Key Points
- CEO Andrew Leaver sold 2,818 Arqit Quantum shares at an average price of $24.47, generating $68,956.46 and reducing his holdings by 4.55% to 59,082 shares.
- Six insiders collectively sold 4,717 shares worth approximately $115,425. While the transactions were modest relative to total ownership, the broad insider participation may weigh on investor sentiment.
- ARQQ shares opened at $23.43, with institutional investors owning 16.6% of the company. Analyst sentiment remains mixed, resulting in a consensus “Hold” rating despite an average price target of $60.
Arqit Quantum Inc. (NASDAQ:ARQQ - Get Free Report) insider Nicholas William Nilan sold 494 shares of Arqit Quantum stock in a transaction on Friday, October 2nd. The shares were sold at an average price of $24.47, for a total transaction of $12,088.18. Following the completion of the sale, the insider directly owned 466 shares of the company's stock, valued at approximately $11,403.02. The trade was a 51.46% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link.
Arqit Quantum Price Performance
Arqit Quantum stock opened at $23.43 on Wednesday. Arqit Quantum Inc. has a one year low of $11.52 and a one year high of $62.00. The company's fifty day moving average price is $21.47 and its two-hundred day moving average price is $18.43.
Key Stories Impacting Arqit Quantum
Here are the key news stories impacting Arqit Quantum this week:
- Negative Sentiment: Six company insiders—including CEO Andrew Leaver, CRO Paul Feenan, COO Ben Wilder, General Counsel Patrick Willcocks, Director Garth Ritchie, and insider Nicholas William Nilan—sold a combined 4,717 shares worth approximately $115,425 at an average price of $24.47. The broad participation by senior executives and a director may raise concerns about insider confidence and add selling pressure. Andrew Leaver SEC filing Paul Feenan SEC filing Nicholas William Nilan SEC filing Garth Ritchie SEC filing Ben Wilder SEC filing Patrick Willcocks SEC filing
- Neutral Sentiment: The sales reduced individual holdings by roughly 0.1% to 51.5%. While the filings do not state the reasons for the transactions and the total dollar value is modest, Nilan’s sale represented more than half of his remaining position, while the CEO reduced his holdings by 4.55%. Investors may therefore view the disclosures as a near-term sentiment concern rather than a fundamental change in Arqit’s business outlook.
Analysts Set New Price Targets
A number of research analysts have recently commented on the company. Weiss Ratings reissued a "sell (d)" rating on shares of Arqit Quantum in a report on Friday, August 21st. Wall Street Zen raised Arqit Quantum from a "strong sell" rating to a "sell" rating in a research report on Saturday, August 8th. One research analyst has rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $60.00.
Get Our Latest Stock Report on Arqit Quantum
Institutional Inflows and Outflows
Several institutional investors have recently bought and sold shares of the company. Bank of New York Mellon Corp acquired a new position in Arqit Quantum during the 2nd quarter worth $2,947,000. Renaissance Technologies LLC acquired a new stake in shares of Arqit Quantum in the first quarter valued at about $549,000. True Vision MN LLC bought a new position in shares of Arqit Quantum in the first quarter worth about $197,000. Heck Capital Advisors LLC acquired a new position in shares of Arqit Quantum during the 2nd quarter worth about $234,000. Finally, Royal Bank of Canada boosted 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 during the period. Institutional investors own 16.60% of the company's stock.
About Arqit Quantum
(
Get Free Report)
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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