Arqit Quantum Inc. (NASDAQ:ARQQ – Get Free Report) Director Garth Ritchie sold 439 shares of the company’s stock in a transaction dated Thursday, July 2nd. The shares were sold at an average price of $25.20, for a total transaction of $11,062.80. Following the completion of the transaction, the director owned 104,609 shares in the company, valued at approximately $2,636,146.80. This trade represents a 0.42% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link.
Arqit Quantum Stock Down 10.3%
Shares of NASDAQ ARQQ opened at $19.84 on Wednesday. The stock’s fifty day moving average price is $17.95 and its two-hundred day moving average price is $18.37. Arqit Quantum Inc. has a one year low of $11.52 and a one year high of $62.00.
Analyst Upgrades and Downgrades
A number of analysts have recently weighed in on ARQQ shares. Weiss Ratings raised shares of 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 investment analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $60.00.
Institutional Inflows and Outflows
Large investors have recently modified their holdings of the company. National Bank of Canada FI bought a new position in shares of Arqit Quantum during the third quarter valued at $27,000. Envestnet Asset Management Inc. grew its stake in shares of Arqit Quantum by 11.1% in the third quarter. Envestnet Asset Management Inc. now owns 13,002 shares of the company’s stock worth $504,000 after purchasing an additional 1,299 shares during the last quarter. Kestra Advisory Services LLC acquired a new stake in Arqit Quantum in the fourth quarter valued at $40,000. MASO CAPITAL PARTNERS Ltd bought a new position in Arqit Quantum during the 3rd quarter worth $110,000. Finally, Legal & General Group Plc raised its position in Arqit Quantum by 4.4% during the 3rd quarter. Legal & General Group Plc now owns 75,771 shares of the company’s stock worth $2,936,000 after purchasing an additional 3,205 shares during the last quarter. 16.60% of the stock is currently owned by institutional investors.
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.
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