Infleqtion (NYSE:INFQ) Stock Price Target Lowered at B. Riley Financial

Infleqtion (NYSE:INFQ) had its price objective cut by equities research analysts at B. Riley Financial from $23.00 to $17.00 in a report released on Monday, Benzinga reports. The brokerage presently has a “buy” rating on the quantum tech company’s stock. B. Riley Financial‘s target price would suggest a potential upside of 96.65% from the company’s previous close.

Several other research analysts have also commented on the company. BTIG Research reissued a “buy” rating and issued a $25.00 price target on shares of Infleqtion in a research report on Friday, September 25th. Wall Street Zen raised Infleqtion from a “strong sell” rating to a “sell” rating in a research report on Sunday. Craig Hallum started coverage on Infleqtion in a research note on Wednesday, July 22nd. They issued a “buy” rating and a $19.00 target price on the stock. Weiss Ratings reissued a “sell (d)” rating on shares of Infleqtion in a research report on Monday, August 24th. Finally, Morgan Stanley began coverage on shares of Infleqtion in a research report on Thursday, October 15th. They set an “equal weight” rating and a $12.00 price target for the company. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $19.57.

Infleqtion Stock Performance

Shares of Infleqtion stock traded down $0.23 during trading hours on Monday, reaching $8.64. The company’s stock had a trading volume of 1,544,141 shares, compared to its average volume of 9,188,945. The stock has a market cap of $1.95 billion, a PE ratio of -58.03 and a beta of 4.64. Infleqtion has a one year low of $8.38 and a one year high of $21.28. The business’s 50 day simple moving average is $12.00.

Infleqtion (NYSE:INFQ) last posted its quarterly earnings data 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 business had revenue of $13.54 million for the quarter. Research analysts anticipate that Infleqtion will post -0.24 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Maverick Capital Ltd sold 164,824 shares of the business’s stock in a transaction on 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 transaction, the director directly owned 1,381,233 shares in the company, valued at $17,983,653.66. The trade was a 10.66% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders sold 250,300 shares of company stock worth $3,165,428 in the last three months.

Institutional Investors Weigh In On Infleqtion

Institutional investors have recently bought and sold shares of the company. S&G Foundation acquired a new position in Infleqtion in the 2nd quarter valued at $154,164,000. Davis Asset Management L.P. purchased a new stake in shares of Infleqtion during the second quarter worth $27,783,000. Bank of New York Mellon Corp grew its holdings 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 buying an additional 1,002,576 shares in the last quarter. Pinnacle Associates Ltd. raised its position in shares of Infleqtion by 42.4% in 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 last quarter. Finally, Integrated Advisors Network LLC raised its position in shares of Infleqtion by 58.2% in the third quarter. Integrated Advisors Network LLC now owns 724,335 shares of the quantum tech company’s stock valued at $9,757,000 after buying an additional 266,602 shares during the last quarter.

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.