Rigetti Computing (NASDAQ:RGTI) Releases Quarterly Earnings Results

Rigetti Computing (NASDAQ:RGTI - Get Free Report) issued its quarterly earnings data on Wednesday. The company reported ($0.08) earnings per share for the quarter, meeting analysts' consensus estimates of ($0.08), Zacks reports. The firm had revenue of $2.27 million during the quarter, compared to analyst estimates of $2.40 million. Rigetti Computing had a negative return on equity of 51.56% and a negative net margin of 509.58%. During the same quarter last year, the business posted ($0.04) earnings per share.

Rigetti Computing Trading Up 9.9 %

RGTI traded up $0.84 on Friday, hitting $9.35. The company had a trading volume of 74,469,316 shares, compared to its average volume of 44,392,554. The company has a market cap of $1.80 billion, a PE ratio of -24.60 and a beta of 1.36. Rigetti Computing has a 12-month low of $0.66 and a 12-month high of $21.42. The company has a quick ratio of 4.84, a current ratio of 4.84 and a debt-to-equity ratio of 0.02. The business's fifty day simple moving average is $12.09 and its 200 day simple moving average is $5.79.

Wall Street Analysts Forecast Growth

RGTI has been the subject of a number of research analyst reports. Needham & Company LLC restated a "buy" rating and set a $17.00 price objective on shares of Rigetti Computing in a research report on Thursday. Craig Hallum initiated coverage on Rigetti Computing in a research report on Friday, December 20th. They set a "buy" rating and a $12.00 price objective for the company. Benchmark restated a "buy" rating and set a $14.00 price objective on shares of Rigetti Computing in a research report on Thursday. Finally, B. Riley lifted their price target on Rigetti Computing from $8.50 to $15.00 and gave the stock a "buy" rating in a research report on Friday, February 14th.

Remove Ads

Insider Buying and Selling

In other Rigetti Computing news, Director Michael S. Clifton sold 125,000 shares of the business's stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $5.03, for a total transaction of $628,750.00. Following the completion of the transaction, the director now owns 1,063,864 shares in the company, valued at $5,351,235.92. The trade was a 10.51 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 2.81% of the stock is currently owned by company insiders.

About Rigetti Computing

Rigetti Computing, Inc, through its subsidiaries, builds quantum computers and the superconducting quantum processors. The company offers cloud in a form of quantum processing unit, such as 9-qubit chip and Ankaa-2 system under the Novera brand name; and sells access to its quantum computers through quantum computing as a service.