Infleqtion (NYSE:INFQ) Stock Gets Price Target Trim from B. Riley Financial

Infleqtion (NYSE:INFQ) had its target price trimmed by B. Riley Financial from $23.00 to $17.00 in a research report released on Monday morning,Benzinga reports. The brokerage currently has a buy rating on the quantum tech company’s stock.

INFQ has been the subject of several other research reports. BTIG Research reiterated a “buy” rating and issued a $25.00 price objective on shares of Infleqtion in a research report on Friday, September 25th. Wedbush initiated coverage on Infleqtion in a research note on Monday, August 3rd. They issued an “outperform” rating and a $20.00 price objective on the stock. Weiss Ratings restated a “sell (d)” rating on shares of Infleqtion in a report on Monday, August 24th. Morgan Stanley began coverage on Infleqtion in a research note on Thursday, October 15th. They issued an “equal weight” rating and a $12.00 target price for the company. Finally, Craig Hallum assumed coverage on Infleqtion in a report on Wednesday, July 22nd. They issued a “buy” rating and a $19.00 price target for the company. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Infleqtion presently has an average rating of “Moderate Buy” and a consensus price target of $19.57.

Infleqtion Stock Up 1.1%

NYSE INFQ opened at $8.54 on Monday. The company has a 50 day moving average of $11.68 and a 200-day moving average of $12.49. Infleqtion has a 1-year low of $8.05 and a 1-year high of $21.28.

Infleqtion (NYSE:INFQ) last posted its earnings results on Wednesday, August 12th. The quantum tech company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.04). The firm had revenue of $13.54 million for the quarter. Sell-side analysts expect that Infleqtion will post -0.24 earnings per share for the current year.

Insider Activity

In other news, Director Maverick Capital Ltd sold 164,824 shares of the stock in a transaction that occurred on 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 sale, the director directly owned 1,381,233 shares of the company’s stock, valued at $17,983,653.66. This represents a 10.66% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders have sold 212,751 shares of company stock worth $2,739,429 in the last quarter.

Institutional Trading of Infleqtion

A number of hedge funds and other institutional investors have recently modified their holdings of INFQ. S&G Foundation bought a new stake in shares of Infleqtion during the second quarter worth $154,164,000. Davis Asset Management L.P. acquired a new position in shares of Infleqtion during the second quarter valued at $27,783,000. Bank of New York Mellon Corp boosted its holdings in Infleqtion by 1,350.7% in the second 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 acquiring an additional 1,002,576 shares during the last quarter. Pinnacle Associates Ltd. boosted its holdings in Infleqtion by 42.4% in the third quarter. Pinnacle Associates Ltd. now owns 1,045,860 shares of the quantum tech company’s stock valued at $14,088,000 after acquiring an additional 311,280 shares during the last quarter. Finally, Wellington Management Group LLP acquired a new stake in Infleqtion in the second quarter worth about $3,708,000.

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.