Arqit Quantum (NASDAQ:ARQQ) Stock: Insider Nicholas William Nilan Sells 494 Shares

Arqit Quantum Inc. (NASDAQ:ARQQ) insider Nicholas William Nilan sold 494 shares of the stock in a transaction that occurred on Friday, October 2nd. The shares were sold at an average price of $24.47, for a total value of $12,088.18. Following the completion of the sale, the insider directly owned 466 shares of the company’s stock, valued at approximately $11,403.02. The trade was a 51.46% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Arqit Quantum Stock Down 1.1%

Shares of Arqit Quantum stock traded down $0.25 during trading on Tuesday, hitting $23.43. 156,841 shares of the stock were exchanged, compared to its average volume of 363,062. Arqit Quantum Inc. has a 1-year low of $11.52 and a 1-year high of $62.00. The company has a fifty day moving average price of $21.47 and a 200-day moving average price of $18.43.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the company. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Arqit Quantum in a report on Friday, August 21st. Wall Street Zen upgraded Arqit Quantum from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 8th. One equities research analyst has rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $60.00.

Hedge Funds Weigh In On Arqit Quantum

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp bought a new position in shares of Arqit Quantum in the 2nd quarter valued at $2,947,000. Renaissance Technologies LLC bought a new stake in shares of Arqit Quantum during the first quarter worth about $549,000. True Vision MN LLC acquired a new position in shares of Arqit Quantum in the first quarter valued at approximately $197,000. Heck Capital Advisors LLC acquired a new position in shares of Arqit Quantum in the second quarter valued at approximately $234,000. Finally, Royal Bank of Canada raised its stake in shares of Arqit Quantum by 133.4% during 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 during the last quarter. Institutional investors own 16.60% of the company’s stock.

Arqit Quantum Company Profile

Arqit Quantum Inc is a cybersecurity company that develops encryption technology designed to protect data and communications against current and future cyber threats, including potential attacks enabled by quantum computing. The company’s solutions are intended for governments, enterprises and other organizations that need to secure sensitive information across networks, devices and cloud environments.

Arqit’s principal offering is QuantumCloud, a cloud-based platform designed to enable the creation and management of secure encryption keys.