Rigetti Computing (NASDAQ:RGTI) Trading 0.9% Higher - What's Next?

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) shares traded up 0.9% on Monday . The stock traded as high as $9.70 and last traded at $9.18. 11,458,377 shares changed hands during mid-day trading, a decline of 76% from the average session volume of 48,670,250 shares. The stock had previously closed at $9.10.

Analyst Ratings Changes

Several brokerages have recently commented on RGTI. Alliance Global Partners restated a "buy" rating on shares of Rigetti Computing in a research note on Thursday, March 6th. Benchmark reissued a "buy" rating and issued a $14.00 price objective on shares of Rigetti Computing in a research note on Thursday, March 6th. Needham & Company LLC restated a "buy" rating and set a $17.00 price objective 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 stock a "buy" rating in a research note on Friday, February 14th. Finally, Craig Hallum began coverage on shares of Rigetti Computing in a research report on Friday, December 20th. They set a "buy" rating and a $12.00 price target on the stock. Five analysts have rated the stock with a buy rating, According to data from MarketBeat, Rigetti Computing presently has an average rating of "Buy" and a consensus price target of $14.50.

Rigetti Computing Trading Down 1.5 %

The firm has a market capitalization of $2.56 billion, a P/E ratio of -23.58 and a beta of 1.41. The firm has a fifty day simple moving average of $9.64 and a two-hundred day simple moving average of $7.41. 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 quarterly earnings results on Wednesday, March 5th. The company reported ($0.08) earnings per share for the quarter, meeting the consensus estimate 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 return on equity of 51.56% and a negative net margin of 509.58%. During the same period in the prior year, the business posted ($0.04) earnings per share. On average, equities research analysts anticipate that Rigetti Computing, Inc. will post -0.34 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CTO David Rivas sold 351,785 shares of the firm's stock in a transaction dated 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. This trade represents a 24.32 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. 2.81% of the stock is owned by company insiders.

Institutional Investors Weigh In On Rigetti Computing

Institutional investors have recently made changes to their positions in the business. Signaturefd LLC bought a new position in shares of Rigetti Computing during the fourth quarter valued at about $25,000. EverSource Wealth Advisors LLC bought a new stake in Rigetti Computing in the 4th quarter worth $28,000. Tucker Asset Management LLC purchased a new position in shares of Rigetti Computing in the fourth quarter valued at about $32,000. Arete Wealth Advisors LLC purchased a new stake in Rigetti Computing in the 3rd quarter worth approximately $45,000. Finally, Spire Wealth Management bought a new stake in shares of Rigetti Computing in the 4th quarter worth approximately $46,000. Hedge funds and other 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.

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