Rigetti Computing (NASDAQ:RGTI) Stock Price Up 4.1% – Here’s Why

Rigetti Computing, Inc. (NASDAQ:RGTI) rose 4.1% on Tuesday . The company traded as high as $25.91 and last traded at $25.71. Approximately 43,700,388 shares were traded during trading, a decline of 41% from the average daily volume of 73,728,703 shares. The stock had previously closed at $24.69.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on RGTI shares. B. Riley cut their price objective on Rigetti Computing from $42.00 to $35.00 and set a “neutral” rating for the company in a research report on Wednesday, November 12th. Alliance Global Partners restated a “buy” rating on shares of Rigetti Computing in a research note on Tuesday, November 11th. Wall Street Zen raised shares of Rigetti Computing from a “sell” rating to a “hold” rating in a research report on Saturday. Benchmark decreased their price objective on shares of Rigetti Computing from $50.00 to $40.00 and set a “buy” rating on the stock in a report on Tuesday, November 11th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Rigetti Computing in a research report on Wednesday, October 8th. Five equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $25.43.

Rigetti Computing Price Performance

The business’s 50-day moving average is $34.66 and its 200 day moving average is $20.96. The firm has a market capitalization of $8.33 billion, a P/E ratio of -19.78 and a beta of 1.64.

Rigetti Computing (NASDAQ:RGTI) last posted its quarterly earnings data on Monday, November 10th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.02. Rigetti Computing had a negative net margin of 4,741.49% and a negative return on equity of 21.98%. The firm had revenue of $1.95 million during the quarter, compared to the consensus estimate of $2.17 million. The company’s quarterly revenue was down 18.1% compared to the same quarter last year. Analysts anticipate that Rigetti Computing, Inc. will post -0.34 EPS for the current fiscal year.

Insider Transactions at Rigetti Computing

In other news, Director Thomas J. Iannotti sold 100,000 shares of the stock in a transaction on Friday, September 12th. The stock was sold at an average price of $19.50, for a total transaction of $1,950,000.00. Following the sale, the director directly owned 14,902 shares of the company’s stock, valued at approximately $290,589. This represents a 87.03% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Michael S. Clifton sold 75,000 shares of the firm’s stock in a transaction on Friday, September 12th. The stock was sold at an average price of $19.00, for a total value of $1,425,000.00. Following the completion of the transaction, the director owned 653,766 shares in the company, valued at $12,421,554. The trade was a 10.29% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 454,204 shares of company stock worth $10,300,876.

Institutional Investors Weigh In On Rigetti Computing

Several institutional investors and hedge funds have recently added to or reduced their stakes in RGTI. Vanguard Group Inc. increased its stake in shares of Rigetti Computing by 40.4% in the 3rd quarter. Vanguard Group Inc. now owns 32,046,477 shares of the company’s stock valued at $954,665,000 after purchasing an additional 9,228,888 shares during the last quarter. Marex Group plc bought a new position in Rigetti Computing in the second quarter valued at about $87,414,000. Ameriprise Financial Inc. acquired a new position in Rigetti Computing during the second quarter worth about $21,887,000. Clear Street Group Inc. bought a new position in shares of Rigetti Computing in the third quarter worth about $47,752,000. Finally, UBS Group AG boosted its stake in shares of Rigetti Computing by 90.9% in the 3rd quarter. UBS Group AG now owns 3,081,174 shares of the company’s stock valued at $91,788,000 after purchasing an additional 1,467,483 shares in the last quarter. 35.38% of the stock is currently owned by institutional investors.

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.