Bank of New York Mellon Corp Purchases 1,002,576 Shares of Infleqtion $INFQ

Key Points

• Bank of New York Mellon increased its Infleqtion stake by 1,350.7% in the second quarter, purchasing 1,002,576 additional shares and ending the period with 1,076,802 shares worth approximately $14.3 million.
• Infleqtion insiders sold 370,300 shares worth roughly $5.3 million over the past three months, including sales by CTO Pranav Gokhale and director Maverick Capital.
• Analyst sentiment is mixed but averages a “Moderate Buy,” with a consensus price target of $21.00. The stock opened at $12.75, while the company’s latest quarterly loss of $0.11 per share missed estimates of a $0.07 loss.

Bank of New York Mellon Corp increased its position in Infleqtion (NYSE:INFQ - Free Report) by 1,350.7% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,076,802 shares of the quantum tech company's stock after acquiring an additional 1,002,576 shares during the period. Bank of New York Mellon Corp owned about 0.49% of Infleqtion worth $14,343,000 at the end of the most recent reporting period.

Insider Transactions at Infleqtion

In other news, CTO Pranav Gokhale sold 120,000 shares of the company's stock in a transaction dated Thursday, June 4th. The shares were sold at an average price of $17.73, for a total transaction of $2,127,600.00. Following the completion of the sale, the chief technology officer owned 2,218,980 shares of the company's stock, valued at $39,342,515.40. This represents a 5.13% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Maverick Capital Ltd sold 164,824 shares of the company's 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 sale, the director directly owned 1,381,233 shares of the company's stock, valued at $17,983,653.66. The trade was a 10.66% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 370,300 shares of company stock worth $5,293,028.

Analysts Set New Price Targets

INFQ has been the subject of a number of research analyst reports. Wedbush initiated coverage on Infleqtion in a report on Monday, August 3rd. They issued an "outperform" rating and a $20.00 target price for the company. Weiss Ratings reaffirmed a "sell (d)" rating on shares of Infleqtion in a report on Monday, August 24th. Zacks Research raised Infleqtion to a "hold" rating in a research report on Monday, June 29th. Wall Street Zen upgraded Infleqtion from a "strong sell" rating to a "sell" rating in a report on Saturday, August 22nd. Finally, Craig Hallum assumed 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. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $21.00.

Infleqtion Stock Performance

NYSE:INFQ opened at $12.75 on Wednesday. The company has a market cap of $2.87 billion, a P/E ratio of -85.00 and a beta of 4.32. The stock has a 50 day moving average of $11.68. Infleqtion has a 12 month low of $8.52 and a 12 month high of $27.50.

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 firm had revenue of $13.54 million during the quarter. As a group, equities analysts predict that Infleqtion will post -0.24 earnings per share for the current year.

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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