Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) shares shot up 0.1% during trading on Tuesday . The company traded as high as $8.13 and last traded at $7.93. 11,834,103 shares traded hands during mid-day trading, a decline of 75% from the average session volume of 47,251,477 shares. The stock had previously closed at $7.92.
Wall Street Analyst Weigh In
RGTI has been the subject of several analyst reports. 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 for the company. Benchmark reissued a "buy" rating and set a $14.00 price objective on shares of Rigetti Computing in a research report on Thursday, March 6th. 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. B. Riley increased their target price 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 reissued 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 stock currently has an average rating of "Buy" and an average target price of $14.50.
Check Out Our Latest Stock Analysis on Rigetti Computing
Rigetti Computing Trading Up 8.7 %
The stock has a market cap of $2.43 billion, a price-to-earnings ratio of -22.34 and a beta of 1.36. 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 company has a 50 day moving average of $10.45 and a 200-day moving average of $6.92.
Rigetti Computing (NASDAQ:RGTI - Get Free Report) last posted its quarterly earnings data on Wednesday, March 5th. The company reported ($0.08) EPS for the quarter, meeting the consensus estimate 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 during the quarter, compared to analyst estimates of $2.40 million. During the same quarter last year, the firm posted ($0.04) earnings per share. On average, research analysts anticipate that Rigetti Computing, Inc. will post -0.34 earnings per share for the current year.
Insider Transactions at Rigetti Computing
In related news, CTO David Rivas sold 351,785 shares of Rigetti Computing stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $7.76, for a total value of $2,729,851.60. Following the completion of the transaction, the chief technology officer now directly owns 1,094,738 shares in the company, valued at approximately $8,495,166.88. This trade represents a 24.32 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 2.81% of the company's stock.
Institutional Investors Weigh In On Rigetti Computing
A number of hedge funds have recently bought and sold shares of RGTI. Signaturefd LLC purchased a new stake in shares of Rigetti Computing during the fourth quarter worth approximately $25,000. EverSource Wealth Advisors LLC acquired a new position in Rigetti Computing during the 4th quarter worth approximately $28,000. Tucker Asset Management LLC purchased a new stake in shares of Rigetti Computing in the 4th quarter valued at approximately $32,000. Arete Wealth Advisors LLC acquired a new stake in shares of Rigetti Computing in the 3rd quarter valued at $45,000. Finally, Spire Wealth Management purchased a new stake in shares of Rigetti Computing during the 4th quarter worth $46,000. Institutional investors and hedge funds 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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