Infleqtion (NYSE:INFQ) Stock Price Down 7.5% – Here’s What Happened

Infleqtion (NYSE:INFQ) fell 7.5% during mid-day trading on Friday . The stock traded as low as $13.35 and last traded at $12.8270. 1,072,147 shares changed hands during trading, a decline of 89% from the average daily volume of 9,505,186 shares. The stock had previously closed at $13.86.

Analysts Set New Price Targets

INFQ has been the topic of several research analyst reports. Craig Hallum started coverage on shares of Infleqtion in a research report on Wednesday, July 22nd. They set a “buy” rating and a $19.00 target price on the stock. Zacks Research raised shares of Infleqtion to a “hold” rating in a report on Monday, June 29th. B Riley assumed coverage on Infleqtion in a report on Friday, September 4th. They set a “buy” rating 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 target price on the stock. Finally, Citigroup boosted their price objective on shares of Infleqtion from $20.00 to $22.00 and gave the stock a “buy” rating in a research report on Friday, August 21st. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Infleqtion has a consensus rating of “Moderate Buy” and a consensus target price of $21.33.

Infleqtion Trading Down 7.9%

The business’s fifty day moving average is $11.76. The stock has a market cap of $2.88 billion, a price-to-earnings ratio of -84.90 and a beta of 4.33.

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 firm had revenue of $13.54 million during the quarter. On average, sell-side analysts anticipate that Infleqtion will post -0.23 earnings per share for the current fiscal year.

Insider Buying and Selling at Infleqtion

In other Infleqtion news, Director Maverick Capital Ltd sold 164,824 shares of Infleqtion 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 transaction, the director owned 1,381,233 shares in the company, valued at approximately $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 can be accessed through this hyperlink. Over the last ninety days, insiders have sold 250,300 shares of company stock valued at $3,165,428.

Institutional Investors Weigh In On Infleqtion

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Tidal Investments LLC bought a new stake in Infleqtion during the second quarter worth $320,000. Integrated Wealth Concepts LLC acquired a new stake in shares of Infleqtion in the 2nd quarter worth about $41,000. NewEdge Advisors LLC purchased a new position in shares of Infleqtion in the 2nd quarter worth about $56,000. IFP Advisors Inc purchased a new stake in shares of Infleqtion during the second quarter valued at approximately $221,000. Finally, Baird Financial Group Inc. bought a new position in shares of Infleqtion in the 2nd quarter worth approximately $2,435,000.

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.