Arqit Quantum (NASDAQ:ARQQ) Director Garth Ritchie Sells 439 Shares

Arqit Quantum Inc. (NASDAQ:ARQQ) Director Garth Ritchie sold 439 shares of the stock in a transaction on Thursday, July 2nd. The stock was sold at an average price of $25.20, for a total value of $11,062.80. Following the transaction, the director directly owned 104,609 shares in the company, valued at approximately $2,636,146.80. This represents a 0.42% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Arqit Quantum Price Performance

Shares of ARQQ stock traded down $2.19 during mid-day trading on Tuesday, hitting $19.94. 165,116 shares of the company’s stock were exchanged, compared to its average volume of 543,567. Arqit Quantum Inc. has a fifty-two week low of $11.52 and a fifty-two week high of $62.00. The stock has a 50-day simple moving average of $17.85 and a two-hundred day simple moving average of $18.39.

Analysts Set New Price Targets

ARQQ has been the topic of a number of research analyst reports. Weiss Ratings upgraded shares of Arqit Quantum from a “sell (d-)” rating to a “sell (d)” rating in a report on Tuesday, May 26th. Wall Street Zen upgraded Arqit Quantum from a “strong sell” rating to a “sell” rating in a report on Saturday, June 20th. One equities research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $60.00.

Hedge Funds Weigh In On Arqit Quantum

A number of hedge funds have recently made changes to their positions in the business. Royal Bank of Canada boosted its position in Arqit Quantum by 222.9% during the 1st quarter. Royal Bank of Canada now owns 20,550 shares of the company’s stock worth $284,000 after purchasing an additional 14,186 shares during the period. Geode Capital Management LLC purchased a new stake in shares of Arqit Quantum in the second quarter worth about $268,000. JPMorgan Chase & Co. acquired a new stake in shares of Arqit Quantum in the second quarter valued at about $386,000. Quantbot Technologies LP purchased a new stake in shares of Arqit Quantum during the 2nd quarter valued at about $122,000. Finally, Raymond James Financial Inc. lifted its position in Arqit Quantum by 120.6% during the 2nd quarter. Raymond James Financial Inc. now owns 45,397 shares of the company’s stock worth $1,681,000 after acquiring an additional 24,822 shares in the last quarter. Hedge funds and other institutional investors own 16.60% of the company’s stock.

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.