Infleqtion (NYSE:INFQ) Trading 10% Higher – Time to Buy?

Infleqtion (NYSE:INFQ) was up 10% on Thursday . The company traded as high as $14.02 and last traded at $14.1250. 4,147,260 shares changed hands during mid-day trading, a decline of 56% from the average session volume of 9,530,719 shares. The stock had previously closed at $12.84.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. Zacks Research upgraded shares of Infleqtion to a “hold” rating in a report on Monday, June 29th. Citigroup increased their price objective on Infleqtion from $20.00 to $22.00 and gave the stock a “buy” rating in a report on Friday, August 21st. B. Riley Financial began coverage on Infleqtion in a report on Friday, September 4th. They set a “buy” rating and a $23.00 target price for the company. Wedbush started coverage on shares of Infleqtion in a research report on Monday, August 3rd. They set an “outperform” rating and a $20.00 price objective on the stock. Finally, B Riley initiated coverage on shares of Infleqtion in a research note on Friday, September 4th. They set a “buy” rating on the stock. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $21.33.

Infleqtion Stock Up 8.8%

The stock has a market cap of $3.15 billion, a price-to-earnings ratio of -93.57 and a beta of 4.33. The stock’s 50 day moving average price is $11.71.

Infleqtion (NYSE:INFQ) last announced its quarterly 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 company had revenue of $13.54 million for the quarter. On average, analysts forecast that Infleqtion will post -0.23 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Maverick Capital Ltd sold 164,824 shares of the company’s stock in a transaction dated 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 completion of the sale, the director owned 1,381,233 shares of the company’s stock, valued at $17,983,653.66. This represents a 10.66% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In the last ninety days, insiders have sold 250,300 shares of company stock worth $3,165,428.

Hedge Funds Weigh In On Infleqtion

A number of institutional investors have recently bought and sold shares of INFQ. S&G Foundation purchased a new position in shares of Infleqtion during the 2nd quarter valued at about $154,164,000. Davis Asset Management L.P. bought a new position in shares of Infleqtion in the second quarter worth approximately $27,783,000. Bank of New York Mellon Corp increased its stake in shares of 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 in the last quarter. Wellington Management Group LLP bought a new stake in shares of Infleqtion during the 2nd quarter valued at $3,708,000. Finally, Baird Financial Group Inc. bought a new position in Infleqtion in the 2nd quarter worth $2,435,000.

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.