Shares of Infleqtion (NYSE:INFQ – Get Free Report) fell 9.4% during trading on Monday . The stock traded as low as $10.16 and last traded at $10.1150. Approximately 7,791,222 shares traded hands during trading, a decline of 20% from the average session volume of 9,681,534 shares. The stock had previously closed at $11.17.
Wall Street Analyst Weigh In
A number of equities research analysts have recently commented on the stock. UBS Group assumed coverage on shares of Infleqtion in a report on Wednesday, April 29th. They set a “buy” rating on the stock. Weiss Ratings initiated coverage on Infleqtion in a report on Wednesday, May 27th. They issued a “sell (d)” rating for the company. Canaccord Genuity Group started coverage on shares of Infleqtion in a report on Thursday, July 2nd. They set a “buy” rating and a $22.00 price target on the stock. Wedbush began coverage on shares of Infleqtion in a research report on Friday, June 26th. They set an “outperform” rating and a $20.00 price objective on the stock. Finally, BTIG Research initiated coverage on shares of Infleqtion in a research note on Friday, April 10th. They set a “buy” rating and a $22.00 target price for the company. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $21.00.
Read Our Latest Report on INFQ
Infleqtion Price Performance
Infleqtion (NYSE:INFQ – Get Free Report) last issued its earnings results on Tuesday, March 31st. The quantum tech company reported ($0.83) earnings per share for the quarter. As a group, equities research analysts anticipate that Infleqtion will post -0.47 EPS for the current year.
Insiders Place Their Bets
In other news, CTO Pranav Gokhale sold 120,000 shares of the company’s stock in a transaction dated Thursday, June 4th. The stock was sold at an average price of $17.73, for a total value of $2,127,600.00. Following the completion of the transaction, the chief technology officer owned 2,218,980 shares of the company’s stock, valued at $39,342,515.40. This represents a 5.13% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Matthew John Kinsella sold 545,824 shares of Infleqtion stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $17.19, for a total value of $9,382,714.56. Following the sale, the chief executive officer directly owned 545,824 shares in the company, valued at $9,382,714.56. This trade represents a 50.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 28,161,988 shares of company stock valued at $443,111,218 over the last three months.
About Infleqtion
We are a blank check company incorporated as a Cayman Islands exempted company and formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses, which we refer to throughout this prospectus as our initial business combination. We have not selected any business combination target and we have not, nor has anyone on our behalf, initiated any substantive discussions, directly or indirectly, with any business combination target.
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