Arqit Quantum (NASDAQ:ARQQ) CEO Andrew Leaver Sells 9,893 Shares of Stock

Arqit Quantum Inc. (NASDAQ:ARQQ) CEO Andrew Leaver sold 9,893 shares of the business’s stock in a transaction dated Thursday, July 2nd. The stock was sold at an average price of $25.20, for a total transaction of $249,303.60. Following the sale, the chief executive officer owned 51,483 shares in the company, valued at $1,297,371.60. This trade represents a 16.12% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink.

Arqit Quantum Price Performance

NASDAQ:ARQQ traded down $1.38 during midday trading on Monday, hitting $22.13. 712,318 shares of the stock were exchanged, compared to its average volume of 547,644. Arqit Quantum Inc. has a one year low of $11.52 and a one year high of $62.00. The business has a 50-day moving average price of $17.69 and a two-hundred day moving average price of $18.40.

Analysts Set New Price Targets

A number of research firms recently issued reports on ARQQ. Weiss Ratings raised Arqit Quantum from a “sell (d-)” rating to a “sell (d)” rating in a report on Tuesday, May 26th. Wall Street Zen raised shares of Arqit Quantum from a “strong sell” rating to a “sell” rating in a research note on Saturday, June 20th. One analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $60.00.

Hedge Funds Weigh In On Arqit Quantum

A number of hedge funds have recently modified their holdings of ARQQ. National Bank of Canada FI purchased a new stake in shares of Arqit Quantum during the third quarter valued at $27,000. Kestra Advisory Services LLC purchased a new position in shares of Arqit Quantum in the fourth quarter worth approximately $40,000. MASO CAPITAL PARTNERS Ltd purchased a new position in shares of Arqit Quantum in the third quarter worth approximately $110,000. Quantbot Technologies LP acquired a new stake in shares of Arqit Quantum during the second quarter valued at approximately $122,000. Finally, Flagship Harbor Advisors LLC purchased a new stake in shares of Arqit Quantum in the 4th quarter valued at approximately $75,000. 16.60% of the stock is currently 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.