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

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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.

Check Out Our Latest Analysis on Rigetti Computing

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

(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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This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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