Infleqtion (NYSE:INFQ) Shares Up 8.6% – Still a Buy?

Infleqtion (NYSE:INFQ) rose 8.6% during mid-day trading on Tuesday . The stock traded as high as $14.29 and last traded at $13.9490. Approximately 2,917,236 shares changed hands during mid-day trading, a decline of 69% from the average session volume of 9,557,062 shares. The stock had previously closed at $12.85.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on INFQ shares. Wall Street Zen raised shares of Infleqtion from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 22nd. B Riley began coverage on Infleqtion in a report on Friday. They set a “buy” rating on the stock. Wedbush started coverage on Infleqtion in a research report on Monday, August 3rd. They set an “outperform” rating and a $20.00 price target for the company. Zacks Research raised Infleqtion to a “hold” rating in a report on Monday, June 29th. Finally, B. Riley Financial began coverage on Infleqtion in a research report on Friday. They issued a “buy” rating and a $23.00 price objective on the stock. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $21.33.

Infleqtion Trading Up 11.8%

The firm has a market capitalization of $3.24 billion, a price-to-earnings ratio of -95.83 and a beta of 4.33. The company’s 50-day simple moving average is $11.61.

Infleqtion (NYSE:INFQ) last released its 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 company had revenue of $13.54 million during the quarter. On average, sell-side analysts predict that Infleqtion will post -0.24 EPS for the current year.

Insider Activity at Infleqtion

In other news, Director Maverick Capital Ltd sold 164,824 shares of the stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $13.02, for a total transaction of $2,146,008.48. Following the transaction, the director directly owned 1,381,233 shares in the company, valued at $17,983,653.66. This represents a 10.66% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Over the last three months, insiders have sold 250,300 shares of company stock worth $3,165,428.

Institutional Investors Weigh In On Infleqtion

A number of institutional investors have recently bought and sold shares of the stock. Straight Path Wealth Management acquired a new position in Infleqtion during the second quarter worth approximately $193,000. Investor s Fiduciary Advisor Network LLC acquired a new position in shares of Infleqtion in the 2nd quarter valued at $194,000. Corient Private Wealth LP purchased a new stake in shares of Infleqtion during the 2nd quarter valued at $739,000. Secure Asset Management LLC purchased a new stake in shares of Infleqtion during the 2nd quarter valued at $847,000. Finally, Wellington Management Group LLP acquired a new stake in shares of Infleqtion during the 2nd quarter worth $3,708,000.

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.