Arqit Quantum Inc. (NASDAQ:ARQQ – Get Free Report)’s stock price crossed above its 200-day moving average during trading on Wednesday. The stock has a 200-day moving average of $18.40 and traded as high as $18.57. Arqit Quantum shares last traded at $18.47, with a volume of 144,386 shares traded.
Analysts Set New Price Targets
Several research analysts have commented on the company. Weiss Ratings lowered Arqit Quantum from a “sell (d)” rating to a “sell (e+)” rating in a research report on Thursday, October 8th. Wall Street Zen raised Arqit Quantum from a “strong sell” rating to a “sell” rating in a report on Saturday, August 8th. One equities research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold”.
Get Our Latest Stock Report on Arqit Quantum
Arqit Quantum Stock Down 10.6%
The business’s 50 day simple moving average is $19.79 and its 200 day simple moving average is $18.30.
Insider Activity
In related news, CEO Andrew Leaver sold 2,818 shares of the business’s stock in a transaction dated Friday, October 2nd. The stock was sold at an average price of $24.47, for a total value of $68,956.46. Following the transaction, the chief executive officer owned 59,082 shares in the company, valued at $1,445,736.54. The trade was a 4.55% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders sold a total of 16,114 shares of company stock worth $369,214 over the last 90 days. Company insiders own 54.60% of the company’s stock.
Institutional Trading of Arqit Quantum
Hedge funds have recently added to or reduced their stakes in the stock. Kessler Investment Group LLC purchased a new position in Arqit Quantum in the 3rd quarter valued at $3,333,000. Bank of New York Mellon Corp purchased a new position in Arqit Quantum during the 2nd quarter worth $2,947,000. Renaissance Technologies LLC acquired a new stake in shares of Arqit Quantum in the 1st quarter worth $549,000. SBI Securities Co. Ltd. acquired a new stake in shares of Arqit Quantum in the 3rd quarter worth $686,000. Finally, McGuire Investment Group LLC purchased a new stake in shares of Arqit Quantum in the third quarter valued at about $220,000. 16.60% of the stock is owned by institutional investors and hedge funds.
About Arqit Quantum
Arqit Quantum plc is a United Kingdom-based cybersecurity company that develops encryption technology designed to protect data and communications from current and future cyber threats, including the potential risks posed by quantum computing.
The company’s primary offering is QuantumCloud, a software platform that enables organizations to create and manage secure encryption keys for devices, applications and communications. Arqit markets its technology for use across sectors such as government, defense, telecommunications, financial services and critical infrastructure, with the aim of supporting secure data exchange in cloud, enterprise and connected-device environments.
Arqit was founded in 2017 and initially pursued a satellite-based approach to delivering quantum-secure communications before shifting its focus toward a software-based cybersecurity model.
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