Insider Selling: Arqit Quantum (NASDAQ:ARQQ) General Counsel Sells $117,920.00 in Stock

Arqit Quantum Inc. (NASDAQ:ARQQ) General Counsel Patrick Willcocks sold 4,000 shares of the business’s stock in a transaction on Tuesday, June 30th. The shares were sold at an average price of $29.48, for a total transaction of $117,920.00. Following the completion of the sale, the general counsel owned 7,916 shares in the company, valued at $233,363.68. This represents a 33.57% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Arqit Quantum Price Performance

ARQQ opened at $23.51 on Friday. The firm’s 50-day simple moving average is $17.69 and its 200-day simple moving average is $18.45. Arqit Quantum Inc. has a twelve month low of $11.52 and a twelve month high of $62.00.

Hedge Funds Weigh In On Arqit Quantum

Several hedge funds have recently added to or reduced their stakes in ARQQ. National Bank of Canada FI bought a new position in shares of Arqit Quantum in the 3rd quarter valued at about $27,000. Kestra Advisory Services LLC bought a new position in shares of Arqit Quantum during the fourth quarter worth $40,000. MASO CAPITAL PARTNERS Ltd acquired a new position in shares of Arqit Quantum in the 3rd quarter valued at $110,000. Quantbot Technologies LP acquired a new position in shares of Arqit Quantum in the 2nd quarter valued at $122,000. Finally, Flagship Harbor Advisors LLC bought a new stake in shares of Arqit Quantum in the 4th quarter valued at $75,000. Institutional investors own 16.60% of the company’s stock.

Analyst Ratings Changes

ARQQ has been the topic of several research analyst reports. Weiss Ratings raised shares of Arqit Quantum from a “sell (d-)” rating to a “sell (d)” rating in a research note 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’s stock. According to MarketBeat, the stock 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.