Renaissance Technologies LLC Invests $549,000 in Arqit Quantum Inc. $ARQQ

Renaissance Technologies LLC bought a new stake in shares of Arqit Quantum Inc. (NASDAQ:ARQQ) in the 1st quarter, HoldingsChannel.com reports. The fund bought 41,400 shares of the company’s stock, valued at approximately $549,000.

Several other large investors have also recently made changes to their positions in the company. Defiance ETFs LLC purchased a new stake in Arqit Quantum during the fourth quarter worth $30,248,000. UBS Group AG increased its holdings in Arqit Quantum by 92.5% in the fourth quarter. UBS Group AG now owns 147,397 shares of the company’s stock valued at $3,225,000 after buying an additional 70,811 shares in the last quarter. Kessler Investment Group LLC acquired a new position in shares of Arqit Quantum in the fourth quarter worth about $1,047,000. Raymond James Financial Inc. raised its position in shares of Arqit Quantum by 86.6% in the third 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 during the period. Finally, JPMorgan Chase & Co. raised its position in shares of Arqit Quantum by 226.1% in the third quarter. JPMorgan Chase & Co. now owns 34,033 shares of the company’s stock worth $1,319,000 after acquiring an additional 23,596 shares during the period. 16.60% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

ARQQ has been the topic of a number of analyst reports. Weiss Ratings upgraded Arqit Quantum from a “sell (d-)” rating to a “sell (d)” rating in a research report on Tuesday, May 26th. Wall Street Zen raised Arqit Quantum from a “strong sell” rating to a “sell” rating in a report on Saturday, August 8th. One investment analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $60.00.

Insider Activity at Arqit Quantum

In other Arqit Quantum news, General Counsel Patrick Willcocks sold 4,000 shares of the stock in a transaction on Tuesday, June 30th. The shares were sold at an average price of $29.48, for a total transaction of $117,920.00. Following the transaction, the general counsel directly owned 7,916 shares of the company’s stock, valued at $233,363.68. This trade represents a 33.57% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Andrew Leaver sold 9,893 shares of the stock in a transaction on Thursday, July 2nd. The shares were sold at an average price of $25.20, for a total transaction of $249,303.60. Following the transaction, the chief executive officer directly owned 51,483 shares in the company, valued at approximately $1,297,371.60. The trade was a 16.12% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 79,073 shares of company stock valued at $2,249,085. Insiders own 54.60% of the company’s stock.

Arqit Quantum Price Performance

Arqit Quantum stock opened at $24.35 on Tuesday. The company’s fifty day moving average price is $20.77 and its 200 day moving average price is $17.25. Arqit Quantum Inc. has a 1 year low of $11.52 and a 1 year high of $62.00.

Arqit Quantum 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.