Arqit Quantum (NASDAQ:ARQQ) Shares Up 0.2% - What's Next?

Key Points

• Arqit Quantum shares rose 0.2% to $24.64 in mid-day trading, while volume fell 49% below the average session volume.
• Analyst sentiment remains mixed: the stock has a consensus “Hold” rating and a $60 price target, with one Buy and one Sell rating.
• Insiders sold 70,785 shares worth about $2.1 million over the past 90 days, while institutional ownership stands at 16.6% and several major investors recently initiated or increased positions.

Arqit Quantum Inc. (NASDAQ:ARQQ - Get Free Report) shares rose 0.2% during mid-day trading on Monday. The stock traded as high as $24.86 and last traded at $24.64. 193,927 shares were traded during mid-day trading, a decline of 49% from the average session volume of 377,687 shares. The stock had previously closed at $24.60.

Analysts Set New Price Targets

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

Arqit Quantum Stock Up 0.2%

The company's fifty day moving average is $20.71 and its 200 day moving average is $18.01.

Insiders Place Their Bets

In other news, Director D'ovidio Manfredi Lefebvre sold 32,422 shares of the firm's stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $30.24, for a total value of $980,441.28. Following the completion of the transaction, the director directly owned 4,342,448 shares of the company's stock, valued at $131,315,627.52. This trade represents a 0.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Andrew Leaver sold 9,893 shares of Arqit Quantum stock in a transaction on Thursday, July 2nd. The shares were sold at an average price of $25.20, for a total value of $249,303.60. Following the completion of the transaction, the chief executive officer owned 51,483 shares of the company's stock, valued at approximately $1,297,371.60. This trade represents a 16.12% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 70,785 shares of company stock worth $2,071,556 over the last 90 days. Corporate insiders own 54.60% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp bought a new position in Arqit Quantum in the 2nd quarter valued at $2,947,000. Renaissance Technologies LLC bought a new position in shares of Arqit Quantum in the first quarter worth $549,000. True Vision MN LLC bought a new position in shares of Arqit Quantum in the first quarter worth $197,000. Heck Capital Advisors LLC purchased a new stake in shares of Arqit Quantum in the second quarter worth $234,000. Finally, Royal Bank of Canada raised its position in shares of Arqit Quantum by 133.4% in the first quarter. Royal Bank of Canada now owns 7,012 shares of the company's stock worth $92,000 after buying an additional 4,008 shares in the last quarter. Institutional investors own 16.60% of the company's stock.

Arqit Quantum Company Profile

Arqit Quantum Inc is a cybersecurity company that develops encryption technology designed to protect data and communications from current and future cyber threats, including attacks enabled by quantum computing. The company's platform is intended to help organizations establish secure, cryptographic keys without relying on traditional public-key infrastructure.

Arqit's primary offering is its QuantumCloud service, a cloud-based platform that supports the creation and management of encryption keys for applications, devices, networks and other connected systems.

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