Rigetti Computing (NASDAQ:RGTI) Shares Up 5.4% - Here's What Happened

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report)'s stock price rose 5.4% during mid-day trading on Wednesday . The stock traded as high as $8.25 and last traded at $8.23. Approximately 10,942,809 shares were traded during trading, a decline of 77% from the average daily volume of 47,347,113 shares. The stock had previously closed at $7.81.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on RGTI. Craig Hallum assumed 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. Needham & Company LLC reiterated a "buy" rating and issued a $17.00 price objective on shares of Rigetti Computing in a research report on Thursday, March 6th. Alliance Global Partners reissued a "buy" rating on shares of Rigetti Computing in a report on Thursday, March 6th. B. Riley raised 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. Finally, Benchmark reissued a "buy" rating and set a $14.00 price target on shares of Rigetti Computing in a research note on Thursday, March 6th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has an average rating of "Buy" and an average price target of $14.50.

Rigetti Computing Stock Down 8.0 %

The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84. The stock has a market cap of $2.14 billion, a price-to-earnings ratio of -19.74 and a beta of 1.36. The firm has a 50 day simple moving average of $10.23 and a two-hundred day simple moving average of $6.98.

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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 analysts' consensus estimates of ($0.08). Rigetti Computing had a negative net margin of 509.58% and a negative return on equity of 51.56%. The business had revenue of $2.27 million for the quarter, compared to the consensus estimate of $2.40 million. During the same period last year, the company posted ($0.04) EPS. As a group, sell-side analysts expect that Rigetti Computing, Inc. will post -0.34 EPS for the current year.

Insiders Place Their Bets

In related news, CTO David Rivas sold 351,785 shares of the company's stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $7.76, for a total value of $2,729,851.60. Following the completion of the sale, the chief technology officer now owns 1,094,738 shares in the company, valued at $8,495,166.88. This represents a 24.32 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 2.81% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RGTI. Signaturefd LLC bought a new position in shares of Rigetti Computing during the 4th quarter valued at about $25,000. EverSource Wealth Advisors LLC bought a new position in Rigetti Computing in the fourth quarter valued at approximately $28,000. Tucker Asset Management LLC acquired a new position in shares of Rigetti Computing in the fourth quarter valued at approximately $32,000. Arete Wealth Advisors LLC acquired a new position in shares of Rigetti Computing in the third quarter valued at approximately $45,000. Finally, Spire Wealth Management bought a new stake in shares of Rigetti Computing during the fourth quarter worth $46,000. 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.