Rigetti Computing (NASDAQ:RGTI) Trading Up 8.5% - Here's What Happened

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) rose 8.5% during trading on Thursday . The company traded as high as $8.99 and last traded at $8.88. Approximately 48,711,150 shares traded hands during mid-day trading, an increase of 11% from the average daily volume of 43,861,696 shares. The stock had previously closed at $8.18.

Wall Street Analyst Weigh In

Several research firms have commented on RGTI. Craig Hallum began coverage on Rigetti Computing in a research report on Friday, December 20th. They issued a "buy" rating and a $12.00 price objective on the stock. B. Riley upped their price objective on Rigetti Computing from $8.50 to $15.00 and gave the stock a "buy" rating in a research report on Friday, February 14th. Needham & Company LLC restated a "buy" rating and issued a $17.00 price objective on shares of Rigetti Computing in a research report on Thursday. Finally, Benchmark restated a "buy" rating and issued a $14.00 price objective on shares of Rigetti Computing in a research report on Thursday.

Rigetti Computing Stock Up 9.9 %

The stock has a market cap of $1.80 billion, a PE ratio of -24.60 and a beta of 1.36. The company has a current ratio of 4.84, a quick ratio of 4.84 and a debt-to-equity ratio of 0.02. The business has a 50-day moving average price of $11.94 and a 200-day moving average price of $5.92.

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

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Insider Activity at Rigetti Computing

In other Rigetti Computing news, Director Michael S. Clifton sold 125,000 shares of the firm's stock in a transaction on Monday, December 9th. The stock was sold at an average price of $5.03, for a total value of $628,750.00. Following the completion of the sale, the director now directly owns 1,063,864 shares of the company's stock, valued at $5,351,235.92. This trade represents a 10.51 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.81% of the stock is owned by corporate insiders.

Institutional Trading of Rigetti Computing

Hedge funds and other institutional investors have recently modified their holdings of the business. Charles Schwab Investment Management Inc. boosted its holdings in Rigetti Computing by 14.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,149,934 shares of the company's stock valued at $901,000 after acquiring an additional 144,742 shares during the period. Penserra Capital Management LLC boosted its holdings in Rigetti Computing by 9.8% during the 3rd quarter. Penserra Capital Management LLC now owns 4,553,633 shares of the company's stock valued at $3,565,000 after acquiring an additional 407,389 shares during the period. State Street Corp boosted its holdings in Rigetti Computing by 12.9% during the 3rd quarter. State Street Corp now owns 2,715,223 shares of the company's stock valued at $2,126,000 after acquiring an additional 309,831 shares during the period. Jane Street Group LLC boosted its holdings in Rigetti Computing by 23.8% during the 3rd quarter. Jane Street Group LLC now owns 244,496 shares of the company's stock valued at $191,000 after acquiring an additional 47,013 shares during the period. Finally, Barclays PLC boosted its holdings in Rigetti Computing by 275.6% during the 3rd quarter. Barclays PLC now owns 185,959 shares of the company's stock valued at $145,000 after acquiring an additional 136,443 shares during the period. 35.38% of the stock is 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.