Wellington Management Group LLP Acquires Shares of 278,347 Infleqtion $INFQ

Wellington Management Group LLP bought a new position in shares of Infleqtion (NYSE:INFQ) during the second quarter, Holdings Channel.com reports. The firm bought 278,347 shares of the quantum tech company’s stock, valued at approximately $3,708,000.

Other institutional investors have also recently made changes to their positions in the company. Bank of New York Mellon Corp lifted its stake 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 valued at $14,343,000 after purchasing an additional 1,002,576 shares during the period. Davis Asset Management L.P. purchased a new stake in Infleqtion in the second quarter worth $27,783,000. Finally, S&G Foundation purchased a new stake in Infleqtion in the second quarter worth $154,164,000.

Analysts Set New Price Targets

Several equities analysts have commented on the company. Canaccord Genuity Group initiated coverage on Infleqtion in a research report on Thursday, July 2nd. They set a “buy” rating and a $22.00 price objective for the company. B Riley began coverage on shares of Infleqtion in a research report on Friday, September 4th. They issued a “buy” rating on the stock. Wedbush assumed coverage on shares of Infleqtion in a research note on Monday, August 3rd. They issued an “outperform” rating and a $20.00 price target for the company. Citigroup lifted 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. Finally, Weiss Ratings reissued a “sell (d)” rating on shares of Infleqtion in a research note on Monday, August 24th. One investment 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 company. According to MarketBeat.com, Infleqtion currently has an average rating of “Moderate Buy” and a consensus price target of $21.33.

Insiders Place Their Bets

In other news, Director Maverick Capital Ltd sold 164,824 shares of the company’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 transaction, the director owned 1,381,233 shares in the company, valued at approximately $17,983,653.66. This represents a 10.66% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. In the last three months, insiders have sold 250,300 shares of company stock worth $3,165,428.

Infleqtion Stock Down 2.7%

Shares of NYSE:INFQ opened at $13.29 on Thursday. The company’s fifty day moving average is $11.63. Infleqtion has a 12-month low of $8.52 and a 12-month high of $27.50. The stock has a market capitalization of $2.99 billion, a PE ratio of -88.57 and a beta of 4.33.

Infleqtion (NYSE:INFQ) last issued its quarterly earnings results on Wednesday, August 12th. The quantum tech company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of ($0.07) by ($0.04). The firm had revenue of $13.54 million during the quarter. Sell-side analysts predict that Infleqtion will post -0.23 EPS for the current fiscal year.

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.