Infleqtion (NYSE:INFQ) Issues Quarterly Earnings Results

Infleqtion (NYSE:INFQ) issued its earnings results on Wednesday. The quantum tech company reported ($0.12) earnings per share (EPS) for the quarter, FiscalAI reports. The business had revenue of $12.63 million for the quarter.

Infleqtion Stock Up 4.1%

Shares of NYSE:INFQ traded up $0.49 during trading on Wednesday, hitting $12.31. The company’s stock had a trading volume of 17,920,829 shares, compared to its average volume of 9,659,370. Infleqtion has a fifty-two week low of $8.52 and a fifty-two week high of $27.50. The firm’s 50-day simple moving average is $12.10. The stock has a market capitalization of $2.69 billion and a P/E ratio of -136.78.

Analysts Set New Price Targets

Several research firms recently weighed in on INFQ. Zacks Research raised Infleqtion to a “hold” rating in a research note on Monday, June 29th. UBS Group assumed coverage on Infleqtion in a research report on Wednesday, April 29th. They set a “buy” rating on the stock. Citigroup initiated coverage on Infleqtion in a research note on Tuesday, April 14th. They set a “buy” rating and a $20.00 price target for the company. Canaccord Genuity Group assumed coverage on shares of Infleqtion in a research report on Thursday, July 2nd. They issued a “buy” rating and a $22.00 price objective on the stock. Finally, Craig Hallum started coverage on shares of Infleqtion in a research note on Wednesday, July 22nd. They issued a “buy” rating and a $19.00 price objective on the stock. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Infleqtion has a consensus rating of “Moderate Buy” and an average target price of $20.60.

Insider Buying and Selling at Infleqtion

In other news, Director Maverick Capital Ltd sold 1,797,637 shares of Infleqtion stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $16.10, for a total value of $28,941,955.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CTO Pranav Gokhale sold 120,000 shares of the business’s stock in a transaction dated Thursday, June 4th. The shares were sold at an average price of $17.73, for a total transaction of $2,127,600.00. Following the sale, the chief technology officer directly owned 2,218,980 shares of the company’s stock, valued at approximately $39,342,515.40. This represents a 5.13% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 28,161,988 shares of company stock valued at $443,111,218.

Institutional Inflows and Outflows

An institutional investor recently raised its position in Infleqtion stock. Bank of New York Mellon Corp increased its stake in shares of Infleqtion (NYSE:INFQ) by 1,350.7% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,076,802 shares of the quantum tech company’s stock after buying an additional 1,002,576 shares during the quarter. Bank of New York Mellon Corp owned about 0.49% of Infleqtion worth $14,343,000 at the end of the most recent quarter.

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.