Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report)'s share price traded down 6.5% during trading on Friday . The stock traded as low as $8.91 and last traded at $8.80. 12,516,491 shares changed hands during mid-day trading, a decline of 74% from the average session volume of 48,408,929 shares. The stock had previously closed at $9.42.
Analyst Upgrades and Downgrades
RGTI has been the subject of several recent research reports. B. Riley lifted their target price on shares of Rigetti Computing from $8.50 to $15.00 and gave the company a "buy" rating in a report on Friday, February 14th. Benchmark reaffirmed a "buy" rating and issued a $14.00 price objective on shares of Rigetti Computing in a report on Thursday, March 6th. Needham & Company LLC reiterated a "buy" rating and issued a $17.00 price objective on shares of Rigetti Computing in a research report on Thursday, March 6th. Alliance Global Partners restated a "buy" rating on shares of Rigetti Computing in a research report on Thursday, March 6th. Finally, Craig Hallum initiated coverage on Rigetti Computing in a research note on Friday, December 20th. They issued a "buy" rating and a $12.00 price target for the company. Five analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has an average rating of "Buy" and a consensus price target of $14.50.
Check Out Our Latest Analysis on Rigetti Computing
Rigetti Computing Price Performance
The stock's 50-day simple moving average is $9.64 and its two-hundred day simple moving average is $7.36. The company has a market capitalization of $2.60 billion, a price-to-earnings ratio of -23.95 and a beta of 1.41. The company has a quick ratio of 4.84, a current ratio of 4.84 and a debt-to-equity ratio of 0.02.
Rigetti Computing (NASDAQ:RGTI - Get Free Report) last released its quarterly earnings results on Wednesday, March 5th. The company reported ($0.08) earnings per share for the quarter, hitting the consensus estimate of ($0.08). Rigetti Computing had a negative net margin of 509.58% and a negative return on equity of 51.56%. The firm had revenue of $2.27 million during the quarter, compared to the consensus estimate of $2.40 million. During the same quarter in the prior year, the firm earned ($0.04) EPS. Equities research analysts predict that Rigetti Computing, Inc. will post -0.34 earnings per share for the current year.
Insider Activity
In other news, CTO David Rivas sold 351,785 shares of the company's stock in a transaction on 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 owns 1,094,738 shares of the company's stock, valued at $8,495,166.88. This represents a 24.32 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 2.81% of the company's stock.
Hedge Funds Weigh In On Rigetti Computing
Institutional investors and hedge funds have recently bought and sold shares of the business. Oxinas Partners Wealth Management LLC acquired a new stake in Rigetti Computing in the 1st quarter valued at about $121,000. Veracity Capital LLC increased its holdings in shares of Rigetti Computing by 9.4% in the first quarter. Veracity Capital LLC now owns 29,396 shares of the company's stock valued at $233,000 after purchasing an additional 2,533 shares during the last quarter. Rhumbline Advisers lifted its position in Rigetti Computing by 17.0% during the first quarter. Rhumbline Advisers now owns 273,818 shares of the company's stock worth $2,169,000 after buying an additional 39,743 shares in the last quarter. GAMMA Investing LLC boosted its stake in Rigetti Computing by 15,050.9% during the first quarter. GAMMA Investing LLC now owns 25,605 shares of the company's stock worth $203,000 after buying an additional 25,436 shares during the last quarter. Finally, Modus Advisors LLC purchased a new stake in Rigetti Computing in the 1st quarter valued at $84,000. 35.38% of the stock is currently owned by institutional investors and hedge funds.
Rigetti Computing Company Profile
(
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.
Featured Articles
Before you consider Rigetti Computing, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Rigetti Computing wasn't on the list.
While Rigetti Computing currently has a Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Nuclear energy stocks are roaring. It's the hottest energy sector of the year. Cameco Corp, Paladin Energy, and BWX Technologies were all up more than 40% in 2024. The biggest market moves could still be ahead of us, and there are seven nuclear energy stocks that could rise much higher in the next several months. To unlock these tickers, enter your email address below.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
