Insider Selling: Arqit Quantum (NASDAQ:ARQQ) Insider Sells 494 Shares of Company Stock

Arqit Quantum Inc. (NASDAQ:ARQQ) insider Nicholas William Nilan sold 494 shares of the firm’s stock in a transaction dated Friday, October 2nd. The shares were sold at an average price of $24.47, for a total value of $12,088.18. Following the completion of the sale, the insider directly owned 466 shares in the company, valued at approximately $11,403.02. This represents a 51.46% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Arqit Quantum Stock Performance

NASDAQ ARQQ traded down $0.25 during midday trading on Tuesday, hitting $23.43. The company had a trading volume of 156,841 shares, compared to its average volume of 363,062. The firm has a fifty day simple moving average of $21.47 and a two-hundred day simple moving average of $18.43. Arqit Quantum Inc. has a fifty-two week low of $11.52 and a fifty-two week high of $62.00.

Wall Street Analysts Forecast Growth

ARQQ has been the topic of a number of recent research reports. Wall Street Zen raised Arqit Quantum from a “strong sell” rating to a “sell” rating in a report on Saturday, August 8th. Weiss Ratings restated a “sell (d)” rating on shares of Arqit Quantum in a research report on Friday, August 21st. One research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $60.00.

Institutional Investors Weigh In On Arqit Quantum

A number of institutional investors have recently made changes to their positions in the stock. Bank of New York Mellon Corp acquired a new position in shares of Arqit Quantum during the 2nd quarter worth about $2,947,000. Heck Capital Advisors LLC acquired a new position in shares of Arqit Quantum in the 2nd quarter valued at approximately $234,000. Royal Bank of Canada raised its holdings in shares of Arqit Quantum by 133.4% during the first quarter. Royal Bank of Canada now owns 7,012 shares of the company’s stock worth $92,000 after acquiring an additional 4,008 shares during the period. Renaissance Technologies LLC bought a new position in Arqit Quantum during the 1st quarter worth about $549,000. Finally, True Vision MN LLC bought a new position in shares of Arqit Quantum during the first quarter worth about $197,000. 16.60% of the stock is owned by institutional investors and hedge funds.

About Arqit Quantum

Arqit Quantum Inc is a cybersecurity company that develops encryption technology designed to protect data and communications against current and future cyber threats, including potential attacks enabled by quantum computing. The company’s solutions are intended for governments, enterprises and other organizations that need to secure sensitive information across networks, devices and cloud environments.

Arqit’s principal offering is QuantumCloud, a cloud-based platform designed to enable the creation and management of secure encryption keys.