Infleqtion (NYSE:INFQ) Cut to Strong Sell at Wall Street Zen

Key Points

• Wall Street Zen downgraded Infleqtion from “sell” to “strong sell,” despite the broader analyst consensus remaining “Moderate Buy” with a $20.43 price target.
• Infleqtion shares opened at $8.77, near their 12-month low of $8.38 and well below the 12-month high of $24.22; the company also missed its latest quarterly EPS estimate, reporting a loss of $0.11 per share versus expectations of $0.07.
• Insiders sold shares worth approximately $3.17 million over the past three months, while several institutional investors increased their positions during the third quarter.

Infleqtion (NYSE:INFQ - Get Free Report) was downgraded by research analysts at Wall Street Zen from a "sell" rating to a "strong sell" rating in a report released on Saturday, Wall Street Zen reports.

A number of other research firms have also weighed in on INFQ. B. Riley Financial started coverage on shares of Infleqtion in a report on Friday, September 4th. They issued a "buy" rating for the company. Citigroup increased their price target on shares of Infleqtion from $20.00 to $22.00 and gave the stock a "buy" rating in a research report on Friday, August 21st. Zacks Research upgraded shares of Infleqtion to a "hold" rating in a report on Monday, June 29th. Canaccord Genuity Group began coverage on Infleqtion in a report on Thursday, July 2nd. They issued a "buy" rating and a $22.00 price target for the company. Finally, Morgan Stanley set a $12.00 price target on Infleqtion and gave the company an "equal weight" rating in a report on Thursday, October 15th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $20.43.

Infleqtion Trading Down 0.4%

Shares of INFQ opened at $8.77 on Friday. Infleqtion has a 12-month low of $8.38 and a 12-month high of $24.22. The stock has a fifty day moving average price of $12.36.

Infleqtion (NYSE:INFQ - Get Free Report) last posted its quarterly earnings results on Wednesday, August 12th. The quantum tech company reported ($0.11) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.07) by ($0.04). The firm had revenue of $13.54 million for the quarter. As a group, sell-side analysts forecast that Infleqtion will post -0.24 earnings per share for the current fiscal year.

Insider Buying and Selling at Infleqtion

In other news, Director Maverick Capital Ltd sold 164,824 shares of the company's stock in a transaction that occurred 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 in the company, valued at approximately $17,983,653.66. This represents a 10.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders sold 250,300 shares of company stock valued at $3,165,428 in the last three months.

Hedge Funds Weigh In On Infleqtion

Several institutional investors and hedge funds have recently made changes to their positions in INFQ. Steinberganna Wealth Management grew its holdings in shares of Infleqtion by 65.3% during the third quarter. Steinberganna Wealth Management now owns 169,260 shares of the quantum tech company's stock worth $2,280,000 after buying an additional 66,877 shares in the last quarter. McGuire Investment Group LLC grew its stake in Infleqtion by 37.4% in the 3rd quarter. McGuire Investment Group LLC now owns 36,865 shares of the quantum tech company's stock valued at $497,000 after buying an additional 10,040 shares during the last quarter. Sterling Capital Management LLC lifted its holdings in shares of Infleqtion by 116.2% during the third quarter. Sterling Capital Management LLC now owns 2,908 shares of the quantum tech company's stock worth $39,000 after buying an additional 1,563 shares in the last quarter. Pinnacle Associates Ltd. increased its holdings in shares of Infleqtion by 42.4% during 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, Integrated Advisors Network LLC grew its stake in Infleqtion by 58.2% during the third quarter. Integrated Advisors Network LLC now owns 724,335 shares of the quantum tech company's stock worth $9,757,000 after buying an additional 266,602 shares 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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