Rigetti Computing (NASDAQ:RGTI) Trading 9.5% Higher - Here's What Happened

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report)'s share price was up 9.5% during mid-day trading on Friday . The company traded as high as $9.50 and last traded at $9.32. Approximately 35,093,472 shares changed hands during mid-day trading, a decline of 20% from the average daily volume of 44,124,990 shares. The stock had previously closed at $8.51.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on RGTI shares. B. Riley upped their price objective on shares of Rigetti Computing from $8.50 to $15.00 and gave the company a "buy" rating in a research note on Friday, February 14th. Needham & Company LLC reaffirmed a "buy" rating and issued a $17.00 price objective on shares of Rigetti Computing in a research note on Thursday. Craig Hallum began 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 for the company. Finally, Benchmark reissued a "buy" rating and set a $14.00 price target on shares of Rigetti Computing in a research report on Thursday.

Rigetti Computing Stock Up 9.9 %

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 firm has a market cap of $1.80 billion, a PE ratio of -24.60 and a beta of 1.36. The company's 50-day simple moving average is $11.94 and its two-hundred day simple moving average is $5.88.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last issued its quarterly earnings data on Wednesday, March 5th. The company reported ($0.08) EPS for the quarter, hitting the consensus estimate of ($0.08). Rigetti Computing had a negative net margin of 509.58% and a negative return on equity of 51.56%. The business had revenue of $2.27 million during the quarter, compared to analyst estimates of $2.40 million. During the same period in the prior year, the business earned ($0.04) EPS. On average, analysts predict that Rigetti Computing, Inc. will post -0.34 earnings per share for the current fiscal year.

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Insiders Place Their Bets

In related news, Director Michael S. Clifton sold 125,000 shares of the stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $5.03, for a total value of $628,750.00. Following the completion of the transaction, the director now directly owns 1,063,864 shares in the company, valued at $5,351,235.92. This trade represents a 10.51 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 2.81% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Vanguard Group Inc. increased its stake in shares of Rigetti Computing by 81.7% in the 4th quarter. Vanguard Group Inc. now owns 11,746,361 shares of the company's stock worth $179,249,000 after acquiring an additional 5,280,128 shares in the last quarter. Invesco Ltd. increased its stake 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 worth $69,896,000 after acquiring an additional 4,518,978 shares in the last quarter. Penserra Capital Management LLC increased its stake in shares of Rigetti Computing by 9.8% in the 3rd quarter. Penserra Capital Management LLC now owns 4,553,633 shares of the company's stock worth $3,565,000 after acquiring an additional 407,389 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Rigetti Computing by 6.3% in the 4th quarter. Geode Capital Management LLC now owns 3,850,220 shares of the company's stock worth $58,767,000 after acquiring an additional 228,391 shares in the last quarter. Finally, State Street Corp increased its stake in shares of Rigetti Computing by 12.9% in the 3rd quarter. State Street Corp now owns 2,715,223 shares of the company's stock worth $2,126,000 after acquiring an additional 309,831 shares in the last quarter. 35.38% of the stock is currently owned by institutional investors.

About Rigetti Computing

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.