Insider Selling: Arqit Quantum (NASDAQ:ARQQ) CFO Sells $22,763.88 in Stock

Arqit Quantum Inc. (NASDAQ:ARQQ) CFO Nicholas Pointon sold 1,709 shares of the firm’s stock in a transaction on Thursday, April 2nd. The shares were sold at an average price of $13.32, for a total transaction of $22,763.88. Following the completion of the transaction, the chief financial officer owned 13,607 shares in the company, valued at $181,245.24. The trade was a 11.16% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Arqit Quantum Price Performance

Arqit Quantum stock opened at $13.97 on Monday. Arqit Quantum Inc. has a fifty-two week low of $11.00 and a fifty-two week high of $62.00. The firm has a fifty day moving average price of $16.26 and a two-hundred day moving average price of $27.28.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in ARQQ. Royal Bank of Canada raised its position in shares of Arqit Quantum by 222.9% during the first 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 last quarter. Geode Capital Management LLC acquired a new stake in Arqit Quantum during the second quarter worth about $268,000. JPMorgan Chase & Co. bought a new position in Arqit Quantum during the second quarter valued at about $386,000. Legal & General Group Plc acquired a new position in Arqit Quantum in the 2nd quarter valued at approximately $2,687,000. Finally, Quantbot Technologies LP acquired a new position in Arqit Quantum in the 2nd quarter valued at approximately $122,000. Institutional investors own 16.60% of the company’s stock.

Wall Street Analyst Weigh In

ARQQ has been the subject of several research analyst reports. Weiss Ratings reissued a “sell (d)” rating on shares of Arqit Quantum in a research report on Wednesday, January 21st. HC Wainwright reaffirmed a “buy” rating on shares of Arqit Quantum in a report on Thursday, December 18th. Finally, Wall Street Zen lowered Arqit Quantum from a “hold” rating to a “sell” rating in a report on Saturday, January 17th. One research analyst has rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Arqit Quantum has an average rating of “Hold” and an average price target 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.