Infleqtion (NYSE:INFQ) Stock Price Down 2.4% – Here’s Why

Infleqtion (NYSE:INFQ) shares fell 2.4% on Thursday . The stock traded as low as $16.64 and last traded at $16.9930. 15,983,113 shares traded hands during mid-day trading, an increase of 93% from the average session volume of 8,272,910 shares. The stock had previously closed at $17.41.

Wall Street Analyst Weigh In

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

Infleqtion Stock Down 14.1%

The firm has a market cap of $3.18 billion and a price-to-earnings ratio of -161.73.

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

Insider Activity

In related news, Director Maverick Capital Ltd sold 6,584,519 shares of the company’s stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $14.69, for a total transaction of $96,726,584.11. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CTO Pranav Gokhale sold 120,000 shares of the 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 completion of the sale, the chief technology officer directly owned 2,218,980 shares in the company, valued at $39,342,515.40. This trade represents a 5.13% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 28,161,988 shares of company stock valued at $443,111,218 in the last quarter.

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.