Patrick Willcocks Sells 4,000 Shares of Arqit Quantum (NASDAQ:ARQQ) Stock

Arqit Quantum Inc. (NASDAQ:ARQQ) General Counsel Patrick Willcocks sold 4,000 shares of the company’s stock in a transaction dated Tuesday, June 30th. The stock was sold at an average price of $29.48, for a total transaction of $117,920.00. Following the transaction, the general counsel owned 7,916 shares of the company’s stock, valued at $233,363.68. This represents a 33.57% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link.

Arqit Quantum Price Performance

ARQQ stock opened at $23.51 on Friday. Arqit Quantum Inc. has a fifty-two week low of $11.52 and a fifty-two week high of $62.00. The firm’s 50-day simple moving average is $17.69 and its 200 day simple moving average is $18.45.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Royal Bank of Canada raised its stake in shares of Arqit Quantum by 133.4% during the first quarter. Royal Bank of Canada now owns 7,012 shares of the company’s stock valued at $92,000 after purchasing an additional 4,008 shares in the last quarter. Renaissance Technologies LLC bought a new position in Arqit Quantum in the 1st quarter valued at about $549,000. True Vision MN LLC acquired a new position in Arqit Quantum during the 1st quarter valued at about $197,000. Defiance ETFs LLC acquired a new position in Arqit Quantum during the 4th quarter valued at about $30,248,000. Finally, Kestra Advisory Services LLC bought a new stake in shares of Arqit Quantum during the 4th quarter worth about $40,000. 16.60% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on ARQQ shares. Weiss Ratings upgraded shares of Arqit Quantum from a “sell (d-)” rating to a “sell (d)” rating in a research note 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 investment analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company presently 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.