Infleqtion (NYSE:INFQ) Shares Down 7.5% - Here's What Happened

Key Points

• Infleqtion shares fell 7.5% to about $12.83, with trading volume sharply below its average. The stock has a high beta of 4.33 and a market capitalization of approximately $2.88 billion.
• Analysts remain broadly positive, with a consensus rating of “Moderate Buy” and an average price target of $21.33; recent targets include $22 from Citigroup and Canaccord Genuity.
• The company missed quarterly earnings expectations, reporting an adjusted loss of $0.11 per share versus the anticipated $0.07 loss. Insiders have also sold 250,300 shares worth approximately $3.17 million over the past 90 days.

Infleqtion (NYSE:INFQ - Get Free Report) shares fell 7.5% during trading on Friday . The stock traded as low as $13.35 and last traded at $12.8270. Approximately 1,072,147 shares traded hands during trading, a decline of 89% from the average daily volume of 9,505,186 shares. The stock had previously closed at $13.86.

Analysts Set New Price Targets

INFQ has been the topic of several analyst reports. B Riley began coverage on shares of Infleqtion in a research report on Friday, September 4th. They set a "buy" rating on the stock. Citigroup lifted their price target on shares of Infleqtion from $20.00 to $22.00 and gave the company a "buy" rating in a report on Friday, August 21st. Canaccord Genuity Group started coverage on Infleqtion in a research report on Thursday, July 2nd. They set a "buy" rating and a $22.00 target price on the stock. Weiss Ratings reaffirmed a "sell (d)" rating on shares of Infleqtion in a research report on Monday, August 24th. Finally, Wedbush assumed coverage on shares of Infleqtion in a research report on Monday, August 3rd. They set an "outperform" rating and a $20.00 price target for the company. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Infleqtion has an average rating of "Moderate Buy" and an average target price of $21.33.

Infleqtion Price Performance

The firm has a market capitalization of $2.88 billion, a P/E ratio of -84.90 and a beta of 4.33. The stock's fifty day moving average price is $11.76.

Infleqtion (NYSE:INFQ - Get Free Report) last released its 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 business had revenue of $13.54 million during the quarter. As a group, research analysts expect that Infleqtion will post -0.23 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Maverick Capital Ltd sold 164,824 shares of Infleqtion stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $13.02, for a total transaction of $2,146,008.48. Following the completion of the sale, the director owned 1,381,233 shares in the company, valued at approximately $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 can be accessed through this link. In the last ninety days, insiders have sold 250,300 shares of company stock valued at $3,165,428.

Institutional Trading of Infleqtion

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in INFQ. S&G Foundation acquired a new stake in Infleqtion in the second quarter valued at approximately $154,164,000. Davis Asset Management L.P. acquired a new position in Infleqtion in the second quarter valued at about $27,783,000. Bank of New York Mellon Corp raised its position in shares of Infleqtion by 1,350.7% during the second quarter. Bank of New York Mellon Corp now owns 1,076,802 shares of the quantum tech company's stock worth $14,343,000 after acquiring an additional 1,002,576 shares during the last quarter. Wellington Management Group LLP acquired a new position in shares of Infleqtion during the second quarter worth approximately $3,708,000. Finally, Baird Financial Group Inc. bought a new position in shares of Infleqtion during the 2nd quarter worth approximately $2,435,000.

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.

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.