Shares of Infleqtion (NYSE:INFQ – Get Free Report) dropped 7% on Wednesday. The stock traded as low as $11.72 and last traded at $11.6660. Approximately 3,550,835 shares changed hands during mid-day trading, a decline of 62% from the average session volume of 9,419,871 shares. The stock had previously closed at $12.54.
Analyst Ratings Changes
Several equities research analysts recently commented on INFQ shares. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Infleqtion in a research note on Monday, August 24th. Wedbush assumed coverage on shares of Infleqtion in a research report on Monday, August 3rd. They set an “outperform” rating and a $20.00 price objective on the stock. Craig Hallum initiated coverage on Infleqtion in a research report on Wednesday, July 22nd. They issued a “buy” rating and a $19.00 target price for the company. Canaccord Genuity Group began coverage on Infleqtion in a research note on Thursday, July 2nd. They set a “buy” rating and a $22.00 price target on the stock. Finally, Wall Street Zen upgraded Infleqtion from a “strong sell” rating to a “sell” rating in a report on Saturday, August 22nd. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Infleqtion has a consensus rating of “Moderate Buy” and an average target price of $21.83.
Get Our Latest Stock Analysis on INFQ
Infleqtion Price Performance
Infleqtion (NYSE:INFQ – Get Free Report) last posted its earnings results on Wednesday, August 12th. The quantum tech company reported ($0.11) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.04). The company had revenue of $13.54 million for the quarter. On average, sell-side analysts anticipate that Infleqtion will post -0.23 EPS for the current year.
Insider Activity at Infleqtion
In other news, Director Maverick Capital Ltd sold 164,824 shares of the firm’s stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $13.02, for a total value of $2,146,008.48. Following the transaction, the director owned 1,381,233 shares in the company, valued at $17,983,653.66. This trade represents a 10.66% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold 250,300 shares of company stock valued at $3,165,428 over the last three months.
Hedge Funds Weigh In On Infleqtion
Several large investors have recently bought and sold shares of the stock. Integrated Wealth Concepts LLC bought a new stake in shares of Infleqtion in the 2nd quarter worth $41,000. NewEdge Advisors LLC purchased a new position in Infleqtion during the second quarter worth about $56,000. Arizona State Retirement System bought a new stake in Infleqtion in the 2nd quarter worth about $183,000. Straight Path Wealth Management bought a new stake in Infleqtion in the 2nd quarter worth about $193,000. Finally, Investor s Fiduciary Advisor Network LLC bought a new position in shares of Infleqtion during the 2nd quarter worth approximately $194,000.
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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