Arqit Quantum (NASDAQ:ARQQ) Stock Price Up 31.8% – Time to Buy?

Shares of Arqit Quantum Inc. (NASDAQ:ARQQ) rose 31.8% during mid-day trading on Monday . The company traded as high as $18.63 and last traded at $17.92. Approximately 3,031,709 shares were traded during trading, an increase of 313% from the average daily volume of 734,748 shares. The stock had previously closed at $13.60.

Wall Street Analyst Weigh In

Separately, Weiss Ratings upgraded shares of Arqit Quantum from a “sell (d-)” rating to a “sell (d)” rating in a report on Tuesday, May 26th. One analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $60.00.

Arqit Quantum Stock Performance

The stock’s 50-day moving average is $14.59 and its 200-day moving average is $18.72.

Insider Transactions at Arqit Quantum

In related news, CEO Andrew Leaver sold 7,595 shares of the business’s stock in a transaction on Monday, April 6th. The shares were sold at an average price of $13.51, for a total transaction of $102,608.45. Following the transaction, the chief executive officer owned 45,751 shares of the company’s stock, valued at approximately $618,096.01. The trade was a 14.24% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders have sold a total of 14,356 shares of company stock worth $193,732 over the last 90 days. Insiders own 54.60% of the company’s stock.

Institutional Trading of Arqit Quantum

Hedge funds have recently modified their holdings of the company. National Bank of Canada FI bought a new stake in shares of Arqit Quantum in the 3rd quarter worth approximately $27,000. Kestra Advisory Services LLC bought a new stake in shares of Arqit Quantum in the 4th quarter worth approximately $40,000. Flagship Harbor Advisors LLC bought a new stake in shares of Arqit Quantum in the 4th quarter worth approximately $75,000. Jones Financial Companies Lllp lifted its position in shares of Arqit Quantum by 333.4% in the 3rd quarter. Jones Financial Companies Lllp now owns 2,206 shares of the company’s stock worth $80,000 after acquiring an additional 1,697 shares during the period. Finally, Royal Bank of Canada lifted its position in shares of Arqit Quantum by 133.4% in the 1st 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. Institutional investors own 16.60% of the company’s stock.

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.