Given an action of a Compact Quantum Group (CQG) on a finite dimensional Hilbert space, we can construct an action on the associated Cuntz algebra. We study the fixed point algebra of this action, using Kirchberg classification results. Under certain conditions, we prove that the fixed point algebra is purely infinite and simple. We further identify it as a C *-algebra, compute its K-theory and prove a “stability property”: the fixed points only depend on the CQG via its fusion rules. We apply the theory to SU_q(N) and illustrate by explicit computations for SU_q(2) and SU_q(3). This construction provides examples of free actions of CQG (or “principal noncommutative bundles”).