Infleqtion (NYSE:INFQ) Hits New 52-Week Low on Analyst Downgrade

Shares of Infleqtion (NYSE:INFQ) reached a new 52-week low on Monday after B. Riley Financial lowered their price target on the stock from $23.00 to $17.00. B. Riley Financial currently has a buy rating on the stock. Infleqtion traded as low as $8.26 and last traded at $8.35, with a volume of 3,431,453 shares traded. The stock had previously closed at $8.88.

A number of other research analysts have also commented on INFQ. 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. Craig Hallum began coverage on Infleqtion in a research report on Wednesday, July 22nd. They set a “buy” rating and a $19.00 target price for the company. Wall Street Zen raised Infleqtion from a “strong sell” rating to a “sell” rating in a research note on Sunday. Wedbush assumed coverage on Infleqtion in a report on Monday, August 3rd. They issued an “outperform” rating and a $20.00 price target on the stock. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of Infleqtion in a report on Monday, August 24th. One investment 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 given a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $19.57.

Insider Activity at Infleqtion

In other Infleqtion news, Director Maverick Capital Ltd sold 164,824 shares of the company’s stock in a transaction 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 completion of the sale, 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 position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In the last three months, insiders have sold 250,300 shares of company stock worth $3,165,428.

Hedge Funds Weigh In On Infleqtion

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in INFQ. Bank of New York Mellon Corp increased its position 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 buying an additional 1,002,576 shares in the last quarter. S&G Foundation bought a new position in Infleqtion during the second quarter worth about $154,164,000. Baird Financial Group Inc. acquired a new position in Infleqtion in the second quarter valued at about $2,435,000. Integrated Advisors Network LLC raised its position in shares of Infleqtion by 58.2% during the third quarter. Integrated Advisors Network LLC now owns 724,335 shares of the quantum tech company’s stock worth $9,757,000 after purchasing an additional 266,602 shares during the period. Finally, Davis Asset Management L.P. acquired a new stake in shares of Infleqtion during the second quarter worth about $27,783,000.

Infleqtion Stock Performance

The firm has a market cap of $1.88 billion, a price-to-earnings ratio of -55.51 and a beta of 4.64. The firm’s fifty day moving average price is $12.00.

Infleqtion (NYSE:INFQ) last announced its earnings results on Wednesday, August 12th. The quantum tech company reported ($0.11) EPS for the quarter, missing the consensus estimate of ($0.07) by ($0.04). The business had revenue of $13.54 million for the quarter. Research analysts anticipate that Infleqtion will post -0.24 earnings per share for the current fiscal year.

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.