Shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) were down 1.9% during trading on Thursday . The stock traded as low as $8.85 and last traded at $9.01. Approximately 8,882,245 shares were traded during trading, a decline of 81% from the average daily volume of 47,073,065 shares. The stock had previously closed at $9.18.
Analysts Set New Price Targets
A number of equities research analysts have commented on the company. Craig Hallum assumed coverage on Rigetti Computing in a report on Friday, December 20th. They set a "buy" rating and a $12.00 price target on the stock. Benchmark reissued a "buy" rating and issued a $14.00 price target on shares of Rigetti Computing in a report on Thursday, March 6th. Alliance Global Partners reiterated a "buy" rating on shares of Rigetti Computing in a research report on Thursday, March 6th. Needham & Company LLC reissued a "buy" rating and set a $17.00 price target on shares of Rigetti Computing in a research note on Thursday, March 6th. Finally, B. Riley lifted their price objective on Rigetti Computing from $8.50 to $15.00 and gave the stock a "buy" rating in a research note on Friday, February 14th. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Rigetti Computing presently has a consensus rating of "Buy" and an average target price of $14.50.
Read Our Latest Analysis on RGTI
Rigetti Computing Stock Performance
The business's fifty day moving average price is $10.72 and its two-hundred day moving average price is $6.77. 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 market capitalization of $2.33 billion, a P/E ratio of -21.45 and a beta of 1.36.
Rigetti Computing (NASDAQ:RGTI - Get Free Report) last released its earnings results on Wednesday, March 5th. The company reported ($0.08) earnings per share for the quarter, meeting the consensus estimate 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 the consensus estimate of $2.40 million. During the same quarter in the previous year, the company posted ($0.04) EPS. As a group, sell-side analysts forecast that Rigetti Computing, Inc. will post -0.34 earnings per share for the current year.
Insider Buying and Selling at Rigetti Computing
In related news, CTO David Rivas sold 351,785 shares of the firm'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 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. This trade represents a 24.32 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 2.81% of the company's stock.
Institutional Trading of Rigetti Computing
A number of large investors have recently modified their holdings of the company. Signaturefd LLC purchased a new position in Rigetti Computing during the 4th quarter worth $25,000. EverSource Wealth Advisors LLC bought a new position in shares of Rigetti Computing during the 4th quarter worth $28,000. Tucker Asset Management LLC purchased a new position in shares of Rigetti Computing during the fourth quarter valued at $32,000. Arete Wealth Advisors LLC bought a new stake in shares of Rigetti Computing in the third quarter valued at about $45,000. Finally, Spire Wealth Management purchased a new stake in Rigetti Computing in the fourth quarter worth about $46,000. 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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