Infleqtion (NYSE:INFQ) Short Interest Down 35.8% in May

Infleqtion (NYSE:INFQ) was the recipient of a significant drop in short interest during the month of May. As of May 29th, there was short interest totaling 4,004,403 shares, a drop of 35.8% from the May 14th total of 6,238,970 shares. Based on an average daily trading volume, of 32,981,277 shares, the days-to-cover ratio is currently 0.1 days. Currently, 1.8% of the shares of the company are short sold.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on INFQ shares. UBS Group started coverage on Infleqtion in a report on Wednesday, April 29th. They set a “buy” rating on the stock. Wall Street Zen raised Infleqtion from a “sell” rating to a “hold” rating in a report on Saturday, May 30th. BTIG Research started coverage on shares of Infleqtion in a research report on Friday, April 10th. They issued a “buy” rating and a $22.00 price objective for the company. Citigroup started coverage on shares of Infleqtion in a research report on Tuesday, April 14th. They issued a “buy” rating and a $20.00 price objective for the company. Finally, Weiss Ratings started coverage on shares of Infleqtion in a research report on Wednesday, May 27th. They issued a “sell (d)” rating for the company. Three research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $21.00.

Infleqtion Price Performance

Shares of Infleqtion stock opened at $13.36 on Thursday. Infleqtion has a 1 year low of $8.52 and a 1 year high of $27.50. The firm has a market cap of $2.91 billion and a P/E ratio of -148.39. The stock’s 50 day moving average is $14.23.

Infleqtion (NYSE:INFQ) last released its earnings results on Tuesday, March 31st. The quantum tech company reported ($0.83) EPS for the quarter.

Insider Buying and Selling

In related news, CTO Pranav Gokhale sold 120,000 shares of the firm’s stock in a transaction dated 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 transaction, the chief technology officer owned 2,218,980 shares of the company’s stock, valued at $39,342,515.40. This trade represents a 5.13% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director David B. Singer sold 6,369,163 shares of the firm’s stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $14.69, for a total value of $93,563,004.47. Following the transaction, the director directly owned 19,761 shares in the company, valued at approximately $290,289.09. This represents a 99.69% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 28,161,988 shares of company stock worth $443,111,218.

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.