Shares of Infleqtion (NYSE:INFQ – Get Free Report) shot up 10.3% during mid-day trading on Tuesday. The company traded as high as $9.40 and last traded at $9.5180. 3,370,832 shares traded hands during mid-day trading, a decline of 64% from the average daily volume of 9,264,498 shares. The stock had previously closed at $8.63.
Analyst Ratings Changes
A number of analysts have recently weighed in on the stock. Weiss Ratings reiterated a “sell (d)” rating on shares of Infleqtion in a report on Monday, August 24th. Wall Street Zen downgraded Infleqtion from a “sell” rating to a “strong sell” rating in a report on Saturday. B. Riley Financial started coverage on Infleqtion in a report on Friday, September 4th. They set a “buy” rating on the stock. Wedbush assumed coverage on Infleqtion in a research report on Monday, August 3rd. They set an “outperform” rating and a $20.00 price target for the company. Finally, Citigroup increased their price objective on Infleqtion from $20.00 to $22.00 and gave the stock a “buy” rating in a report on Friday, August 21st. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Infleqtion has an average rating of “Moderate Buy” and a consensus price target of $20.43.
View Our Latest Analysis on INFQ
Infleqtion Stock Performance
The firm’s 50 day moving average price is $12.36. The company has a market capitalization of $2.16 billion, a PE ratio of -63.97 and a beta of 4.26.
Infleqtion (NYSE:INFQ – Get Free Report) last released its quarterly earnings results on Wednesday, August 12th. The quantum tech company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.04). The company had revenue of $13.54 million for the quarter. As a group, equities analysts expect that Infleqtion will post -0.24 earnings per share for the current year.
Insiders Place Their Bets
In other Infleqtion news, Director Maverick Capital Ltd sold 164,824 shares of Infleqtion stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $13.02, for a total transaction of $2,146,008.48. Following the sale, 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Over the last quarter, insiders sold 250,300 shares of company stock worth $3,165,428.
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently made changes to their positions in the company. S&G Foundation purchased a new position in shares of Infleqtion in the 2nd quarter valued at approximately $154,164,000. Davis Asset Management L.P. purchased a new stake in Infleqtion in the second quarter worth $27,783,000. Bank of New York Mellon Corp grew its stake in Infleqtion by 1,350.7% in the second 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. Pinnacle Associates Ltd. grew its stake in Infleqtion by 42.4% in the third quarter. Pinnacle Associates Ltd. now owns 1,045,860 shares of the quantum tech company’s stock worth $14,088,000 after purchasing an additional 311,280 shares during the period. Finally, Wellington Management Group LLP bought a new position in Infleqtion in the second quarter worth $3,708,000.
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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