Insider Selling: Arqit Quantum (NASDAQ:ARQQ) General Counsel Sells 2,009 Shares of Stock

Arqit Quantum Inc. (NASDAQ:ARQQ) General Counsel Patrick Willcocks sold 2,009 shares of the firm’s stock in a transaction on Thursday, July 2nd. The stock was sold at an average price of $25.20, for a total value of $50,626.80. Following the completion of the transaction, the general counsel directly owned 9,462 shares of the company’s stock, valued at $238,442.40. The trade was a 17.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Patrick Willcocks also recently made the following trade(s):

• On Tuesday, June 30th, Patrick Willcocks sold 4,000 shares of Arqit Quantum stock. The shares were sold at an average price of $29.48, for a total value of $117,920.00.

Arqit Quantum Trading Down 5.9%

Shares of ARQQ traded down $1.38 during midday trading on Monday, hitting $22.13. 712,318 shares of the company traded hands, compared to its average volume of 547,644. Arqit Quantum Inc. has a one year low of $11.52 and a one year high of $62.00. The stock has a 50-day moving average of $17.69 and a 200-day moving average of $18.40.

Analysts Set New Price Targets

ARQQ has been the subject of several analyst reports. Wall Street Zen raised shares of Arqit Quantum from a “strong sell” rating to a “sell” rating in a report on Saturday, June 20th. Weiss Ratings raised shares of Arqit Quantum from a “sell (d-)” rating to a “sell (d)” rating in a report on Tuesday, May 26th. 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 MarketBeat.com, Arqit Quantum currently has a consensus rating of “Hold” and an average price target of $60.00.

Hedge Funds Weigh In On Arqit Quantum

A number of hedge funds and other institutional investors have recently bought and sold shares of ARQQ. National Bank of Canada FI bought a new position in Arqit Quantum in the third quarter valued at $27,000. Envestnet Asset Management Inc. boosted its holdings in shares of Arqit Quantum by 11.1% in the 3rd quarter. Envestnet Asset Management Inc. now owns 13,002 shares of the company’s stock worth $504,000 after purchasing an additional 1,299 shares in the last quarter. Kestra Advisory Services LLC purchased a new position in shares of Arqit Quantum in the 4th quarter worth about $40,000. MASO CAPITAL PARTNERS Ltd bought a new position in shares of Arqit Quantum during the 3rd quarter valued at about $110,000. Finally, Legal & General Group Plc increased 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 purchasing an additional 3,205 shares during the last quarter. Hedge funds and other institutional investors own 16.60% of the company’s stock.

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.