Infleqtion (NYSE:INFQ) Stock Price Up 8.6% – Should You Buy?

Infleqtion (NYSE:INFQ)’s share price traded up 8.6% during trading on Tuesday . The stock traded as high as $14.29 and last traded at $13.9490. Approximately 2,917,236 shares were traded during trading, a decline of 69% from the average session volume of 9,557,062 shares. The stock had previously closed at $12.85.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on INFQ. B Riley started coverage on shares of Infleqtion in a research report on Friday, September 4th. They set a “buy” rating for the company. B. Riley Financial began coverage on shares of Infleqtion in a report on Friday, September 4th. They set a “buy” rating and a $23.00 price objective for the company. Craig Hallum began coverage on Infleqtion in a research report on Wednesday, July 22nd. They issued a “buy” rating and a $19.00 target price on the stock. Zacks Research raised Infleqtion to a “hold” rating in a research note on Monday, June 29th. Finally, Wall Street Zen raised shares of Infleqtion from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 22nd. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $21.33.

Infleqtion Stock Performance

The stock has a market cap of $2.99 billion, a PE ratio of -88.57 and a beta of 4.33. The company’s 50 day simple moving average is $11.63.

Infleqtion (NYSE:INFQ) last issued its quarterly earnings data 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 company had revenue of $13.54 million for the quarter. On average, analysts expect that Infleqtion will post -0.23 earnings per share for the current year.

Insider Activity at Infleqtion

In related news, Director Maverick Capital Ltd sold 164,824 shares of the company’s stock in a transaction on Friday, August 21st. The stock was 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 directly owned 1,381,233 shares in the company, valued at $17,983,653.66. This represents a 10.66% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Over the last three months, insiders sold 250,300 shares of company stock valued at $3,165,428.

Institutional Trading of Infleqtion

Several hedge funds have recently modified their holdings of the company. Bank of New York Mellon Corp grew its position in shares of Infleqtion by 1,350.7% in the 2nd 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 during the last quarter. Davis Asset Management L.P. purchased a new stake in Infleqtion during the second quarter valued at approximately $27,783,000. S&G Foundation acquired a new stake in Infleqtion in the second quarter valued at approximately $154,164,000. Wellington Management Group LLP acquired a new stake in Infleqtion in the second quarter valued at approximately $3,708,000. Finally, Secure Asset Management LLC purchased a new position in Infleqtion in the second quarter worth $847,000.

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.