Infleqtion (NYSE:INFQ) Shares Climb 11.3% - Should You Buy?

Key Points

• Infleqtion shares rose 11.3% to $8.284, while trading volume was about 75% below its average.
• Analyst views are mixed, but the consensus rating is “Moderate Buy” with an average price target of $19.57.
• The company reported a quarterly loss of $0.11 per share, missing estimates of a $0.07 loss; insiders have also sold about $2.66 million of shares over the past 90 days.

Infleqtion (NYSE:INFQ - Get Free Report) was up 11.3% during trading on Friday. The company traded as high as $8.33 and last traded at $8.2840. Approximately 2,326,077 shares changed hands during mid-day trading, a decline of 75% from the average daily volume of 9,155,361 shares. The stock had previously closed at $7.44.

Analyst Ratings Changes

INFQ has been the topic of a number of recent research reports. Weiss Ratings restated a "sell (d)" rating on shares of Infleqtion in a research report on Monday, August 24th. Wedbush initiated coverage on shares of Infleqtion in a report on Monday, August 3rd. They issued an "outperform" rating and a $20.00 price objective for the company. Wall Street Zen upgraded shares of Infleqtion from a "strong sell" rating to a "sell" rating in a report on Sunday, November 1st. Citigroup raised their target price on shares of Infleqtion from $20.00 to $22.00 and gave the stock a "buy" rating in a research note on Friday, August 21st. Finally, B. Riley Financial lowered their target price on Infleqtion from $23.00 to $17.00 and set a "buy" rating on the stock in a report on Monday. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $19.57.

Infleqtion Stock Performance

The business has a 50 day simple moving average of $11.56 and a 200-day simple moving average of $12.45. The firm has a market capitalization of $1.95 billion, a price-to-earnings ratio of -58.21 and a beta of 4.63.

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

Insider Activity at Infleqtion

In related news, Director Maverick Capital Ltd sold 164,824 shares of the company's stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $13.02, for a total value 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Over the last 90 days, insiders have sold 206,405 shares of company stock worth $2,664,102.

Institutional Investors Weigh In On Infleqtion

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Sterling Capital Management LLC boosted its stake in 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 during the period. Integrated Wealth Concepts LLC purchased a new stake in shares of Infleqtion in the 2nd quarter valued at approximately $41,000. NewEdge Advisors LLC purchased a new stake in shares of Infleqtion in the 2nd quarter valued at approximately $56,000. Signature Equity Partners LLC lifted its holdings in shares of Infleqtion by 45.5% in the 3rd quarter. Signature Equity Partners LLC now owns 9,427 shares of the quantum tech company's stock worth $127,000 after acquiring an additional 2,949 shares during the last quarter. Finally, Arizona State Retirement System acquired a new position in shares of Infleqtion in the 2nd quarter worth approximately $183,000.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.