Arqit Quantum (NASDAQ:ARQQ) General Counsel Patrick Willcocks Sells 557 Shares of Stock

Key Points

• Arqit Quantum’s general counsel Patrick Willcocks sold 557 shares at an average price of $24.47, generating $13,629.79. His remaining direct ownership fell 4.74% to 11,204 shares.
• ARQQ shares declined 1.1% to $23.43, while institutional investors held 16.60% of the company after several funds recently initiated or increased positions.
• Analyst sentiment remains mixed, with one Buy and one Sell rating; MarketBeat reports a consensus Hold rating and a $60 average price target.

Arqit Quantum Inc. (NASDAQ:ARQQ - Get Free Report) General Counsel Patrick Willcocks sold 557 shares of Arqit Quantum stock in a transaction on Friday, October 2nd. The stock was sold at an average price of $24.47, for a total transaction of $13,629.79. Following the transaction, the general counsel directly owned 11,204 shares of the company's stock, valued at $274,161.88. The trade was a 4.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Arqit Quantum Trading Down 1.1%

ARQQ stock traded down $0.25 during mid-day trading on Tuesday, reaching $23.43. 156,841 shares of the stock traded hands, compared to its average volume of 363,062. Arqit Quantum Inc. has a one year low of $11.52 and a one year high of $62.00. The business has a 50-day moving average price of $21.47 and a two-hundred day moving average price of $18.43.

Institutional Investors Weigh In On Arqit Quantum

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Bank of New York Mellon Corp purchased a new stake in shares of Arqit Quantum in the 2nd quarter worth approximately $2,947,000. Heck Capital Advisors LLC purchased a new stake in shares of Arqit Quantum during the second quarter worth about $234,000. Royal Bank of Canada increased its stake in Arqit Quantum by 133.4% during the 1st quarter. Royal Bank of Canada now owns 7,012 shares of the company's stock valued at $92,000 after purchasing an additional 4,008 shares in the last quarter. Renaissance Technologies LLC acquired a new position in shares of Arqit Quantum in the 1st quarter valued at $549,000. Finally, True Vision MN LLC acquired a new stake in shares of Arqit Quantum during the first quarter worth about $197,000. 16.60% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

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

About Arqit Quantum

Arqit Quantum Inc is a cybersecurity company that develops encryption technology designed to protect data and communications against current and future cyber threats, including potential attacks enabled by quantum computing. The company's solutions are intended for governments, enterprises and other organizations that need to secure sensitive information across networks, devices and cloud environments.

Arqit's principal offering is QuantumCloud, a cloud-based platform designed to enable the creation and management of secure encryption keys.

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