Arqit Quantum (NASDAQ:ARQQ) Releases Earnings Results

Arqit Quantum (NASDAQ:ARQQ) announced its quarterly earnings results on Thursday. The company reported ($1.00) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.78) by ($0.22), FiscalAI reports. The firm had revenue of $0.31 million for the quarter, compared to the consensus estimate of $1.10 million.

Arqit Quantum Stock Up 26.9%

NASDAQ ARQQ traded up $3.52 during trading hours on Thursday, reaching $16.61. The company’s stock had a trading volume of 678,430 shares, compared to its average volume of 297,779. The firm has a fifty day simple moving average of $13.99 and a 200-day simple moving average of $20.65. Arqit Quantum has a 52 week low of $11.52 and a 52 week high of $62.00.

Insiders Place Their Bets

In other Arqit Quantum news, CEO Andrew Leaver sold 7,595 shares of the company’s stock in a transaction that occurred on Monday, April 6th. The shares were sold at an average price of $13.51, for a total value of $102,608.45. Following the completion of the transaction, the chief executive officer directly owned 45,751 shares in the company, valued at approximately $618,096.01. This represents a 14.24% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Over the last 90 days, insiders have sold 14,356 shares of company stock worth $193,732. Insiders own 54.60% of the company’s stock.

Hedge Funds Weigh In On Arqit Quantum

A number of hedge funds have recently modified their holdings of the business. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Arqit Quantum by 82.4% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,473 shares of the company’s stock worth $561,000 after purchasing an additional 6,537 shares during the last quarter. Van ECK Associates Corp grew its position in shares of Arqit Quantum by 460.2% in the 3rd quarter. Van ECK Associates Corp now owns 26,615 shares of the company’s stock valued at $1,031,000 after buying an additional 21,864 shares during the last quarter. Cresset Asset Management LLC bought a new stake in shares of Arqit Quantum in the 3rd quarter valued at about $284,000. Envestnet Asset Management Inc. increased its stake in shares of Arqit Quantum by 11.1% in the third quarter. Envestnet Asset Management Inc. now owns 13,002 shares of the company’s stock valued at $504,000 after buying an additional 1,299 shares during the period. Finally, Advisory Services Network LLC acquired a new stake in shares of Arqit Quantum in the second quarter valued at about $800,000. Institutional investors and hedge funds own 16.60% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reissued a “sell (d)” rating on shares of Arqit Quantum in a report on Wednesday, January 21st. One research analyst has rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Arqit Quantum presently has a consensus rating of “Hold” and an average target price of $60.00.

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.