Andrew Leaver Sells 7,595 Shares of Arqit Quantum (NASDAQ:ARQQ) Stock

Arqit Quantum Inc. (NASDAQ:ARQQ) CEO Andrew Leaver sold 7,595 shares of the company’s stock in a transaction dated Monday, April 6th. The shares were sold at an average price of $13.51, for a total value of $102,608.45. Following the sale, the chief executive officer owned 45,751 shares in the company, valued at approximately $618,096.01. The trade was a 14.24% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Arqit Quantum Stock Down 5.3%

Shares of Arqit Quantum stock traded down $0.71 on Tuesday, hitting $12.62. 104,922 shares of the company’s stock traded hands, compared to its average volume of 241,009. Arqit Quantum Inc. has a one year low of $11.52 and a one year high of $62.00. The company has a fifty day moving average of $16.06 and a two-hundred day moving average of $27.11.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on ARQQ shares. Wall Street Zen cut Arqit Quantum from a “hold” rating to a “sell” rating in a research report on Saturday, January 17th. HC Wainwright reiterated a “buy” rating on shares of Arqit Quantum in a research note on Thursday, December 18th. Finally, Weiss Ratings reissued a “sell (d)” rating on shares of Arqit Quantum in a research note on Wednesday, January 21st. One analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $60.00.

Institutional Investors Weigh In On Arqit Quantum

Large investors have recently made changes to their positions in the stock. Royal Bank of Canada raised its position in shares of Arqit Quantum by 222.9% during the 1st quarter. Royal Bank of Canada now owns 20,550 shares of the company’s stock valued at $284,000 after buying an additional 14,186 shares during the period. Geode Capital Management LLC purchased a new stake in Arqit Quantum in the second quarter valued at approximately $268,000. JPMorgan Chase & Co. purchased a new stake in Arqit Quantum in the second quarter valued at approximately $386,000. Legal & General Group Plc purchased a new stake in Arqit Quantum in the second quarter valued at approximately $2,687,000. Finally, Quantbot Technologies LP purchased a new stake in Arqit Quantum in the second quarter valued at approximately $122,000. 16.60% of the stock is currently owned by hedge funds and other 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.