Rigetti Computing (NASDAQ:RGTI) Shares Up 0.8% - Here's What Happened

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) shares shot up 0.8% during trading on Friday . The company traded as high as $8.48 and last traded at $8.32. 11,951,192 shares changed hands during mid-day trading, a decline of 76% from the average session volume of 48,812,936 shares. The stock had previously closed at $8.25.

Analysts Set New Price Targets

RGTI has been the topic of several recent research reports. Needham & Company LLC reaffirmed a "buy" rating and issued a $17.00 price target on shares of Rigetti Computing in a research note on Thursday, March 6th. Benchmark reissued a "buy" rating and set a $14.00 price target on shares of Rigetti Computing in a research report on Thursday, March 6th. Alliance Global Partners reaffirmed a "buy" rating on shares of Rigetti Computing in a research note on Thursday, March 6th. Finally, B. Riley upped their price target on Rigetti Computing from $8.50 to $15.00 and gave the stock a "buy" rating in a research note on Friday, February 14th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Rigetti Computing presently has an average rating of "Buy" and an average target price of $14.50.

Rigetti Computing Trading Up 0.8 %

The stock 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 debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84. The firm's 50 day moving average price is $9.22 and its 200-day moving average price is $7.63.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last issued its earnings results on Wednesday, March 5th. The company reported ($0.08) EPS for the quarter, meeting the consensus estimate of ($0.08). Rigetti Computing had a negative return on equity of 51.56% and a negative net margin of 509.58%. The business had revenue of $2.27 million for the quarter, compared to the consensus estimate of $2.40 million. During the same period 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 year.

Insider Buying and Selling at Rigetti Computing

In other news, CTO David Rivas sold 351,785 shares of the stock in a transaction on 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 $8,495,166.88. This represents a 24.32 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 2.81% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Signaturefd LLC bought a new stake in Rigetti Computing during the fourth quarter valued at approximately $25,000. GAMMA Investing LLC grew its position in shares of Rigetti Computing by 1,813.0% during the 1st quarter. GAMMA Investing LLC now owns 3,233 shares of the company's stock valued at $26,000 after acquiring an additional 3,064 shares during the period. EverSource Wealth Advisors LLC purchased a new stake in shares of Rigetti Computing in the 4th quarter worth $28,000. Tucker Asset Management LLC bought a new position in Rigetti Computing in the 4th quarter worth $32,000. Finally, Spire Wealth Management purchased a new position in Rigetti Computing during the fourth quarter valued at $46,000. Institutional investors own 35.38% of the company's stock.

Rigetti Computing Company Profile

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.