Wellington Management Group LLP bought a new stake in shares of Infleqtion (NYSE:INFQ – Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 278,347 shares of the quantum tech company’s stock, valued at approximately $3,708,000. Wellington Management Group LLP owned 0.13% of Infleqtion at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also bought and sold shares of the stock. Bank of New York Mellon Corp increased its stake in Infleqtion by 1,350.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,076,802 shares of the quantum tech company’s stock worth $14,343,000 after purchasing an additional 1,002,576 shares during the period. S&G Foundation purchased a new stake in shares of Infleqtion during the second quarter valued at approximately $154,164,000. Finally, Davis Asset Management L.P. purchased a new stake in shares of Infleqtion during the second quarter valued at approximately $27,783,000.
Wall Street Analysts Forecast Growth
INFQ has been the topic of several analyst reports. B Riley began coverage on shares of Infleqtion in a research note on Friday, September 4th. They issued a “buy” rating on the stock. B. Riley Financial started coverage on shares of Infleqtion in a research report on Friday, September 4th. They set a “buy” rating and a $23.00 price target for the company. Weiss Ratings reissued a “sell (d)” rating on shares of Infleqtion in a report on Monday, August 24th. Wall Street Zen upgraded shares of Infleqtion from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 22nd. Finally, Wedbush started coverage on shares of Infleqtion in a research note on Monday, August 3rd. They set an “outperform” rating and a $20.00 price objective for the company. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $21.33.
Infleqtion Trading Down 2.7%
Shares of INFQ stock opened at $13.29 on Thursday. The company has a market cap of $2.99 billion, a price-to-earnings ratio of -88.57 and a beta of 4.33. Infleqtion has a fifty-two week low of $8.52 and a fifty-two week high of $27.50. The stock has a 50 day simple moving average of $11.63.
Infleqtion (NYSE:INFQ – Get Free Report) last announced its earnings results on Wednesday, August 12th. The quantum tech company reported ($0.11) EPS for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.04). The company had revenue of $13.54 million during the quarter. On average, research analysts forecast that Infleqtion will post -0.23 EPS for the current fiscal year.
Insiders Place Their Bets
In other Infleqtion news, Director Maverick Capital Ltd sold 164,824 shares of the business’s stock in a transaction on Friday, August 21st. The shares were sold at an average price of $13.02, for a total transaction of $2,146,008.48. Following the transaction, the director directly owned 1,381,233 shares of the company’s stock, valued at approximately $17,983,653.66. The trade was a 10.66% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold a total of 250,300 shares of company stock valued at $3,165,428 in the last quarter.
Infleqtion Company Profile
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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