Arqit Quantum (NASDAQ:ARQQ) Shares Up 9.2% – Still a Buy?

Shares of Arqit Quantum Inc. (NASDAQ:ARQQ) rose 9.2% during trading on Monday . The stock traded as high as $18.99 and last traded at $18.18. Approximately 318,733 shares traded hands during mid-day trading, a decline of 44% from the average session volume of 568,346 shares. The stock had previously closed at $16.65.

Analyst Ratings Changes

Several research analysts have recently commented on the stock. Wall Street Zen upgraded shares of Arqit Quantum from a “strong sell” rating to a “sell” rating in a research note on Saturday, June 20th. Weiss Ratings upgraded shares of Arqit Quantum from a “sell (d-)” rating to a “sell (d)” rating in a report on Tuesday, May 26th. One equities research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $60.00.

Arqit Quantum Stock Down 11.7%

The stock has a 50 day moving average of $19.14 and a two-hundred day moving average of $17.68.

Insider Buying and Selling

In other news, Director D’ovidio Manfredi Lefebvre sold 32,422 shares of Arqit Quantum stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $30.24, for a total value of $980,441.28. Following the transaction, the director 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 document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Andrew Leaver sold 9,893 shares of the business’s stock in a transaction on Thursday, July 2nd. The stock was sold at an average price of $25.20, for a total transaction of $249,303.60. Following the completion of the sale, the chief executive officer owned 51,483 shares of the company’s stock, valued at $1,297,371.60. The trade was a 16.12% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 79,073 shares of company stock worth $2,249,085. 54.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of ARQQ. Heck Capital Advisors LLC acquired a new stake in shares of Arqit Quantum in the second quarter valued at about $234,000. Royal Bank of Canada lifted its position in shares of Arqit Quantum by 133.4% during the 1st quarter. Royal Bank of Canada now owns 7,012 shares of the company’s stock worth $92,000 after purchasing an additional 4,008 shares during the last quarter. Renaissance Technologies LLC bought a new stake in Arqit Quantum during the 1st quarter valued at approximately $549,000. True Vision MN LLC bought a new stake in Arqit Quantum during the 1st quarter valued at approximately $197,000. Finally, Defiance ETFs LLC acquired a new stake in Arqit Quantum in the 4th quarter valued at approximately $30,248,000. Institutional investors and hedge funds own 16.60% of the company’s stock.

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.