Insider Selling: Arqit Quantum (NASDAQ:ARQQ) Director Sells $980,441.28 in Stock

Arqit Quantum Inc. (NASDAQ:ARQQ) Director D’ovidio Manfredi Lefebvre sold 32,422 shares of the company’s stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $30.24, for a total transaction of $980,441.28. Following the transaction, the director directly owned 4,342,448 shares of the company’s stock, valued at $131,315,627.52. This trade represents a 0.74% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website.

D’ovidio Manfredi Lefebvre also recently made the following trade(s):

• On Tuesday, June 30th, D’ovidio Manfredi Lefebvre sold 22,022 shares of Arqit Quantum stock. The shares were sold at an average price of $30.07, for a total transaction of $662,201.54.

Arqit Quantum Price Performance

Shares of NASDAQ ARQQ traded down $5.34 on Thursday, hitting $23.51. The company had a trading volume of 1,123,538 shares, compared to its average volume of 546,260. Arqit Quantum Inc. has a 12-month low of $11.52 and a 12-month high of $62.00. The business has a 50 day moving average of $17.36 and a two-hundred day moving average of $18.44.

Institutional Investors Weigh In On Arqit Quantum

Several hedge funds and other institutional investors have recently made changes to their positions in ARQQ. Defiance ETFs LLC acquired a new position in shares of Arqit Quantum in the fourth quarter valued at $30,248,000. UBS Group AG raised its stake in shares of Arqit Quantum by 92.5% in the fourth quarter. UBS Group AG now owns 147,397 shares of the company’s stock worth $3,225,000 after acquiring an additional 70,811 shares during the last quarter. Raymond James Financial Inc. raised its holdings in Arqit Quantum by 86.6% during the 3rd quarter. Raymond James Financial Inc. now owns 84,713 shares of the company’s stock worth $3,283,000 after purchasing an additional 39,316 shares during the last quarter. Legal & General Group Plc raised its position in shares of Arqit Quantum by 4.4% during the 3rd quarter. Legal & General Group Plc now owns 75,771 shares of the company’s stock valued at $2,936,000 after acquiring an additional 3,205 shares during the last quarter. Finally, Kessler Investment Group LLC acquired a new stake in shares of Arqit Quantum in the 4th quarter valued at approximately $1,047,000. 16.60% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Weiss Ratings raised Arqit Quantum from a “sell (d-)” rating to a “sell (d)” rating in a report on Tuesday, May 26th. Wall Street Zen raised Arqit Quantum from a “strong sell” rating to a “sell” rating in a report on Saturday, June 20th. One analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $60.00.

About Arqit Quantum

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.