Rigetti Computing (NASDAQ:RGTI) Shares Up 2.8% - Here's Why

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) shares rose 2.8% on Tuesday . The company traded as high as $8.23 and last traded at $8.13. Approximately 19,085,086 shares traded hands during trading, a decline of 57% from the average daily volume of 44,484,371 shares. The stock had previously closed at $7.91.

Analysts Set New Price Targets

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

Rigetti Computing Price Performance

The stock has a market capitalization of $1.68 billion, a P/E ratio of -23.03 and a beta of 1.37. The company's 50 day simple moving average is $11.49 and its two-hundred day simple moving average is $6.04. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84.

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Rigetti Computing (NASDAQ:RGTI - Get Free Report) last announced its earnings results on Wednesday, March 5th. The company reported ($0.08) EPS for the quarter, hitting 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 business had revenue of $2.27 million for the quarter, compared to the consensus estimate of $2.40 million. During the same period in the previous year, the business earned ($0.04) EPS. As a group, equities analysts expect that Rigetti Computing, Inc. will post -0.34 EPS for the current fiscal year.

Insider Transactions at Rigetti Computing

In other news, CTO David Rivas sold 351,785 shares of the company's stock in a transaction that occurred 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 transaction, the chief technology officer now directly owns 1,094,738 shares in the company, valued at approximately $8,495,166.88. This represents a 24.32 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 2.81% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of RGTI. Allworth Financial LP increased its stake in shares of Rigetti Computing by 14.9% in the 4th quarter. Allworth Financial LP now owns 11,604 shares of the company's stock valued at $161,000 after buying an additional 1,504 shares during the period. Signaturefd LLC acquired a new stake in Rigetti Computing in the fourth quarter worth about $25,000. Legal & General Group Plc raised its holdings in Rigetti Computing by 14.9% during the 4th 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. EverSource Wealth Advisors LLC acquired a new position in Rigetti Computing during the 4th quarter valued at about $28,000. Finally, JPMorgan Chase & Co. lifted its position in Rigetti Computing by 3.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 62,360 shares of the company's stock valued at $49,000 after purchasing an additional 2,045 shares during the period. Institutional investors own 35.38% of the company's stock.

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.