Arqit Quantum (NASDAQ:ARQQ) Stock: Insider Andrew Leaver Sells 2,573 Shares

Arqit Quantum Inc. (NASDAQ:ARQQ) CEO Andrew Leaver sold 2,573 shares of Arqit Quantum stock in a transaction dated Tuesday, October 13th. The shares were sold at an average price of $16.40, for a total transaction of $42,197.20. Following the sale, the chief executive officer owned 53,966 shares in the company, valued at approximately $885,042.40. This trade represents a 4.55% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Andrew Leaver also recently made the following trade(s):

• On Tuesday, October 6th, Andrew Leaver sold 2,398 shares of Arqit Quantum stock. The shares were sold at an average price of $24.19, for a total transaction of $58,007.62.
• On Monday, October 5th, Andrew Leaver sold 2,535 shares of Arqit Quantum stock. The stock was sold at an average price of $23.78, for a total transaction of $60,282.30.
• On Friday, October 2nd, Andrew Leaver sold 2,818 shares of Arqit Quantum stock. The stock was sold at an average price of $24.47, for a total transaction of $68,956.46.

Arqit Quantum Stock Down 11.8%

ARQQ traded down $1.88 during midday trading on Friday, reaching $14.02. 399,846 shares of the company’s stock were exchanged, compared to its average volume of 325,617. Arqit Quantum Inc. has a one year low of $11.52 and a one year high of $49.33. The business has a 50-day simple moving average of $21.08 and a two-hundred day simple moving average of $18.61.

Institutional Trading of Arqit Quantum

Several large investors have recently added to or reduced their stakes in ARQQ. Kessler Investment Group LLC bought a new position in Arqit Quantum in the 3rd quarter valued at $3,333,000. Bank of New York Mellon Corp bought a new stake in Arqit Quantum during the 2nd quarter worth about $2,947,000. Renaissance Technologies LLC bought a new position in shares of Arqit Quantum in the first quarter worth about $549,000. Heck Capital Advisors LLC acquired a new position in shares of Arqit Quantum during the second quarter worth approximately $234,000. Finally, True Vision MN LLC acquired a new position in shares of Arqit Quantum during the first quarter worth approximately $197,000. 16.60% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

ARQQ has been the subject of several recent analyst reports. Weiss Ratings lowered Arqit Quantum from a “sell (d)” rating to a “sell (e+)” rating in a research note on Thursday, October 8th. Wall Street Zen raised 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. According to data from MarketBeat, the company currently has an average rating of “Hold”.

Arqit Quantum Company Profile

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.