Rigetti Computing (NASDAQ:RGTI) Shares Up 6.3% - What's Next?

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report)'s stock price traded up 6.3% during mid-day trading on Monday . The stock traded as high as $9.81 and last traded at $9.64. 19,990,028 shares changed hands during trading, a decline of 83% from the average session volume of 115,536,063 shares. The stock had previously closed at $9.07.

Analyst Ratings Changes

A number of brokerages have recently weighed in on RGTI. Alliance Global Partners restated a "buy" rating on shares of Rigetti Computing in a research note on Thursday, March 6th. B. Riley boosted their target price on shares of Rigetti Computing from $8.50 to $15.00 and gave the stock a "buy" rating in a research report on Friday, February 14th. Craig Hallum started coverage on shares of Rigetti Computing in a report on Friday, December 20th. They issued a "buy" rating and a $12.00 price target for the company. Needham & Company LLC reissued a "buy" rating and issued a $17.00 target price on shares of Rigetti Computing in a research report on Thursday, March 6th. Finally, Benchmark reiterated a "buy" rating and set a $14.00 price target on shares of Rigetti Computing in a research note on Thursday, March 6th. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus target price of $14.50.

Rigetti Computing Stock Performance

The firm's 50 day moving average is $10.81 and its 200-day moving average is $6.66. The stock has a market capitalization of $2.44 billion, a price-to-earnings ratio of -22.42 and a beta of 1.36. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.84 and a current ratio of 4.84.

Remove Ads

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last announced its quarterly earnings results on Wednesday, March 5th. The company reported ($0.08) earnings per share for the quarter, meeting the consensus estimate of ($0.08). 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 in the previous year, the business earned ($0.04) EPS. Analysts forecast that Rigetti Computing, Inc. will post -0.34 earnings per share for the current fiscal year.

Insider Activity

In other Rigetti Computing news, CTO David Rivas sold 351,785 shares of the stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $7.76, for a total transaction of $2,729,851.60. Following the completion of the transaction, 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 2.81% of the company's stock.

Institutional Investors Weigh In On Rigetti Computing

A number of hedge funds have recently modified their holdings of the business. Signaturefd LLC purchased a new stake in Rigetti Computing during the 4th quarter valued at about $25,000. EverSource Wealth Advisors LLC purchased a new stake in shares of Rigetti Computing in the fourth quarter valued at approximately $28,000. Tucker Asset Management LLC acquired a new stake in shares of Rigetti Computing in the fourth quarter valued at approximately $32,000. Spire Wealth Management purchased a new position in Rigetti Computing during the fourth quarter worth approximately $46,000. Finally, Orion Capital Management LLC acquired a new position in Rigetti Computing during the fourth quarter worth $46,000. 35.38% of the stock is currently owned by institutional investors and hedge funds.

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.