Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) shares saw an uptick in trading volume on Friday . 37,459,387 shares were traded during trading, a decline of 17% from the previous session's volume of 45,168,742 shares.The stock last traded at $10.31 and had previously closed at $8.75.
Wall Street Analysts Forecast Growth
RGTI has been the subject of a number of research analyst reports. Alliance Global Partners reaffirmed a "buy" rating on shares of Rigetti Computing in a report on Thursday, March 6th. Needham & Company LLC reaffirmed a "buy" rating and issued a $17.00 price target on shares of Rigetti Computing in a report on Thursday, March 6th. Craig Hallum initiated coverage on Rigetti Computing in a report on Friday, December 20th. They issued a "buy" rating and a $12.00 price target for the company. Benchmark reaffirmed a "buy" rating and issued a $14.00 price target on shares of Rigetti Computing in a report on Thursday, March 6th. Finally, B. Riley upped their price target on Rigetti Computing from $8.50 to $15.00 and gave the company a "buy" rating in a report on Friday, February 14th. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, Rigetti Computing has an average rating of "Buy" and a consensus target price of $14.50.
View Our Latest Research Report on Rigetti Computing
Rigetti Computing Trading Up 19.2 %
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 company has a market cap of $2.01 billion, a price-to-earnings ratio of -27.46 and a beta of 1.37. The business has a fifty day simple moving average of $11.26 and a 200 day simple moving average of $6.06.
Rigetti Computing (NASDAQ:RGTI - Get Free Report) last posted its earnings results on Wednesday, March 5th. The company reported ($0.08) EPS for the quarter, hitting analysts' consensus estimates of ($0.08). The company had revenue of $2.27 million for the quarter, compared to the consensus estimate 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 period in the previous year, the business earned ($0.04) earnings per share. On average, equities analysts anticipate that Rigetti Computing, Inc. will post -0.34 EPS for the current fiscal year.
Insiders Place Their Bets
In other news, CTO David Rivas sold 351,785 shares of Rigetti Computing stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $7.76, for a total transaction of $2,729,851.60. Following the completion of the sale, the chief technology officer now directly owns 1,094,738 shares in the company, valued at $8,495,166.88. The trade was a 24.32 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 2.81% of the stock is currently owned by company insiders.
Institutional Trading of Rigetti Computing
Several hedge funds and other institutional investors have recently added to or reduced their stakes in RGTI. Vanguard Group Inc. increased its position in Rigetti Computing by 81.7% during the 4th quarter. Vanguard Group Inc. now owns 11,746,361 shares of the company's stock worth $179,249,000 after purchasing an additional 5,280,128 shares in the last quarter. Invesco Ltd. increased its position in Rigetti Computing by 7,367.2% during the 4th quarter. Invesco Ltd. now owns 4,580,317 shares of the company's stock worth $69,896,000 after purchasing an additional 4,518,978 shares in the last quarter. JPMorgan Chase & Co. increased its position in Rigetti Computing by 3,295.7% during the 4th quarter. JPMorgan Chase & Co. now owns 2,117,563 shares of the company's stock worth $32,314,000 after purchasing an additional 2,055,203 shares in the last quarter. Nuveen Asset Management LLC grew its position in Rigetti Computing by 418.6% in the fourth quarter. Nuveen Asset Management LLC now owns 999,617 shares of the company's stock valued at $15,254,000 after acquiring an additional 806,878 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in Rigetti Computing by 20.6% in the third quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company's stock valued at $2,837,000 after acquiring an additional 617,506 shares in the last quarter. Hedge funds and other institutional investors own 35.38% of the company's stock.
About Rigetti Computing
(
Get Free Report)
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.
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