Arqit Quantum (NASDAQ:ARQQ) Releases Quarterly Earnings Results, Misses Expectations By $0.22 EPS

Arqit Quantum (NASDAQ:ARQQ) released its earnings results on Thursday. The company reported ($1.00) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.78) by ($0.22), FiscalAI reports. The firm had revenue of $0.31 million during the quarter, compared to the consensus estimate of $1.10 million.

Arqit Quantum Stock Up 26.9%

ARQQ traded up $3.52 during trading on Thursday, hitting $16.61. 678,430 shares of the stock traded hands, compared to its average volume of 297,779. The business has a 50 day moving average price of $13.99 and a 200 day moving average price of $20.65. Arqit Quantum has a twelve month low of $11.52 and a twelve month high of $62.00.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reaffirmed a “sell (d)” rating on shares of Arqit Quantum in a research report on Wednesday, January 21st. One equities research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $60.00.

Insider Activity

In other news, CEO Andrew Leaver sold 7,595 shares of Arqit Quantum stock in a transaction on Monday, April 6th. The stock was sold at an average price of $13.51, for a total value of $102,608.45. Following the transaction, the chief executive officer owned 45,751 shares in the company, valued at approximately $618,096.01. This trade represents a 14.24% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In the last 90 days, insiders sold 14,356 shares of company stock valued at $193,732. Company insiders own 54.60% of the company’s stock.

Institutional Trading of Arqit Quantum

Several institutional investors and hedge funds have recently modified their holdings of the business. National Bank of Canada FI bought a new position in Arqit Quantum in the third quarter valued at about $27,000. Kestra Advisory Services LLC bought a new position in shares of Arqit Quantum in the fourth quarter worth about $40,000. Quantbot Technologies LP acquired a new stake in shares of Arqit Quantum in the 2nd quarter valued at approximately $122,000. Wells Fargo & Company MN boosted its stake in shares of Arqit Quantum by 304.9% in the 4th quarter. Wells Fargo & Company MN now owns 10,195 shares of the company’s stock valued at $223,000 after purchasing an additional 7,677 shares in the last quarter. Finally, Virtu Financial LLC bought a new stake in shares of Arqit Quantum during the 3rd quarter valued at approximately $244,000. 16.60% of the stock is currently owned by institutional investors.

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.