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

Arqit Quantum Inc. (NASDAQ:ARQQ) Director Garth Ritchie sold 439 shares of the company’s stock in a transaction that occurred on 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 represents a 0.42% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website.

Arqit Quantum Trading Down 5.9%

Shares of NASDAQ:ARQQ traded down $1.38 during trading on Monday, reaching $22.13. 712,318 shares of the company traded hands, compared to its average volume of 547,644. The firm has a fifty day simple moving average of $17.69 and a 200 day simple moving average of $18.40. Arqit Quantum Inc. has a 1-year low of $11.52 and a 1-year high of $62.00.

Institutional Investors Weigh In On Arqit Quantum

Several institutional investors and hedge funds have recently modified their holdings of the business. Royal Bank of Canada increased its position in Arqit Quantum by 222.9% during the first quarter. Royal Bank of Canada now owns 20,550 shares of the company’s stock worth $284,000 after buying an additional 14,186 shares during the last quarter. Geode Capital Management LLC acquired a new stake in shares of Arqit Quantum in the second quarter worth about $268,000. JPMorgan Chase & Co. bought a new stake in shares of Arqit Quantum during the 2nd quarter worth about $386,000. Quantbot Technologies LP bought a new stake in shares of Arqit Quantum during the 2nd quarter worth about $122,000. Finally, Raymond James Financial Inc. increased its holdings in shares of Arqit Quantum by 120.6% during the 2nd quarter. Raymond James Financial Inc. now owns 45,397 shares of the company’s stock valued at $1,681,000 after acquiring an additional 24,822 shares during the last quarter. Institutional investors and hedge funds own 16.60% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have commented on ARQQ. Wall Street Zen upgraded Arqit Quantum from a “strong sell” rating to a “sell” rating in a research note on Saturday, June 20th. Weiss Ratings upgraded Arqit Quantum from a “sell (d-)” rating to a “sell (d)” rating in a report on Tuesday, May 26th. One equities research analyst has rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price 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.