Infleqtion (NYSE:INFQ) Stock Price Up 10.3% - Here's Why

Key Points

• Infleqtion shares surged 10.3% to about $9.52, although trading volume was 64% below the stock’s average session volume.
• Analyst sentiment is broadly positive: the stock has a “Moderate Buy” consensus rating and an average price target of $20.43, well above its recent price.
• The company reported quarterly revenue of $13.54 million but missed earnings expectations, posting an EPS loss of $0.11 versus the forecasted loss of $0.07; insiders have also sold roughly $3.17 million in shares over the past 90 days.

Infleqtion (NYSE:INFQ - Get Free Report) shares shot up 10.3% on Tuesday. The stock traded as high as $9.40 and last traded at $9.5180. Approximately 3,370,832 shares traded hands during trading, a decline of 64% from the average session volume of 9,264,498 shares. The stock had previously closed at $8.63.

Wall Street Analyst Weigh In

Several research firms have commented on INFQ. Wedbush began coverage on shares of Infleqtion in a report on Monday, August 3rd. They issued an "outperform" rating and a $20.00 target price on the stock. Canaccord Genuity Group started coverage on shares of Infleqtion in a report on Thursday, July 2nd. They set a "buy" rating and a $22.00 price target for the company. Citigroup upped their price target on shares of Infleqtion from $20.00 to $22.00 and gave the stock a "buy" rating in a report on Friday, August 21st. Weiss Ratings reiterated a "sell (d)" rating on shares of Infleqtion in a research report on Monday, August 24th. Finally, B. Riley Financial assumed coverage on shares of Infleqtion in a research note on Friday, September 4th. They issued a "buy" rating on the stock. One investment 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 issued a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $20.43.

Infleqtion Stock Performance

The company's 50-day moving average price is $12.36. The firm has a market cap of $2.16 billion, a P/E ratio of -63.97 and a beta of 4.26.

Infleqtion (NYSE:INFQ - Get Free Report) last announced its earnings results on Wednesday, August 12th. The quantum tech company reported ($0.11) 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, equities analysts anticipate that Infleqtion will post -0.24 EPS for the current fiscal year.

Insider Transactions at Infleqtion

In other Infleqtion news, Director Maverick Capital Ltd sold 164,824 shares of the stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $13.02, for a total value 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 transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Over the last ninety days, insiders have sold 250,300 shares of company stock valued at $3,165,428.

Hedge Funds Weigh In On Infleqtion

A number of hedge funds and other institutional investors have recently modified their holdings of the business. S&G Foundation purchased a new position in shares of Infleqtion during the 2nd quarter valued at $154,164,000. Davis Asset Management L.P. bought a new stake in Infleqtion during the second quarter valued at $27,783,000. Bank of New York Mellon Corp boosted its stake in 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 valued at $14,343,000 after buying an additional 1,002,576 shares during the period. Pinnacle Associates Ltd. boosted its stake in Infleqtion by 42.4% during the third quarter. Pinnacle Associates Ltd. now owns 1,045,860 shares of the quantum tech company's stock valued at $14,088,000 after buying an additional 311,280 shares during the period. Finally, Integrated Advisors Network LLC grew its position 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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