) shares shot up 31.8% on Monday . The company traded as high as $18.63 and last traded at $17.92. 3,031,709 shares changed hands during mid-day trading, an increase of 313% from the average session volume of 734,748 shares. The stock had previously closed at $13.60.

Analysts Set New Price Targets

Separately, 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 investment analyst has rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $60.00.

Arqit Quantum Stock Up 13.3%

The stock’s 50 day moving average price is $14.89 and its 200 day moving average price is $18.63.

Insiders Place Their Bets

In related news, CEO Andrew Leaver sold 7,595 shares of the firm’s stock in a transaction on 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 sale, the chief executive officer directly owned 45,751 shares of the company’s stock, valued at approximately $618,096.01. This trade represents a 14.24% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Over the last ninety days, insiders have sold 14,356 shares of company stock worth $193,732. 54.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Arqit Quantum

A number of large investors have recently added to or reduced their stakes in the company. Defiance ETFs LLC acquired a new position in Arqit Quantum during the 4th quarter worth $30,248,000. UBS Group AG grew its holdings in Arqit Quantum by 92.5% during the 4th quarter. UBS Group AG now owns 147,397 shares of the company’s stock worth $3,225,000 after acquiring an additional 70,811 shares in the last quarter. Kessler Investment Group LLC acquired a new position in Arqit Quantum during the 4th quarter worth $1,047,000. Renaissance Technologies LLC acquired a new position in Arqit Quantum during the 1st quarter worth $549,000. Finally, Raymond James Financial Inc. grew its holdings in Arqit Quantum by 86.6% during the 3rd quarter. Raymond James Financial Inc. now owns 84,713 shares of the company’s stock worth $3,283,000 after acquiring an additional 39,316 shares in the last quarter. 16.60% of the stock is owned by institutional investors and hedge funds.

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.