Jennifer Bers Sells 8,288 Shares of Arqit Quantum (NASDAQ:ARQQ) Stock

Arqit Quantum Inc. (NASDAQ:ARQQ) CRO Jennifer Bers sold 8,288 shares of the business’s stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $21.42, for a total value of $177,528.96. Following the completion of the transaction, the executive owned 6,712 shares in the company, valued at $143,771.04. The trade was a 55.25% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Arqit Quantum Stock Down 4.6%

Shares of ARQQ opened at $27.32 on Friday. The stock has a 50 day moving average of $16.45 and a 200 day moving average of $18.50. Arqit Quantum Inc. has a 12 month low of $11.52 and a 12 month high of $62.00.

Hedge Funds Weigh In On Arqit Quantum

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. National Bank of Canada FI purchased a new position in shares of Arqit Quantum in the third quarter worth about $27,000. Kestra Advisory Services LLC purchased a new stake in shares of Arqit Quantum during the 4th quarter valued at approximately $40,000. Flagship Harbor Advisors LLC purchased a new stake in shares of Arqit Quantum during the 4th quarter valued at approximately $75,000. Royal Bank of Canada boosted its holdings in Arqit Quantum by 133.4% in the 1st quarter. Royal Bank of Canada now owns 7,012 shares of the company’s stock worth $92,000 after buying an additional 4,008 shares during the period. Finally, Leonteq Securities AG bought a new position in Arqit Quantum in the 4th quarter worth approximately $98,000. Institutional investors own 16.60% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on ARQQ. Wall Street Zen upgraded Arqit Quantum from a “strong sell” rating to a “sell” rating in a research note on Saturday, June 20th. Weiss Ratings upgraded shares of 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 assigned a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $60.00.

Arqit Quantum Company Profile

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.