Arqit Quantum (NASDAQ:ARQQ) Upgraded 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 published on Saturday morning.

Separately, Weiss Ratings raised 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 given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $60.00.

Arqit Quantum Stock Down 1.3%

Arqit Quantum stock opened at $22.61 on Friday. Arqit Quantum has a fifty-two week low of $11.52 and a fifty-two week high of $62.00. The firm’s fifty day moving average price is $19.76 and its 200-day moving average price is $17.26.

Insider Activity at Arqit Quantum

In other news, Director D’ovidio Manfredi Lefebvre sold 32,422 shares of Arqit Quantum stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $30.24, for a total transaction of $980,441.28. Following the completion of the sale, the director directly owned 4,342,448 shares of the company’s stock, valued at approximately $131,315,627.52. The trade was a 0.74% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Andrew Leaver sold 9,893 shares of the company’s stock in a transaction on Thursday, July 2nd. The stock was sold at an average price of $25.20, for a total transaction of $249,303.60. Following the completion of the transaction, the chief executive officer owned 51,483 shares of the company’s stock, valued at $1,297,371.60. This trade represents a 16.12% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 79,073 shares of company stock worth $2,249,085 in the last 90 days. 54.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Arqit Quantum

Hedge funds have recently added to or reduced their stakes in the company. National Bank of Canada FI purchased a new position in shares of Arqit Quantum in the 3rd quarter worth about $27,000. Kestra Advisory Services LLC bought a new stake in Arqit Quantum in the 4th quarter worth approximately $40,000. Flagship Harbor Advisors LLC purchased a new stake in Arqit Quantum in the fourth quarter worth approximately $75,000. Royal Bank of Canada boosted its stake in Arqit Quantum by 133.4% in the first quarter. Royal Bank of Canada now owns 7,012 shares of the company’s stock worth $92,000 after buying an additional 4,008 shares in the last quarter. Finally, Leonteq Securities AG bought a new position in Arqit Quantum during the fourth quarter valued at approximately $98,000. Institutional investors 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.