Infleqtion $INFQ Stock Bought by Pinnacle Associates Ltd.

Pinnacle Associates Ltd. increased its holdings in shares of Infleqtion (NYSE:INFQ) by 42.4% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,045,860 shares of the quantum tech company’s stock after acquiring an additional 311,280 shares during the period. Pinnacle Associates Ltd.’s holdings in Infleqtion were worth $14,088,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of INFQ. Bank of New York Mellon Corp grew its holdings in Infleqtion by 1,350.7% in 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 purchasing an additional 1,002,576 shares during the period. S&G Foundation purchased a new position in shares of Infleqtion during the second quarter valued at approximately $154,164,000. Baird Financial Group Inc. purchased a new position in shares of Infleqtion during the second quarter valued at approximately $2,435,000. Davis Asset Management L.P. purchased a new position in shares of Infleqtion during the second quarter valued at approximately $27,783,000. Finally, Integrated Advisors Network LLC boosted its position in shares of Infleqtion by 58.2% in the 3rd quarter. Integrated Advisors Network LLC now owns 724,335 shares of the quantum tech company’s stock worth $9,757,000 after purchasing an additional 266,602 shares in the last quarter.

Insider Activity at Infleqtion

In other news, Director Maverick Capital Ltd sold 164,824 shares of the stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $13.02, for a total transaction of $2,146,008.48. Following the sale, the director owned 1,381,233 shares in the company, valued at $17,983,653.66. This represents a 10.66% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Insiders have sold a total of 250,300 shares of company stock worth $3,165,428 in the last 90 days.

Analyst Upgrades and Downgrades

INFQ has been the topic of several recent research reports. Craig Hallum began coverage on Infleqtion in a research note on Wednesday, July 22nd. They issued a “buy” rating and a $19.00 price target on the stock. Morgan Stanley set a $12.00 price objective on Infleqtion and gave the company an “equal weight” rating in a research report on Thursday, October 15th. Wall Street Zen upgraded Infleqtion from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 22nd. Weiss Ratings reiterated a “sell (d)” rating on shares of Infleqtion in a research note on Monday, August 24th. Finally, Citigroup boosted their target price on Infleqtion from $20.00 to $22.00 and gave the stock a “buy” rating in a report on Friday, August 21st. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $20.43.

Infleqtion Stock Up 7.2%

Shares of INFQ stock opened at $9.28 on Thursday. The stock has a market cap of $2.09 billion, a P/E ratio of -61.88 and a beta of 4.26. Infleqtion has a one year low of $8.38 and a one year high of $24.22. The company’s 50-day moving average price is $12.51.

Infleqtion (NYSE:INFQ) last issued its earnings results on Wednesday, August 12th. The quantum tech company reported ($0.11) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.07) by ($0.04). The business had revenue of $13.54 million for the quarter. As a group, analysts anticipate that Infleqtion will post -0.24 EPS for the current year.

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.