Rigetti Computing (NASDAQ:RGTI) Trading Up 12.6% – What’s Next?

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) rose 12.6% on Monday . The stock traded as high as $26.76 and last traded at $26.57. Approximately 42,068,562 shares changed hands during mid-day trading, a decline of 43% from the average daily volume of 73,258,703 shares. The stock had previously closed at $23.59.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. Wall Street Zen raised Rigetti Computing from a “sell” rating to a “hold” rating in a report on Saturday, November 15th. Williams Trading set a $40.00 price objective on shares of Rigetti Computing in a research note on Tuesday, November 11th. Benchmark cut their price objective on shares of Rigetti Computing from $50.00 to $40.00 and set a “buy” rating for the company in a research report on Tuesday, November 11th. Weiss Ratings restated a “sell (e+)” rating on shares of Rigetti Computing in a research note on Wednesday, October 8th. Finally, Alliance Global Partners reiterated a “buy” rating on shares of Rigetti Computing in a research note on Tuesday, November 11th. Five investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $25.43.

Rigetti Computing Trading Up 12.6%

The firm has a market capitalization of $8.77 billion, a price-to-earnings ratio of -20.44 and a beta of 1.64. The stock’s 50 day moving average price is $35.39 and its two-hundred day moving average price is $21.48.

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

Insider Activity at Rigetti Computing

In other news, Director Thomas J. Iannotti sold 100,000 shares of the business’s stock in a transaction that occurred 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 owned 14,902 shares of the company’s stock, valued at $290,589. The trade was a 87.03% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Ray O. Johnson sold 126,295 shares of the company’s stock in a transaction that occurred on Friday, September 12th. The stock was sold at an average price of $20.00, for a total value of $2,525,900.00. Following the completion of the sale, the director owned 293,461 shares in the company, valued at approximately $5,869,220. This represents a 30.09% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 405,930 shares of company stock valued at $9,584,046 in the last 90 days.

Institutional Trading of Rigetti Computing

Several large investors have recently bought and sold shares of RGTI. Rothschild Investment LLC raised its stake in shares of Rigetti Computing by 26.1% during the 3rd quarter. Rothschild Investment LLC now owns 1,665 shares of the company’s stock worth $50,000 after buying an additional 345 shares during the last quarter. Trust Co. of Toledo NA OH lifted its holdings in shares of Rigetti Computing by 1.7% in the third quarter. Trust Co. of Toledo NA OH now owns 21,178 shares of the company’s stock valued at $631,000 after purchasing an additional 357 shares in the last quarter. Prospera Financial Services Inc grew its position in shares of Rigetti Computing by 1.0% in the third quarter. Prospera Financial Services Inc now owns 41,789 shares of the company’s stock valued at $1,245,000 after purchasing an additional 419 shares during the last quarter. MAI Capital Management increased its stake in shares of Rigetti Computing by 17.7% during the 3rd quarter. MAI Capital Management now owns 3,763 shares of the company’s stock worth $112,000 after purchasing an additional 566 shares in the last quarter. Finally, GAMMA Investing LLC increased its stake in shares of Rigetti Computing by 25.6% during the 3rd quarter. GAMMA Investing LLC now owns 2,878 shares of the company’s stock worth $86,000 after purchasing an additional 587 shares in the last quarter. Institutional investors and hedge funds own 35.38% of the company’s stock.

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.