Rigetti Computing (NASDAQ:RGTI) Shares Up 3.5% - What's Next?

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report)'s share price was up 3.5% during mid-day trading on Wednesday . The company traded as high as $8.90 and last traded at $8.34. Approximately 25,218,434 shares were traded during mid-day trading, a decline of 44% from the average daily volume of 44,664,348 shares. The stock had previously closed at $8.05.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on RGTI shares. Alliance Global Partners restated a "buy" rating on shares of Rigetti Computing in a research report on Thursday, March 6th. B. Riley lifted their price objective on shares of Rigetti Computing from $8.50 to $15.00 and gave the company a "buy" rating in a research report on Friday, February 14th. 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. Benchmark reiterated a "buy" rating and issued a $14.00 price objective on shares of Rigetti Computing in a research report on Thursday, March 6th. Finally, Craig Hallum began coverage on shares of Rigetti Computing in a research report on Friday, December 20th. They issued a "buy" rating and a $12.00 price objective on the stock. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, Rigetti Computing currently has an average rating of "Buy" and an average target price of $14.50.

Rigetti Computing Stock Performance

The stock has a market cap of $1.90 billion, a price-to-earnings ratio of -26.02 and a beta of 1.37. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.84 and a current ratio of 4.84. The company's 50 day simple moving average is $11.26 and its 200 day simple moving average is $6.06.

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Rigetti Computing (NASDAQ:RGTI - Get Free Report) last released its earnings results on Wednesday, March 5th. The company reported ($0.08) EPS for the quarter, meeting the consensus estimate of ($0.08). The firm had revenue of $2.27 million for the quarter, compared to analysts' expectations of $2.40 million. Rigetti Computing had a negative net margin of 509.58% and a negative return on equity of 51.56%. During the same quarter last year, the company earned ($0.04) EPS. On average, equities research analysts anticipate that Rigetti Computing, Inc. will post -0.34 earnings per share for the current year.

Insider Buying and Selling at Rigetti Computing

In other news, CTO David Rivas sold 351,785 shares of Rigetti Computing stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $7.76, for a total value of $2,729,851.60. Following the transaction, the chief technology officer now owns 1,094,738 shares of the company's stock, valued at $8,495,166.88. The trade was a 24.32 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 2.81% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Rigetti Computing

Several hedge funds have recently made changes to their positions in RGTI. Signaturefd LLC purchased a new position in shares of Rigetti Computing in the fourth quarter worth approximately $25,000. EverSource Wealth Advisors LLC purchased a new position in shares of Rigetti Computing in the fourth quarter worth approximately $28,000. Tucker Asset Management LLC purchased a new position in shares of Rigetti Computing in the fourth quarter worth approximately $32,000. Arete Wealth Advisors LLC purchased a new position in shares of Rigetti Computing in the third quarter worth approximately $45,000. Finally, Spire Wealth Management purchased a new position in shares of Rigetti Computing in the fourth quarter worth approximately $46,000. Institutional investors and hedge funds own 35.38% of the company's stock.

Rigetti Computing Company Profile

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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