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

Shares of Infleqtion (NYSE:INFQ) gapped up prior to trading 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.

Analyst Ratings Changes

Several brokerages recently commented on INFQ. Zacks Research raised shares of Infleqtion to a “hold” rating in a research note on Monday, June 29th. Craig Hallum assumed coverage on shares of 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 report on Monday. Wedbush began coverage on shares of Infleqtion in a research report on Monday, August 3rd. They set an “outperform” rating and a $20.00 price target for the company. Finally, Citigroup boosted their price target on shares of Infleqtion from $20.00 to $22.00 and gave the company a “buy” rating in a research report on Friday, August 21st. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $21.00.

Infleqtion Stock Performance

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

Infleqtion (NYSE:INFQ) last issued 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 firm had revenue of $13.54 million during the quarter. As a group, equities research analysts predict that Infleqtion will post -0.24 earnings per share for the current year.

Insider Activity at Infleqtion

In other Infleqtion news, Director David B. Singer 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. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CTO Pranav Gokhale sold 120,000 shares of the business’s stock in a transaction that occurred on Thursday, June 4th. The stock was sold at an average price of $17.73, for a total transaction 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 represents a 5.13% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 3,965,574 shares of company stock valued at $63,176,939 over the last three months.

Institutional Trading of Infleqtion

A number of hedge funds have recently made changes to their positions in the stock. S&G Foundation purchased a new stake in Infleqtion during the second quarter valued at about $154,164,000. Davis Asset Management L.P. purchased a new position in shares of Infleqtion in the 2nd quarter worth about $27,783,000. Bank of New York Mellon Corp boosted its holdings 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 purchasing an additional 1,002,576 shares in the last quarter. California State Teachers Retirement System bought a new position in shares of Infleqtion during the 2nd quarter valued at about $10,115,000. Finally, Wellington Management Group LLP bought a new position in shares of Infleqtion during the 2nd quarter valued at about $3,708,000.

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.