Bank of New York Mellon Corp Invests $2.95 Million in Arqit Quantum Inc. $ARQQ

Key Points

• Bank of New York Mellon acquired 99,146 Arqit Quantum shares worth approximately $2.95 million, giving it a 0.65% stake. Institutional investors collectively own 16.60% of the company.
• ARQQ shares opened at $21.37, above their 50-day and 200-day moving averages, but remain well below the 52-week high of $62.00. Analysts’ average rating is “Hold,” with a consensus price target of $60.00.
• Arqit insiders have been net sellers, with executives selling 79,073 shares worth about $2.25 million over the past three months; insiders still own 54.60% of the stock.

Bank of New York Mellon Corp acquired a new position in Arqit Quantum Inc. (NASDAQ:ARQQ - Free Report) during the second quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 99,146 shares of the company's stock, valued at approximately $2,947,000. Bank of New York Mellon Corp owned 0.65% of Arqit Quantum as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of ARQQ. Defiance ETFs LLC acquired a new stake in Arqit Quantum in the 4th quarter valued at approximately $30,248,000. UBS Group AG boosted its position in Arqit Quantum by 92.5% during the 4th 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 period. Renaissance Technologies LLC bought a new position in shares of Arqit Quantum in the first quarter worth $549,000. Raymond James Financial Inc. grew its stake in shares of Arqit Quantum by 86.6% in the third 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 in the last quarter. Finally, JPMorgan Chase & Co. increased its holdings in shares of Arqit Quantum by 226.1% during the third quarter. JPMorgan Chase & Co. now owns 34,033 shares of the company's stock valued at $1,319,000 after purchasing an additional 23,596 shares during the period. 16.60% of the stock is currently owned by institutional investors.

Arqit Quantum Stock Performance

Shares of ARQQ opened at $21.37 on Monday. The business's 50-day moving average is $20.70 and its 200-day moving average is $17.44. Arqit Quantum Inc. has a fifty-two week low of $11.52 and a fifty-two week high of $62.00.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on ARQQ shares. Weiss Ratings restated a "sell (d)" rating on shares of Arqit Quantum in a research note on Friday, August 21st. Wall Street Zen upgraded shares of Arqit Quantum from a "strong sell" rating to a "sell" rating in a report on Saturday, August 8th. One research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $60.00.

Insider Transactions at Arqit Quantum

In other Arqit Quantum news, CRO Jennifer Bers sold 8,288 shares of the company's stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $21.42, for a total value of $177,528.96. Following the transaction, the executive directly owned 6,712 shares of the company's stock, valued at $143,771.04. This represents a 55.25% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, General Counsel Patrick Willcocks sold 4,000 shares of Arqit Quantum stock in a transaction dated Tuesday, June 30th. The shares were sold at an average price of $29.48, for a total value of $117,920.00. Following the sale, the general counsel owned 7,916 shares of the company's stock, valued at approximately $233,363.68. This represents a 33.57% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 79,073 shares of company stock worth $2,249,085. 54.60% of the stock is owned by company insiders.

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.

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