I always understood the name Penquite to mean
Pen = House/Head of
Quite = Wood
I like the idea of a quiot on a hill but of course the stone is in a valley. Also the only other large stones lying around it are not large enough to construct a quiot.
The farmer who owns this site plans to cut the turf around this site an create a labyrinth to celebrate Solstice 2002.
See the snip from the webpage below... http://www.the-solstice-stone-arts-festival.co.uk/labyrinth.html
"Firstly the labyrinth will marked by cutting and removing the turf. Then a well defined foot wide trench will be dug. This will be filled with carefully laid granite hedge stones and gravel which can then be rolled flat with the ground. In the end the labyrinth will be literally etched into the ground with granite - a monument that should truly stand the test of time."