Shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) were down 4% during trading on Wednesday . The company traded as low as $8.18 and last traded at $8.28. Approximately 5,068,518 shares were traded during mid-day trading, a decline of 90% from the average daily volume of 48,583,226 shares. The stock had previously closed at $8.62.
Analyst Ratings Changes
RGTI has been the topic of several recent research reports. B. Riley raised their price objective 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 assumed coverage on Rigetti Computing in a research note on Friday, December 20th. They issued a "buy" rating and a $12.00 price objective for the company. Alliance Global Partners reissued a "buy" rating on shares of Rigetti Computing in a report on Thursday, March 6th. Benchmark reaffirmed a "buy" rating and set a $14.00 price target on shares of Rigetti Computing in a research note on Thursday, March 6th. Finally, 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. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of $14.50.
Check Out Our Latest Stock Analysis on Rigetti Computing
Rigetti Computing Price Performance
The firm has a market cap of $2.38 billion, a P/E 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's 50 day moving average is $9.22 and its two-hundred day moving average is $7.58.
Rigetti Computing (NASDAQ:RGTI - Get Free Report) last posted its quarterly earnings results on Wednesday, March 5th. The company reported ($0.08) earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of ($0.08). Rigetti Computing had a negative return on equity of 51.56% and a negative net margin of 509.58%. The firm had revenue of $2.27 million for the quarter, compared to analysts' expectations of $2.40 million. During the same period in the prior year, the business earned ($0.04) EPS. As a group, analysts anticipate 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 the stock in a transaction dated 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 sale, the chief technology officer now owns 1,094,738 shares in the company, valued at $8,495,166.88. This represents a 24.32 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 2.81% of the company's stock.
Hedge Funds Weigh In On Rigetti Computing
Several hedge funds have recently modified their holdings of RGTI. State Street Corp increased its position in shares of Rigetti Computing by 12.9% during the 3rd quarter. State Street Corp now owns 2,715,223 shares of the company's stock valued at $2,126,000 after purchasing an additional 309,831 shares during the last quarter. Jane Street Group LLC increased its holdings in Rigetti Computing by 23.8% during the third quarter. Jane Street Group LLC now owns 244,496 shares of the company's stock worth $191,000 after buying an additional 47,013 shares during the last quarter. Barclays PLC raised its position in Rigetti Computing by 275.6% in the third quarter. Barclays PLC now owns 185,959 shares of the company's stock worth $145,000 after acquiring an additional 136,443 shares during the period. Geode Capital Management LLC boosted its stake in Rigetti Computing by 20.6% in the third quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company's stock valued at $2,837,000 after acquiring an additional 617,506 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its position in shares of Rigetti Computing by 3.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 62,360 shares of the company's stock valued at $49,000 after acquiring an additional 2,045 shares during the period. 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.
Further Reading
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