Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report)'s share price traded up 3.4% during mid-day trading on Tuesday . The company traded as high as $8.96 and last traded at $8.62. 18,760,568 shares were traded during trading, a decline of 82% from the average session volume of 102,405,148 shares. The stock had previously closed at $8.33.
Analyst Upgrades and Downgrades
A number of equities research analysts recently commented on RGTI shares. B. Riley raised their price objective on shares of Rigetti Computing from $8.50 to $15.00 and gave the company a "buy" rating in a research report on Friday, February 14th. Needham & Company LLC reiterated a "buy" rating and set a $17.00 price target on shares of Rigetti Computing in a research report on Thursday, March 6th. Alliance Global Partners restated a "buy" rating on shares of Rigetti Computing in a report on Thursday, March 6th. Craig Hallum assumed coverage on Rigetti Computing in a report on Friday, December 20th. They set a "buy" rating and a $12.00 price objective for the company. Finally, Benchmark reissued a "buy" rating and issued a $14.00 target price on shares of Rigetti Computing in a report on Thursday, March 6th. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and an average target price of $14.50.
View Our Latest Research Report on Rigetti Computing
Rigetti Computing Price Performance
The company has a current ratio of 4.84, a quick ratio of 4.84 and a debt-to-equity ratio of 0.02. The company's 50 day moving average is $9.64 and its 200-day moving average is $7.36. The stock has a market cap of $2.60 billion, a PE ratio of -23.95 and a beta of 1.41.
Rigetti Computing (NASDAQ:RGTI - Get Free Report) last issued its earnings results on Wednesday, March 5th. The company reported ($0.08) earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of ($0.08). The business had revenue of $2.27 million for the quarter, compared to analyst estimates of $2.40 million. Rigetti Computing had a negative net margin of 509.58% and a negative return on equity of 51.56%. During the same quarter in the prior year, the business posted ($0.04) EPS. As a group, sell-side analysts predict that Rigetti Computing, Inc. will post -0.34 earnings per share for the current year.
Insider Activity
In other news, CTO David Rivas sold 351,785 shares of Rigetti Computing stock in a transaction that occurred 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 transaction, the chief technology officer now owns 1,094,738 shares of the company's stock, valued at $8,495,166.88. The trade was a 24.32 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 2.81% of the company's stock.
Institutional Inflows and Outflows
Institutional investors have recently made changes to their positions in the company. California State Teachers Retirement System raised its stake in shares of Rigetti Computing by 12.7% in the fourth quarter. California State Teachers Retirement System now owns 11,551 shares of the company's stock valued at $176,000 after purchasing an additional 1,301 shares in the last quarter. 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 acquiring an additional 1,504 shares during the last quarter. Signaturefd LLC bought a new stake in shares of Rigetti Computing in the fourth quarter worth about $25,000. Legal & General Group Plc lifted its stake in Rigetti Computing by 14.9% in the fourth quarter. Legal & General Group Plc now owns 14,051 shares of the company's stock valued at $214,000 after buying an additional 1,817 shares in the last quarter. Finally, EverSource Wealth Advisors LLC acquired a new position in shares of Rigetti Computing in the fourth quarter valued at approximately $28,000. 35.38% of the stock is owned by hedge funds and other institutional investors.
Rigetti Computing Company Profile
(
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.
Further Reading
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