Wall Street Zen Upgrades Infleqtion (NYSE:INFQ) to Sell

Key Points

• Wall Street Zen upgraded Infleqtion from “strong sell” to “sell,” though the broader analyst consensus remains “Moderate Buy” with a $21.00 price target.
• Infleqtion shares opened at $14.08, with a $3.07 billion market capitalization, and the company recently reported an adjusted loss of $0.11 per share, missing estimates by $0.04.
• Insiders sold 4.23 million shares worth approximately $67.4 million during the last quarter, including substantial sales by the CEO and a company director.

Infleqtion (NYSE:INFQ - Get Free Report) was upgraded by equities research analysts at Wall Street Zen from a "strong sell" rating to a "sell" rating in a research note issued to investors on Saturday.

INFQ has been the subject of a number of other reports. Canaccord Genuity Group initiated coverage on Infleqtion in a report on Thursday, July 2nd. They issued a "buy" rating and a $22.00 price target for the company. Wedbush started coverage on Infleqtion in a research report on Monday, August 3rd. They issued an "outperform" rating and a $20.00 price objective on the stock. UBS Group began coverage on shares of Infleqtion in a research note on Wednesday, April 29th. They set a "buy" rating on the stock. Zacks Research raised shares of Infleqtion to a "hold" rating in a report on Monday, June 29th. Finally, Craig Hallum initiated coverage on shares of Infleqtion in a research note on Wednesday, July 22nd. They issued a "buy" rating and a $19.00 target price for the company. One 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 issued a Sell rating to the company. According to data from MarketBeat, Infleqtion has an average rating of "Moderate Buy" and a consensus price target of $21.00.

Infleqtion Price Performance

NYSE INFQ opened at $14.08 on Friday. The stock has a market cap of $3.07 billion and a price-to-earnings ratio of -93.87. The company's 50-day moving average is $11.78. Infleqtion has a fifty-two week low of $8.52 and a fifty-two week high of $27.50.

Infleqtion (NYSE:INFQ - Get Free Report) last issued its earnings results on Wednesday, August 12th. The quantum tech company reported ($0.11) 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. Sell-side analysts expect that Infleqtion will post -0.24 earnings per share for the current year.

Insider Transactions at Infleqtion

In related news, CEO Matthew John Kinsella sold 112,065 shares of the company's stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $15.56, for a total value of $1,743,731.40. Following the completion of the transaction, the chief executive officer owned 336,197 shares of the company's stock, valued at approximately $5,231,225.32. This represents a 25.00% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director David B. Singer sold 1,797,637 shares of the stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $16.10, for a total value of $28,941,955.70. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 4,227,639 shares of company stock worth $67,357,171 over the last quarter.

Institutional Trading of Infleqtion

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Secure Asset Management LLC purchased a new position in shares of Infleqtion during the 2nd quarter valued at approximately $847,000. Wellington Management Group LLP acquired a new stake in Infleqtion in the 2nd quarter valued at $3,708,000. Bank of New York Mellon Corp increased its holdings in Infleqtion by 1,350.7% in the 2nd 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 in the last quarter. Davis Asset Management L.P. purchased a new stake in Infleqtion in the 2nd quarter worth $27,783,000. Finally, S&G Foundation acquired a new position in Infleqtion during the second quarter worth $154,164,000.

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source