Rigetti Computing (NASDAQ:RGTI) Trading Up 3.3% - Here's Why

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) shot up 3.3% during trading on Wednesday . The stock traded as high as $8.24 and last traded at $7.97. 13,581,866 shares changed hands during mid-day trading, a decline of 72% from the average session volume of 48,058,830 shares. The stock had previously closed at $7.72.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. Needham & Company LLC reissued a "buy" rating and issued a $17.00 price objective on shares of Rigetti Computing in a research report on Thursday, March 6th. Craig Hallum began coverage on Rigetti Computing in a report on Friday, December 20th. They issued a "buy" rating and a $12.00 price target for the company. Benchmark restated 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 increased their target price on Rigetti Computing from $8.50 to $15.00 and gave the company a "buy" rating in a research note on Friday, February 14th. Finally, Alliance Global Partners reiterated a "buy" rating on shares of Rigetti Computing in a report on Thursday, March 6th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat, Rigetti Computing presently has an average rating of "Buy" and an average target price of $14.50.

Rigetti Computing Trading Down 3.4 %

The company has a market capitalization of $2.60 billion, a PE ratio of -23.95 and a beta of 1.41. 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 business's 50-day simple moving average is $9.64 and its two-hundred day simple moving average is $7.36.

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Rigetti Computing (NASDAQ:RGTI - Get Free Report) last issued 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). 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 during the quarter, compared to analyst estimates of $2.40 million. During the same quarter last year, the firm earned ($0.04) EPS. On average, analysts predict that Rigetti Computing, Inc. will post -0.34 earnings per share for the current 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 transaction of $2,729,851.60. Following the completion of 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 trade represents a 24.32 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 2.81% of the company's stock.

Hedge Funds Weigh In On Rigetti Computing

Several large investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its stake in Rigetti Computing by 81.7% during the fourth quarter. Vanguard Group Inc. now owns 11,746,361 shares of the company's stock valued at $179,249,000 after buying an additional 5,280,128 shares in the last quarter. Invesco Ltd. increased its holdings in shares of Rigetti Computing by 7,367.2% in the 4th quarter. Invesco Ltd. now owns 4,580,317 shares of the company's stock valued at $69,896,000 after acquiring an additional 4,518,978 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Rigetti Computing by 6.3% during the 4th quarter. Geode Capital Management LLC now owns 3,850,220 shares of the company's stock valued at $58,767,000 after acquiring an additional 228,391 shares in the last quarter. State Street Corp lifted its stake in Rigetti Computing by 12.9% during the third quarter. State Street Corp now owns 2,715,223 shares of the company's stock worth $2,126,000 after purchasing an additional 309,831 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its holdings in Rigetti Computing by 3,295.7% in the fourth quarter. JPMorgan Chase & Co. now owns 2,117,563 shares of the company's stock worth $32,314,000 after purchasing an additional 2,055,203 shares during the period. 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.