Infleqtion (NYSE:INFQ) Research Coverage Started at B. Riley Financial

B. Riley Financial assumed coverage on shares of Infleqtion (NYSE:INFQ) in a report released on Friday, Marketbeat reports. The brokerage issued a buy rating and a $23.00 target price on the quantum tech company’s stock.

A number of other brokerages have also recently issued reports on INFQ. Canaccord Genuity Group began coverage on shares of Infleqtion in a research report on Thursday, July 2nd. They set a “buy” rating and a $22.00 target price for the company. Zacks Research raised shares of Infleqtion to a “hold” rating in a research note on Monday, June 29th. Wall Street Zen upgraded Infleqtion from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 22nd. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Infleqtion in a research note on Monday, August 24th. Finally, Citigroup increased their target price on Infleqtion from $20.00 to $22.00 and gave the company a “buy” rating in a report on Friday, August 21st. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $21.33.

Infleqtion Price Performance

Infleqtion stock opened at $12.92 on Friday. Infleqtion has a fifty-two week low of $8.52 and a fifty-two week high of $27.50. The firm has a market capitalization of $2.91 billion, a price-to-earnings ratio of -86.13 and a beta of 4.33. The firm has a fifty day moving average price of $11.63.

Infleqtion (NYSE:INFQ) last released its quarterly 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 firm had revenue of $13.54 million during the quarter. On average, equities research analysts anticipate that Infleqtion will post -0.24 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Maverick Capital Ltd sold 164,824 shares of the business’s stock in a transaction that occurred 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 owned 1,381,233 shares of the company’s stock, valued at $17,983,653.66. The trade was a 10.66% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Over the last 90 days, insiders have sold 250,300 shares of company stock worth $3,165,428.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of INFQ. Bank of New York Mellon Corp boosted its position 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 acquiring an additional 1,002,576 shares during the last quarter. Davis Asset Management L.P. acquired a new stake in shares of Infleqtion in the second quarter worth $27,783,000. S&G Foundation acquired a new stake in Infleqtion in the 2nd quarter valued at $154,164,000. Wellington Management Group LLP acquired a new stake in shares of Infleqtion in the second quarter valued at about $3,708,000. Finally, Secure Asset Management LLC purchased a new stake in shares of Infleqtion during the second quarter valued at approximately $847,000.

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.