Secure Asset Management LLC Takes Position in Infleqtion $INFQ

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

Other institutional investors have also recently bought and sold shares of the company. S&G Foundation bought a new stake in shares of Infleqtion during the second quarter worth $154,164,000. Davis Asset Management L.P. bought a new position in shares of Infleqtion in the second quarter valued at about $27,783,000. Bank of New York Mellon Corp raised its holdings in shares of 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 buying an additional 1,002,576 shares during the last quarter. Finally, Wellington Management Group LLP acquired a new position in Infleqtion during the 2nd quarter worth about $3,708,000.

Infleqtion Stock Down 2.4%

NYSE INFQ opened at $12.75 on Wednesday. Infleqtion has a 12 month low of $8.52 and a 12 month high of $27.50. The firm has a 50-day moving average of $11.68. The company has a market capitalization of $2.87 billion, a P/E ratio of -85.00 and a beta of 4.32.

Infleqtion (NYSE:INFQ) last posted its 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. On average, equities research analysts predict that Infleqtion will post -0.24 EPS for the current year.

Insider Activity at Infleqtion

In other Infleqtion news, CTO Pranav Gokhale sold 120,000 shares of Infleqtion stock in a transaction that occurred on Thursday, June 4th. The shares were sold at an average price of $17.73, for a total value of $2,127,600.00. Following the transaction, the chief technology officer owned 2,218,980 shares of the company’s stock, valued at approximately $39,342,515.40. The trade was a 5.13% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Maverick Capital Ltd sold 164,824 shares of the business’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 directly owned 1,381,233 shares in the company, valued at $17,983,653.66. This represents a 10.66% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 370,300 shares of company stock worth $5,293,028 over the last 90 days.

Wall Street Analysts Forecast Growth

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

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.