Arqit Quantum (NASDAQ:ARQQ) Stock Price Up 0.2% – What’s Next?

Arqit Quantum Inc. (NASDAQ:ARQQ)’s stock price traded up 0.2% on Monday. The stock traded as high as $24.86 and last traded at $24.64. Approximately 193,927 shares were traded during mid-day trading, a decline of 49% from the average session volume of 377,687 shares. The stock had previously closed at $24.60.

Analyst Ratings Changes

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

Arqit Quantum Price Performance

The firm’s 50-day moving average is $20.85 and its 200-day moving average is $18.08.

Insider Transactions at Arqit Quantum

In other news, CEO Andrew Leaver sold 9,893 shares of the company’s stock in a transaction dated Thursday, July 2nd. The stock was sold at an average price of $25.20, for a total value of $249,303.60. Following the completion of the transaction, the chief executive officer directly owned 51,483 shares in the company, valued at approximately $1,297,371.60. This represents a 16.12% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, General Counsel Patrick Willcocks sold 2,009 shares of the stock in a transaction dated Thursday, July 2nd. The shares were sold at an average price of $25.20, for a total value of $50,626.80. Following the transaction, the general counsel owned 9,462 shares in the company, valued at $238,442.40. This trade represents a 17.51% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 12,341 shares of company stock valued at $310,993 over the last quarter. Company insiders own 54.60% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Bank of New York Mellon Corp purchased a new position in shares of Arqit Quantum during the second quarter worth approximately $2,947,000. Heck Capital Advisors LLC bought a new position in shares of Arqit Quantum during the 2nd quarter valued at $234,000. Royal Bank of Canada raised its position in 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 purchasing an additional 4,008 shares during the period. Renaissance Technologies LLC bought a new stake in Arqit Quantum in the first quarter worth $549,000. Finally, True Vision MN LLC bought a new stake in Arqit Quantum in the first quarter worth $197,000. 16.60% of the stock is currently owned by institutional investors.

Arqit Quantum Company Profile

Arqit Quantum Inc is a cybersecurity company that develops encryption technology designed to protect data and communications from current and future cyber threats, including attacks enabled by quantum computing. The company’s platform is intended to help organizations establish secure, cryptographic keys without relying on traditional public-key infrastructure.

Arqit’s primary offering is its QuantumCloud service, a cloud-based platform that supports the creation and management of encryption keys for applications, devices, networks and other connected systems.