Insider Selling: Arqit Quantum (NASDAQ:ARQQ) General Counsel Sells $117,920.00 in Stock

Arqit Quantum Inc. (NASDAQ:ARQQ) General Counsel Patrick Willcocks sold 4,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 30th. The stock was sold at an average price of $29.48, for a total value of $117,920.00. Following the completion of the sale, the general counsel directly owned 7,916 shares in the company, valued at approximately $233,363.68. This trade represents a 33.57% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Arqit Quantum Trading Down 16.0%

NASDAQ:ARQQ traded down $4.63 during midday trading on Thursday, reaching $24.22. 713,003 shares of the company traded hands, compared to its average volume of 542,570. The company has a fifty day moving average price of $17.36 and a 200 day moving average price of $18.44. Arqit Quantum Inc. has a twelve month low of $11.52 and a twelve month high of $62.00.

Institutional Investors Weigh In On Arqit Quantum

Hedge funds and other institutional investors have recently modified their holdings of the stock. National Bank of Canada FI bought a new position in Arqit Quantum in the 3rd quarter valued at about $27,000. Kestra Advisory Services LLC acquired a new stake in shares of Arqit Quantum in the 4th quarter worth approximately $40,000. Flagship Harbor Advisors LLC bought a new position in shares of Arqit Quantum in the fourth quarter valued at approximately $75,000. Royal Bank of Canada boosted its holdings in shares of Arqit Quantum by 133.4% in the first quarter. Royal Bank of Canada now owns 7,012 shares of the company’s stock valued at $92,000 after acquiring an additional 4,008 shares in the last quarter. Finally, Leonteq Securities AG acquired a new position in shares of Arqit Quantum during the fourth quarter valued at approximately $98,000. 16.60% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently commented on ARQQ shares. Weiss Ratings upgraded shares of Arqit Quantum from a “sell (d-)” rating to a “sell (d)” rating in a research report on Tuesday, May 26th. Wall Street Zen raised shares of Arqit Quantum from a “strong sell” rating to a “sell” rating in a research note on Saturday, June 20th. One research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Arqit Quantum has an average rating of “Hold” and an average target price of $60.00.

About Arqit Quantum

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.