Arqit Quantum (NASDAQ:ARQQ) Stock Price Up 0.2% – Time to Buy?

Arqit Quantum Inc. (NASDAQ:ARQQ) rose 0.2% on Monday. The company traded as high as $24.86 and last traded at $24.64. Approximately 193,927 shares changed hands during mid-day trading, a decline of 49% from the average session volume of 377,687 shares. The stock had previously closed at $24.60.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on ARQQ shares. Weiss Ratings reiterated a “sell (d)” rating on shares of Arqit Quantum in a research report on Friday, August 21st. Wall Street Zen upgraded shares of Arqit Quantum from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 8th. One equities research analyst has rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $60.00.

Arqit Quantum Stock Performance

The company has a 50 day simple moving average of $20.71 and a 200-day simple moving average of $18.01.

Insider Activity at Arqit Quantum

In related news, CEO Andrew Leaver sold 9,893 shares of the firm’s stock in a transaction dated Thursday, July 2nd. The stock was 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 of the company’s stock, valued at approximately $1,297,371.60. This trade represents a 16.12% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director D’ovidio Manfredi Lefebvre sold 32,422 shares of the business’s stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $30.24, for a total value of $980,441.28. Following the completion of the sale, the director owned 4,342,448 shares of the company’s stock, valued at $131,315,627.52. The trade was a 0.74% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 70,785 shares of company stock valued at $2,071,556. Corporate insiders own 54.60% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. Royal Bank of Canada boosted its stake in shares of Arqit Quantum by 133.4% during the 1st 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. Heck Capital Advisors LLC bought a new stake in shares of Arqit Quantum during the 2nd quarter valued at $234,000. True Vision MN LLC purchased a new stake in shares of Arqit Quantum in the 1st quarter worth about $197,000. Renaissance Technologies LLC purchased a new stake in shares of Arqit Quantum in the 1st quarter worth about $549,000. Finally, Bank of New York Mellon Corp bought a new position in shares of Arqit Quantum in the 2nd quarter worth about $2,947,000. Hedge funds and other institutional investors own 16.60% of the company’s stock.

About Arqit Quantum

Arqit Quantum Inc is a cybersecurity company that develops encryption technology designed to protect data and communications from current and future cyber threats, including attacks enabled by quantum computing. The company’s platform is intended to help organizations establish secure, cryptographic keys without relying on traditional public-key infrastructure.

Arqit’s primary offering is its QuantumCloud service, a cloud-based platform that supports the creation and management of encryption keys for applications, devices, networks and other connected systems.