Infleqtion (NYSE:INFQ) Shares Gap Up – Time to Buy?

Infleqtion (NYSE:INFQ)’s share price gapped up before the market opened on Thursday . The stock had previously closed at $13.53, but opened at $14.42. Infleqtion shares last traded at $14.2280, with a volume of 2,171,960 shares trading hands.

Analysts Set New Price Targets

A number of brokerages recently weighed in on INFQ. Wedbush initiated coverage on shares of Infleqtion in a report on Monday, August 3rd. They issued an “outperform” rating and a $20.00 price target on the stock. Weiss Ratings restated a “sell (d)” rating on shares of Infleqtion in a research report on Monday. 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 objective for the company. Zacks Research raised shares of Infleqtion to a “hold” rating in a research report on Monday, June 29th. Finally, UBS Group assumed coverage on shares of Infleqtion in a research note on Wednesday, April 29th. They issued a “buy” rating on the stock. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Infleqtion has an average rating of “Moderate Buy” and a consensus target price of $21.00.

Infleqtion Price Performance

The firm has a market capitalization of $3.08 billion and a price-to-earnings ratio of -93.90. The business’s fifty day moving average price is $11.76.

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

Insider Buying and Selling

In related news, CTO Pranav Gokhale sold 120,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 4th. The shares were sold at an average price of $17.73, for a total value of $2,127,600.00. Following the completion of the transaction, the chief technology officer directly owned 2,218,980 shares of the company’s stock, valued at approximately $39,342,515.40. This trade represents a 5.13% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Maverick Capital Ltd sold 1,797,637 shares of Infleqtion stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $16.10, for a total transaction of $28,941,955.70. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 3,965,574 shares of company stock valued at $63,176,939.

Hedge Funds Weigh In On Infleqtion

Several hedge funds have recently made changes to their positions in INFQ. Straight Path Wealth Management bought a new stake in shares of Infleqtion during the 2nd quarter valued at $193,000. Investor s Fiduciary Advisor Network LLC bought a new position in Infleqtion in the 2nd quarter worth about $194,000. Secure Asset Management LLC bought a new position in Infleqtion in the 2nd quarter worth about $847,000. Wellington Management Group LLP purchased a new position in Infleqtion during the 2nd quarter valued at about $3,708,000. Finally, California State Teachers Retirement System purchased a new position in Infleqtion during the 2nd quarter valued at about $10,115,000.

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.