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

Arqit Quantum (NASDAQ:ARQQ) was downgraded by research analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research report issued on Saturday.

Other equities analysts have also recently issued reports about the stock. HC Wainwright reissued a “buy” rating on shares of Arqit Quantum in a research report on Thursday, December 18th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Arqit Quantum in a research note on Wednesday, October 8th. One investment analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $60.00.

Arqit Quantum Trading Down 1.4%

Shares of NASDAQ:ARQQ opened at $26.60 on Friday. The firm’s 50 day simple moving average is $26.66 and its 200 day simple moving average is $33.76. Arqit Quantum has a fifty-two week low of $11.00 and a fifty-two week high of $62.00.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Allworth Financial LP lifted its stake in Arqit Quantum by 53.8% during the second quarter. Allworth Financial LP now owns 1,000 shares of the company’s stock worth $37,000 after purchasing an additional 350 shares during the last quarter. National Bank of Canada FI bought a new stake in shares of Arqit Quantum during the third quarter worth about $27,000. Veracity Capital LLC increased its stake in shares of Arqit Quantum by 11.0% in the third quarter. Veracity Capital LLC now owns 13,020 shares of the company’s stock valued at $505,000 after buying an additional 1,291 shares during the period. Envestnet Asset Management Inc. boosted its position in Arqit Quantum by 11.1% during the 3rd 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 during the period. Finally, Jones Financial Companies Lllp grew its stake in shares of Arqit Quantum by 333.4% in the third quarter. Jones Financial Companies Lllp now owns 2,206 shares of the company’s stock worth $80,000 after purchasing an additional 1,697 shares during the last quarter. Institutional investors and hedge funds own 16.60% of the company’s stock.

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.