Secure Asset Management LLC Purchases Shares of 63,601 Infleqtion $INFQ

Secure Asset Management LLC purchased a new position in shares of Infleqtion (NYSE:INFQ) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 63,601 shares of the quantum tech company’s stock, valued at approximately $847,000.

Several other hedge funds also recently modified their holdings of INFQ. Wellington Management Group LLP acquired a new stake in shares of Infleqtion in the second quarter valued at about $3,708,000. S&G Foundation acquired a new position in Infleqtion during the second quarter valued at approximately $154,164,000. Davis Asset Management L.P. acquired a new position in Infleqtion during the second quarter valued at approximately $27,783,000. Finally, Bank of New York Mellon Corp grew its stake 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 purchasing an additional 1,002,576 shares in the last quarter.

Infleqtion Stock Down 2.4%

Shares of INFQ stock opened at $12.75 on Wednesday. Infleqtion has a 52 week low of $8.52 and a 52 week high of $27.50. The company has a market cap of $2.87 billion, a P/E ratio of -85.00 and a beta of 4.32. The business’s 50-day moving average is $11.68.

Infleqtion (NYSE:INFQ) last released its quarterly 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 business had revenue of $13.54 million for the quarter. As a group, equities research analysts anticipate that Infleqtion will post -0.24 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CTO Pranav Gokhale sold 120,000 shares of the 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Maverick Capital Ltd sold 164,824 shares of Infleqtion stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $13.02, for a total value of $2,146,008.48. Following the sale, the director directly owned 1,381,233 shares of the company’s stock, valued at approximately $17,983,653.66. The trade was a 10.66% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 370,300 shares of company stock worth $5,293,028.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on INFQ shares. Weiss Ratings reissued a “sell (d)” rating on shares of Infleqtion in a research report on Monday, August 24th. Wedbush began coverage on shares of Infleqtion in a research note on Monday, August 3rd. They issued an “outperform” rating and a $20.00 target price for the company. Zacks Research raised Infleqtion to a “hold” rating in a research report on Monday, June 29th. Craig Hallum began coverage on Infleqtion in a research note on Wednesday, July 22nd. They issued a “buy” rating and a $19.00 price objective on the stock. Finally, Citigroup raised their price objective on Infleqtion from $20.00 to $22.00 and gave the company a “buy” rating in a research report on Friday, August 21st. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Infleqtion presently has a consensus rating of “Moderate Buy” and a consensus price target of $21.00.

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.