Infleqtion (NYSE:INFQ) Shares Up 4.9% – Here’s Why

Infleqtion (NYSE:INFQ)’s stock price traded up 4.9% on Thursday . The company traded as high as $14.64 and last traded at $14.5070. 6,649,610 shares were traded during mid-day trading, a decline of 31% from the average session volume of 9,573,571 shares. The stock had previously closed at $13.83.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. Citigroup boosted their target price on shares of Infleqtion from $20.00 to $22.00 and gave the company a “buy” rating in a research note on Friday, August 21st. B. Riley Financial began coverage on Infleqtion in a research note on Friday, September 4th. They issued a “buy” rating on the stock. Wedbush assumed coverage on shares of Infleqtion in a research note on Monday, August 3rd. They set an “outperform” rating and a $20.00 price target on the stock. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Infleqtion in a report on Monday, August 24th. Finally, Wall Street Zen upgraded shares of Infleqtion from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 22nd. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $21.33.

Infleqtion Stock Performance

The business’s 50 day simple moving average is $12.03. The stock has a market capitalization of $3.24 billion, a price-to-earnings ratio of -95.49 and a beta of 4.33.

Infleqtion (NYSE:INFQ) last released its earnings results on Wednesday, August 12th. The quantum tech company reported ($0.11) EPS for the quarter, missing the consensus estimate of ($0.07) by ($0.04). The company had revenue of $13.54 million for the quarter. On average, analysts predict that Infleqtion will post -0.23 EPS for the current fiscal year.

Insider Activity

In related news, Director Maverick Capital Ltd sold 164,824 shares of Infleqtion stock in a transaction dated 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 completion of the transaction, the director directly owned 1,381,233 shares of the company’s stock, valued at $17,983,653.66. This trade represents a 10.66% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Over the last three months, insiders sold 250,300 shares of company stock valued at $3,165,428.

Institutional Trading of Infleqtion

Several institutional investors and hedge funds have recently made changes to their positions in the company. Tidal Investments LLC purchased a new stake in Infleqtion during the 2nd quarter valued at about $320,000. Integrated Wealth Concepts LLC purchased a new stake in shares of Infleqtion in the second quarter valued at $41,000. NewEdge Advisors LLC bought a new position in shares of Infleqtion during the 2nd quarter worth about $56,000. IFP Advisors Inc acquired a new position in Infleqtion during the second quarter valued at approximately $221,000. Finally, Baird Financial Group Inc. acquired a new stake in shares of Infleqtion in the 2nd quarter valued at $2,435,000.

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.