Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) traded down 3.4% during trading on Wednesday . The stock traded as low as $9.90 and last traded at $9.92. 20,434,672 shares traded hands during mid-day trading, a decline of 56% from the average session volume of 46,130,573 shares. The stock had previously closed at $10.26.
Analyst Ratings Changes
A number of brokerages recently commented on RGTI. Benchmark reaffirmed a "buy" rating and set a $14.00 price objective on shares of Rigetti Computing in a research note on Thursday, March 6th. B. Riley boosted their price target on Rigetti Computing from $8.50 to $15.00 and gave the company a "buy" rating in a report on Friday, February 14th. Craig Hallum initiated coverage on Rigetti Computing in a report on Friday, December 20th. They issued a "buy" rating and a $12.00 price target on the stock. Needham & Company LLC reiterated a "buy" rating and set a $17.00 target price on shares of Rigetti Computing in a report on Thursday, March 6th. Finally, Alliance Global Partners reiterated a "buy" rating on shares of Rigetti Computing in a report on Thursday, March 6th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average price target of $14.50.
Read Our Latest Analysis on Rigetti Computing
Rigetti Computing Stock Performance
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 stock has a fifty day simple moving average of $10.75 and a two-hundred day simple moving average of $6.48. The stock has a market capitalization of $2.59 billion, a price-to-earnings ratio of -23.87 and a beta of 1.36.
Rigetti Computing (NASDAQ:RGTI - Get Free Report) last issued its quarterly earnings results on Wednesday, March 5th. The company reported ($0.08) earnings per share for the quarter, hitting analysts' consensus estimates of ($0.08). The firm had revenue of $2.27 million during the quarter, compared to the consensus estimate 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 last year, the business posted ($0.04) EPS. Analysts forecast that Rigetti Computing, Inc. will post -0.34 earnings per share for the current fiscal year.
Insider Buying and Selling at Rigetti Computing
In related news, CTO David Rivas sold 351,785 shares of the company's stock in a transaction that occurred 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 transaction, the chief technology officer now owns 1,094,738 shares in the company, valued at approximately $8,495,166.88. This represents a 24.32 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 2.81% of the company's stock.
Institutional Inflows and Outflows
Several institutional investors have recently made changes to their positions in the company. California State Teachers Retirement System increased its stake in 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 acquiring an additional 1,301 shares during the last quarter. Allworth Financial LP grew its stake in shares of Rigetti Computing by 14.9% during the fourth quarter. Allworth Financial LP now owns 11,604 shares of the company's stock valued at $161,000 after buying an additional 1,504 shares during the last quarter. Signaturefd LLC bought a new position in shares of Rigetti Computing during the fourth quarter valued at about $25,000. Legal & General Group Plc grew its stake in shares of Rigetti Computing by 14.9% during 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 during the last quarter. Finally, EverSource Wealth Advisors LLC bought a new position in shares of Rigetti Computing during the fourth quarter valued at about $28,000. Institutional investors own 35.38% of the company's stock.
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.
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