Infleqtion (NYSE:INFQ) Trading Up 5.8% - Time to Buy?

Key Points

• Infleqtion shares rose 5.8% on Wednesday, trading as high as $10.41 and closing near $10.46, though volume was well below average.
• Several analysts recently initiated or updated coverage with mostly bullish views, giving the stock a consensus Moderate Buy rating and an average price target of $20.60.
• The company remains unprofitable, reporting a recent quarterly EPS of -$0.83, and insider selling has been significant, including large share sales by the CEO and a director over the past few months.

Infleqtion (NYSE:INFQ - Get Free Report) traded up 5.8% during trading on Wednesday . The stock traded as high as $10.41 and last traded at $10.4590. 3,031,568 shares traded hands during trading, a decline of 69% from the average daily volume of 9,672,126 shares. The stock had previously closed at $9.89.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on INFQ shares. Wedbush initiated coverage on shares of Infleqtion in a report on Friday, June 26th. They issued an "outperform" rating and a $20.00 price objective on the stock. Craig Hallum started coverage on shares of Infleqtion in a research report on Wednesday. They issued a "buy" rating and a $19.00 price target on the stock. BTIG Research started coverage on shares of Infleqtion in a research report on Friday, April 10th. They set a "buy" rating and a $22.00 price objective for the company. UBS Group initiated coverage on Infleqtion in a research note on Wednesday, April 29th. They issued a "buy" rating for the company. Finally, Zacks Research raised Infleqtion to a "hold" rating in a report on Monday, June 29th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $20.60.

Infleqtion Stock Performance

The stock has a market cap of $2.28 billion and a P/E ratio of -115.84. The business has a 50 day moving average of $13.43.

Infleqtion (NYSE:INFQ - Get Free Report) last posted its quarterly earnings results on Tuesday, March 31st. The quantum tech company reported ($0.83) earnings per share for the quarter. As a group, equities research analysts expect that Infleqtion will post -0.47 EPS for the current fiscal year.

Insider Activity

In other news, CEO Matthew John Kinsella sold 545,824 shares of Infleqtion stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $17.19, for a total value of $9,382,714.56. Following the sale, the chief executive officer directly owned 545,824 shares of the company's stock, valued at approximately $9,382,714.56. The trade was a 50.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director David B. Singer sold 6,369,163 shares of the company's stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $14.69, for a total value of $93,563,004.47. Following the sale, the director directly owned 19,761 shares in the company, valued at $290,289.09. This trade represents a 99.69% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 28,161,988 shares of company stock worth $443,111,218.

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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