Needham & Company LLC reaffirmed their buy rating on shares of Rigetti Computing (NASDAQ:RGTI - Free Report) in a report issued on Thursday morning,Benzinga reports. The brokerage currently has a $17.00 target price on the stock.
Other research analysts have also issued research reports about the stock. B. Riley boosted their price objective on shares of Rigetti Computing from $8.50 to $15.00 and gave the stock a "buy" rating in a research note on Friday, February 14th. Benchmark boosted their price objective on shares of Rigetti Computing from $2.50 to $14.00 and gave the stock a "buy" rating in a research note on Friday, February 21st. Finally, Craig Hallum initiated coverage on shares of Rigetti Computing in a research note on Friday, December 20th. They set a "buy" rating and a $12.00 price target on the stock.
Get Our Latest Stock Analysis on Rigetti Computing
Rigetti Computing Stock Up 9.9 %
Shares of RGTI traded up $0.84 during mid-day trading on Thursday, hitting $9.35. The company's stock had a trading volume of 74,469,316 shares, compared to its average volume of 44,504,331. The company's 50-day moving average is $11.94 and its 200-day moving average is $5.88. Rigetti Computing has a 52-week low of $0.66 and a 52-week high of $21.42. The firm has a market capitalization of $1.80 billion, a price-to-earnings ratio of -24.60 and a beta of 1.36. The company has a current ratio of 4.84, a quick ratio of 4.84 and a debt-to-equity ratio of 0.02.
Rigetti Computing (NASDAQ:RGTI - Get Free Report) last posted its quarterly earnings data on Wednesday, March 5th. The company reported ($0.08) EPS for the quarter, hitting the consensus estimate of ($0.08). The firm had revenue of $2.27 million during the quarter, compared to analyst estimates of $2.40 million. Rigetti Computing had a negative net margin of 509.58% and a negative return on equity of 51.56%. During the same quarter in the previous year, the business posted ($0.04) EPS. On average, equities research analysts forecast that Rigetti Computing will post -0.34 EPS for the current fiscal year.
Insider Buying and Selling at Rigetti Computing
In other news, Director Michael S. Clifton sold 125,000 shares of the company's stock in a transaction on Monday, December 9th. The shares were sold at an average price of $5.03, for a total value of $628,750.00. Following the sale, the director now directly owns 1,063,864 shares of the company's stock, valued at $5,351,235.92. This represents a 10.51 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.81% of the stock is currently owned by company insiders.
Institutional Trading of Rigetti Computing
Several large investors have recently made changes to their positions in the business. Vanguard Group Inc. boosted its holdings 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 valued at $179,249,000 after acquiring an additional 5,280,128 shares during the last quarter. Invesco Ltd. boosted 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. Penserra Capital Management LLC boosted its holdings 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 valued at $3,565,000 after acquiring an additional 407,389 shares during the last quarter. Geode Capital Management LLC boosted its holdings 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 valued at $58,767,000 after acquiring an additional 228,391 shares during the last quarter. Finally, State Street Corp boosted its holdings 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 buying an additional 309,831 shares in the last quarter. 35.38% of the stock is owned by hedge funds and other institutional investors.
About Rigetti Computing
(
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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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