Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) was down 2% during mid-day trading on Tuesday . The company traded as low as $8.67 and last traded at $8.69. Approximately 5,968,419 shares were traded during trading, a decline of 88% from the average daily volume of 48,545,167 shares. The stock had previously closed at $8.86.
Wall Street Analyst Weigh In
A number of research firms recently commented on RGTI. B. Riley upped their price objective on Rigetti Computing from $8.50 to $15.00 and gave the company a "buy" rating in a research report on Friday, February 14th. Craig Hallum started coverage on shares of Rigetti Computing in a research note on Friday, December 20th. They issued a "buy" rating and a $12.00 price objective on the stock. 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. Alliance Global Partners reiterated a "buy" rating on shares of Rigetti Computing in a research note on Thursday, March 6th. Finally, Benchmark restated a "buy" rating and issued a $14.00 price objective on shares of Rigetti Computing in a research note on Thursday, March 6th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Rigetti Computing presently has an average rating of "Buy" and a consensus target price of $14.50.
Read Our Latest Research Report on Rigetti Computing
Rigetti Computing Stock Performance
The firm has a market cap of $2.38 billion, a PE ratio of -21.89 and a beta of 1.41. The company has a quick ratio of 4.84, a current ratio of 4.84 and a debt-to-equity ratio of 0.02. The business has a 50 day simple moving average of $9.22 and a two-hundred day simple moving average of $7.58.
Rigetti Computing (NASDAQ:RGTI - Get Free Report) last announced its quarterly earnings data on Wednesday, March 5th. The company reported ($0.08) earnings per share for the quarter, meeting analysts' consensus estimates of ($0.08). The company had revenue of $2.27 million during 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 last year, the business posted ($0.04) EPS. As a group, equities research analysts forecast that Rigetti Computing, Inc. will post -0.34 earnings per share for the current fiscal year.
Insider Buying and Selling
In other Rigetti Computing news, CTO David Rivas sold 351,785 shares of the firm'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 transaction, the chief technology officer now 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 2.81% of the stock is owned by company insiders.
Institutional Inflows and Outflows
Several institutional investors have recently made changes to their positions in the business. California State Teachers Retirement System grew its position in Rigetti Computing by 12.7% during the fourth quarter. California State Teachers Retirement System now owns 11,551 shares of the company's stock valued at $176,000 after buying an additional 1,301 shares during the period. Allworth Financial LP boosted its stake in shares of Rigetti Computing by 14.9% during the 4th quarter. Allworth Financial LP now owns 11,604 shares of the company's stock worth $161,000 after acquiring an additional 1,504 shares in the last quarter. Signaturefd LLC acquired a new stake in shares of Rigetti Computing during the 4th quarter valued at about $25,000. Legal & General Group Plc grew its position in shares of Rigetti Computing by 14.9% during the 4th quarter. Legal & General Group Plc now owns 14,051 shares of the company's stock valued at $214,000 after acquiring an additional 1,817 shares during the period. Finally, EverSource Wealth Advisors LLC purchased a new position in shares of Rigetti Computing in the 4th quarter valued at about $28,000. Hedge funds and other institutional investors 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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