Infleqtion (NYSE:INFQ) Sees Significant Decrease in Short Interest

Infleqtion (NYSE:INFQ) was the target of a significant decrease in short interest in the month of May. As of May 29th, there was short interest totaling 4,004,403 shares, a decrease of 35.8% from the May 14th total of 6,238,970 shares. Approximately 1.8% of the shares of the company are sold short. Based on an average trading volume of 32,981,277 shares, the days-to-cover ratio is presently 0.1 days.

Infleqtion Trading Down 7.9%

Shares of NYSE:INFQ traded down $1.17 during midday trading on Tuesday, hitting $13.65. 9,837,336 shares of the stock were exchanged, compared to its average volume of 8,637,365. The company has a market capitalization of $2.98 billion and a PE ratio of -151.87. Infleqtion has a twelve month low of $8.52 and a twelve month high of $27.50. The firm has a 50 day simple moving average of $14.27.

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

Analysts Set New Price Targets

A number of brokerages have recently issued reports on INFQ. BTIG Research began 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. Weiss Ratings began coverage on shares of Infleqtion in a research report on Wednesday, May 27th. They set a “sell (d)” rating on the stock. UBS Group began coverage on shares of Infleqtion in a research report on Wednesday, April 29th. They set a “buy” rating on the stock. Citigroup initiated coverage on shares of Infleqtion in a research report on Tuesday, April 14th. They set a “buy” rating and a $20.00 target price on the stock. Finally, Wall Street Zen raised Infleqtion from a “sell” rating to a “hold” rating in a report on Saturday, May 30th. Three 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, Infleqtion currently has an average rating of “Moderate Buy” and an average price target of $21.00.

Insider Buying and Selling at Infleqtion

In other news, Director David B. Singer sold 6,369,163 shares of the firm’s stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $14.69, for a total transaction of $93,563,004.47. Following the transaction, the director directly owned 19,761 shares in the company, valued at approximately $290,289.09. This trade represents a 99.69% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CTO Pranav Gokhale sold 120,000 shares of the firm’s stock in a transaction that occurred on 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 transaction, the chief technology officer owned 2,218,980 shares in the company, valued at approximately $39,342,515.40. This trade represents a 5.13% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 28,161,988 shares of company stock valued at $443,111,218.

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.