TLDR
- Infleqtion stock rose 8.3% to $13.59 on Friday, with Citi raising its price target to $22 from $20 while reaffirming a Buy rating.
- The consensus analyst rating is “Moderate Buy” with an average price target of $20.60.
- Infleqtion missed its Q2 earnings estimate, reporting a loss of $0.11 per share vs. the expected $0.07 loss.
- Insiders sold roughly 4 million shares worth $64.8 million over the past three months.
- Several institutional investors added new positions in Q2, including S&G Foundation, which bought in at $154 million.
Infleqtion (INFQ) stock climbed 8.3% on Friday to close at $13.59, after Citi raised its price target on the quantum tech company to $22 from $20 and held its Buy rating.
The stock hit an intraday high of $13.61. Trading volume came in at around 4.6 million shares, which was down 52% from its average daily volume of 9.67 million.
Citi’s revised target signals the bank sees more upside ahead for Infleqtion. The reaffirmed Buy rating also tells investors the firm still views the stock as an attractive opportunity at current levels.
Analyst Sentiment
Beyond Citi, analyst coverage has been broadly positive. Wedbush started coverage on August 3rd with an Outperform rating and a $20 price target. Craig Hallum initiated in July with a Buy and a $19 target.
Zacks upgraded the stock to Hold in late June. Weiss Ratings, however, started coverage with a Sell rating in May.
Overall, one analyst has a Strong Buy, five have Buy ratings, one has a Hold, and one has a Sell. The consensus sits at “Moderate Buy” with an average target of $20.60.
The stock’s 50-day moving average is $11.77, and its market cap sits at around $3.02 billion. The PE ratio is -92.13, reflecting ongoing losses.
Earnings Miss and Insider Sales
Infleqtion reported Q2 earnings on August 12th. The company posted a loss of $0.11 per share, missing the consensus estimate of $0.07 by $0.04. Revenue came in at $13.54 million for the quarter.
Analysts currently forecast a full-year EPS of -$0.24 for Infleqtion.
On the insider front, CEO Matthew Kinsella sold 112,065 shares on May 26th at an average price of $15.56, totaling around $1.74 million. That sale cut his ownership in the company by 25%.
CRO Paul Lipman also sold 100,000 shares on the same date at $15.83, worth $1.58 million. That represented a 50% reduction in his direct holdings.
In total, insiders sold just over 4 million shares valued at $64.8 million over the past three months.
Despite the insider selling, institutional investors have been moving in. S&G Foundation took a new position worth $154 million in Q2. Davis Asset Management added a $27.8 million stake. Wellington Management added $3.7 million, and Bank of New York Mellon lifted its holdings by over 1,350%.
Infleqtion’s year-to-date price performance is down 19.55%, and its technical sentiment signal is currently listed as Strong Sell.
The stock’s current market cap is approximately $2.82 billion as of the latest data.
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