Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report)'s share price rose 9% during trading on Monday . The stock traded as high as $8.78 and last traded at $8.18. Approximately 23,197,473 shares traded hands during trading, a decline of 52% from the average daily volume of 47,945,607 shares. The stock had previously closed at $7.50.
Wall Street Analysts Forecast Growth
A number of equities analysts recently weighed in on the company. Craig Hallum started coverage on Rigetti Computing in a report on Friday, December 20th. They set a "buy" rating and a $12.00 price objective on the stock. Needham & Company LLC restated a "buy" rating and issued a $17.00 price objective on shares of Rigetti Computing in a report on Thursday, March 6th. Benchmark reaffirmed a "buy" rating and set a $14.00 target price on shares of Rigetti Computing in a report on Thursday, March 6th. B. Riley boosted their price target on shares of Rigetti Computing from $8.50 to $15.00 and gave the stock 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 note on Thursday, March 6th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has an average rating of "Buy" and a consensus price target of $14.50.
Get Our Latest Stock Analysis on RGTI
Rigetti Computing Stock Down 4.6 %
The company has a market capitalization of $2.57 billion, a P/E ratio of -23.17 and a beta of 1.41. 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 stock's fifty day moving average is $9.73 and its 200 day moving average is $7.30.
Rigetti Computing (NASDAQ:RGTI - Get Free Report) last released its quarterly earnings data on Wednesday, March 5th. The company reported ($0.08) earnings per share (EPS) for the quarter, meeting analysts' consensus estimates 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 in the previous year, the company earned ($0.04) earnings per share. Research analysts predict that Rigetti Computing, Inc. will post -0.34 EPS for the current fiscal year.
Insider Buying and Selling at Rigetti Computing
In other news, CTO David Rivas sold 351,785 shares of the business's 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 transaction, 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.81% of the stock is currently owned by corporate insiders.
Institutional Trading of Rigetti Computing
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its holdings in Rigetti Computing by 81.7% in the 4th quarter. Vanguard Group Inc. now owns 11,746,361 shares of the company's stock worth $179,249,000 after purchasing an additional 5,280,128 shares in the last quarter. Invesco Ltd. raised its stake in Rigetti Computing by 7,367.2% in the fourth quarter. Invesco Ltd. now owns 4,580,317 shares of the company's stock worth $69,896,000 after buying an additional 4,518,978 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Rigetti Computing by 6.3% in the fourth quarter. Geode Capital Management LLC now owns 3,850,220 shares of the company's stock worth $58,767,000 after buying an additional 228,391 shares during the period. State Street Corp grew its holdings in shares of Rigetti Computing by 12.9% during the 3rd quarter. State Street Corp now owns 2,715,223 shares of the company's stock worth $2,126,000 after acquiring an additional 309,831 shares during the period. Finally, JPMorgan Chase & Co. grew its holdings in shares of Rigetti Computing by 3,295.7% during the 4th quarter. JPMorgan Chase & Co. now owns 2,117,563 shares of the company's stock worth $32,314,000 after acquiring an additional 2,055,203 shares during the period. Hedge funds and other institutional investors own 35.38% of the company's stock.
About Rigetti Computing
(
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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