Rigetti Computing (NASDAQ:RGTI) Shares Up 7.4% - Here's What Happened

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) traded up 7.4% during mid-day trading on Wednesday . The stock traded as high as $9.35 and last traded at $9.20. 14,276,312 shares traded hands during mid-day trading, a decline of 71% from the average session volume of 48,935,634 shares. The stock had previously closed at $8.57.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on RGTI. Needham & Company LLC reissued a "buy" rating and issued a $17.00 price objective on shares of Rigetti Computing in a research note on Thursday, March 6th. Benchmark reaffirmed a "buy" rating and issued a $14.00 target price on shares of Rigetti Computing in a research report on Thursday, March 6th. B. Riley raised their price objective on Rigetti Computing from $8.50 to $15.00 and gave the company a "buy" rating in a research note on Friday, February 14th. Finally, Alliance Global Partners reaffirmed a "buy" rating on shares of Rigetti Computing in a research report on Thursday, March 6th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus price target of $14.50.

Rigetti Computing Stock Up 7.1 %

The firm has a market capitalization of $2.62 billion, a P/E ratio of -24.16 and a beta of 1.41. 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 stock has a 50 day moving average of $9.07 and a 200-day moving average of $7.73.

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 for the quarter, compared to analysts' expectations 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 prior year, the business posted ($0.04) earnings per share. Research analysts predict that Rigetti Computing, Inc. will post -0.34 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CTO David Rivas sold 351,785 shares of Rigetti Computing 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 directly owns 1,094,738 shares of the company's stock, valued at approximately $8,495,166.88. The trade was a 24.32 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 2.81% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. California State Teachers Retirement System boosted its stake in shares of Rigetti Computing by 12.7% during the fourth quarter. California State Teachers Retirement System now owns 11,551 shares of the company's stock valued at $176,000 after purchasing an additional 1,301 shares during the period. Allworth Financial LP increased its position in shares of Rigetti Computing by 14.9% in the fourth quarter. Allworth Financial LP now owns 11,604 shares of the company's stock valued at $161,000 after acquiring an additional 1,504 shares during the period. Signaturefd LLC purchased a new stake in shares of Rigetti Computing during the fourth quarter worth about $25,000. Legal & General Group Plc grew its stake in shares of Rigetti Computing by 14.9% in the fourth quarter. Legal & General Group Plc now owns 14,051 shares of the company's stock worth $214,000 after purchasing an additional 1,817 shares during the last quarter. Finally, EverSource Wealth Advisors LLC bought a new position in Rigetti Computing during the 4th quarter valued at approximately $28,000. 35.38% of the stock is owned by hedge funds and other institutional investors.

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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