Rigetti Computing (NASDAQ:RGTI) Stock Price Up 3.1% – Here’s Why

Rigetti Computing, Inc. (NASDAQ:RGTI)’s stock price rose 3.1% during trading on Friday . The company traded as high as $12.52 and last traded at $11.90. Approximately 32,690,724 shares changed hands during mid-day trading, a decline of 37% from the average daily volume of 51,933,872 shares. The stock had previously closed at $11.54.

Wall Street Analyst Weigh In

RGTI has been the subject of a number of recent research reports. Needham & Company LLC reduced their price objective on shares of Rigetti Computing from $17.00 to $15.00 and set a “buy” rating for the company in a research note on Wednesday. Alliance Global Partners reissued a “buy” rating on shares of Rigetti Computing in a research note on Thursday, March 6th. 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. Finally, Benchmark reissued a “buy” rating and issued a $14.00 price objective on shares of Rigetti Computing in a research note on Thursday. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Rigetti Computing currently has a consensus rating of “Buy” and an average target price of $14.00.

Rigetti Computing Stock Up 2.7%

The company’s fifty day simple moving average is $9.29 and its 200-day simple moving average is $8.86. 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 has a market capitalization of $3.39 billion, a PE ratio of -31.18 and a beta of 1.41.

Rigetti Computing (NASDAQ:RGTI) last released its quarterly earnings results on Wednesday, March 5th. The company reported ($0.08) earnings per share (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 for the quarter, compared to analyst estimates of $2.40 million. During the same period in the previous year, the company earned ($0.04) earnings per share. On average, analysts forecast that Rigetti Computing, Inc. will post -0.34 EPS for the current year.

Insider Activity

In other news, CTO David Rivas sold 351,785 shares of the business’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 sale, the chief technology officer now directly owns 1,094,738 shares of the company’s stock, valued at $8,495,166.88. The trade was a 24.32% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 1.90% of the company’s stock.

Institutional Investors Weigh In On Rigetti Computing

A number of large investors have recently made changes to their positions in the stock. California State Teachers Retirement System grew its holdings in shares of Rigetti Computing by 12.7% during the fourth quarter. California State Teachers Retirement System now owns 11,551 shares of the company’s stock valued at $176,000 after buying an additional 1,301 shares during the last quarter. US Bancorp DE boosted its holdings in Rigetti Computing by 29.4% in the first quarter. US Bancorp DE now owns 6,248 shares of the company’s stock valued at $49,000 after purchasing an additional 1,420 shares during the last quarter. Allworth Financial LP boosted its holdings in Rigetti Computing by 14.9% in the fourth quarter. Allworth Financial LP now owns 11,604 shares of the company’s stock valued at $161,000 after purchasing an additional 1,504 shares during the last quarter. Signaturefd LLC purchased a new stake in Rigetti Computing in the fourth quarter valued at $25,000. Finally, Amalgamated Bank boosted its holdings in Rigetti Computing by 33.1% in the first quarter. Amalgamated Bank now owns 6,516 shares of the company’s stock valued at $52,000 after purchasing an additional 1,622 shares during the last quarter. 35.38% of the stock is owned by hedge funds and other 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.