Arqit Quantum (NASDAQ:ARQQ) Upgraded to Sell at Wall Street Zen

Wall Street Zen upgraded shares of Arqit Quantum (NASDAQ:ARQQ) from a strong sell rating to a sell rating in a report issued on Saturday morning.

Separately, Weiss Ratings raised shares of Arqit Quantum from a “sell (d-)” rating to a “sell (d)” rating in a research note on Tuesday, May 26th. One investment analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Arqit Quantum currently has a consensus rating of “Hold” and an average price target of $60.00.

Arqit Quantum Price Performance

ARQQ stock opened at $22.90 on Friday. The company’s 50-day moving average is $19.65 and its 200-day moving average is $17.34. Arqit Quantum has a 1 year low of $11.52 and a 1 year high of $62.00.

Insider Activity at Arqit Quantum

In other news, CRO Jennifer Bers sold 8,288 shares of the stock in a transaction on Monday, June 22nd. The stock was sold at an average price of $21.42, for a total transaction of $177,528.96. Following the completion of the transaction, the executive owned 6,712 shares in the company, valued at approximately $143,771.04. This represents a 55.25% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, General Counsel Patrick Willcocks sold 2,009 shares of the stock in a transaction dated Thursday, July 2nd. The stock was sold at an average price of $25.20, for a total transaction of $50,626.80. Following the transaction, the general counsel owned 9,462 shares of the company’s stock, valued at $238,442.40. This represents a 17.51% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 79,073 shares of company stock worth $2,249,085. Insiders own 54.60% of the company’s stock.

Hedge Funds Weigh In On Arqit Quantum

Several hedge funds have recently made changes to their positions in ARQQ. Kessler Investment Group LLC purchased a new position in Arqit Quantum during the 4th quarter valued at about $1,047,000. UBS Group AG increased its holdings in shares of Arqit Quantum by 92.5% in the 4th quarter. UBS Group AG now owns 147,397 shares of the company’s stock worth $3,225,000 after buying an additional 70,811 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new position in Arqit Quantum in the fourth quarter valued at $110,000. Van ECK Associates Corp raised its holdings in shares of Arqit Quantum by 460.2% during the 3rd quarter. Van ECK Associates Corp now owns 26,615 shares of the company’s stock valued at $1,031,000 after buying an additional 21,864 shares in the last quarter. Finally, Envestnet Asset Management Inc. boosted its stake in Arqit Quantum by 11.1% in the third quarter. Envestnet Asset Management Inc. now owns 13,002 shares of the company’s stock worth $504,000 after buying an additional 1,299 shares in the last quarter. 16.60% of the stock is currently owned by hedge funds and other institutional investors.

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.