Arqit Quantum (NASDAQ:ARQQ) CRO Paul Feenan Sells 506 Shares of Stock

Arqit Quantum Inc. (NASDAQ:ARQQ) CRO Paul Feenan sold 506 shares of the stock in a transaction on Friday, October 2nd. The shares were sold at an average price of $24.47, for a total value of $12,381.82. Following the completion of the sale, the executive directly owned 20,915 shares of the company’s stock, valued at $511,790.05. The trade was a 2.36% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link.

Arqit Quantum Trading Down 1.1%

Shares of NASDAQ ARQQ traded down $0.25 during mid-day trading on Tuesday, reaching $23.43. 156,841 shares of the company’s stock were exchanged, compared to its average volume of 363,062. Arqit Quantum Inc. has a 52 week low of $11.52 and a 52 week high of $62.00. The firm has a 50-day moving average price of $21.47 and a two-hundred day moving average price of $18.43.

Analyst Ratings Changes

ARQQ has been the subject of several analyst reports. 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 restated a “sell (d)” rating on shares of Arqit Quantum in a research report on Friday, August 21st. One analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $60.00.

Institutional Trading of Arqit Quantum

A number of institutional investors have recently modified their holdings of ARQQ. Bank of New York Mellon Corp bought a new stake in shares of Arqit Quantum in the second quarter worth about $2,947,000. Heck Capital Advisors LLC purchased a new position in shares of Arqit Quantum in the 2nd quarter valued at approximately $234,000. Royal Bank of Canada grew its position in shares of Arqit Quantum by 133.4% in the 1st 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 during the period. Renaissance Technologies LLC purchased a new stake in Arqit Quantum in the first quarter worth about $549,000. Finally, True Vision MN LLC bought a new position in Arqit Quantum during the 1st quarter valued at approximately $197,000. 16.60% of the stock is currently owned by hedge funds and other institutional investors.

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.