Shares of Rigetti Computing, Inc. (NASDAQ:RGTI – Get Free Report) shot up 7.2% during trading on Monday . The stock traded as high as $16.30 and last traded at $16.02. 23,046,176 shares changed hands during trading, a decline of 31% from the average session volume of 33,615,398 shares. The stock had previously closed at $14.95.
Wall Street Analysts Forecast Growth
Several equities research analysts have issued reports on the company. Mizuho cut their target price on Rigetti Computing from $33.00 to $27.00 and set an “outperform” rating for the company in a research note on Tuesday, May 12th. Weiss Ratings upgraded Rigetti Computing from a “sell (e+)” rating to a “sell (d-)” rating in a report on Tuesday, July 21st. Wall Street Zen raised Rigetti Computing from a “sell” rating to a “hold” rating in a research report on Monday, July 20th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $40.00 target price on shares of Rigetti Computing in a research report on Thursday, June 11th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $31.00 target price on shares of Rigetti Computing in a research note on Tuesday, May 12th. Seven research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $32.00.
View Our Latest Stock Report on RGTI
Rigetti Computing Price Performance
Rigetti Computing (NASDAQ:RGTI – Get Free Report) last posted its earnings results on Monday, May 11th. The company reported ($0.04) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.05) by $0.01. Rigetti Computing had a negative return on equity of 10.40% and a negative net margin of 2,789.71%.The firm had revenue of $4.40 million for the quarter, compared to analyst estimates of $4.09 million. During the same quarter in the prior year, the company earned ($0.05) EPS. Rigetti Computing’s revenue was up 198.9% on a year-over-year basis. As a group, research analysts expect that Rigetti Computing, Inc. will post -0.22 earnings per share for the current fiscal year.
Insider Transactions at Rigetti Computing
In related news, CTO David Rivas sold 499,328 shares of the company’s stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $25.40, for a total transaction of $12,682,931.20. Following the sale, the chief technology officer directly owned 325,945 shares of the company’s stock, valued at $8,279,003. This represents a 60.50% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Ray O. Johnson sold 84,944 shares of the stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $20.55, for a total transaction of $1,745,599.20. Following the sale, the director owned 95,537 shares in the company, valued at approximately $1,963,285.35. This trade represents a 47.07% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 728,901 shares of company stock valued at $17,546,343. 1.60% of the stock is currently owned by corporate insiders.
Institutional Trading of Rigetti Computing
A number of large investors have recently modified their holdings of the stock. Handelsbanken Fonder AB boosted its holdings in Rigetti Computing by 21.0% in the second quarter. Handelsbanken Fonder AB now owns 122,500 shares of the company’s stock valued at $2,367,000 after purchasing an additional 21,300 shares during the period. Valeo Financial Advisors LLC acquired a new stake in Rigetti Computing in the 2nd quarter valued at about $197,000. NewEdge Advisors LLC boosted its stake in shares of Rigetti Computing by 6.7% in the 1st quarter. NewEdge Advisors LLC now owns 65,694 shares of the company’s stock valued at $922,000 after buying an additional 4,149 shares during the period. Janus Henderson Group PLC grew its position in shares of Rigetti Computing by 7.3% during the first quarter. Janus Henderson Group PLC now owns 199,987 shares of the company’s stock worth $2,809,000 after buying an additional 13,666 shares in the last quarter. Finally, Encore Global Management LP acquired a new position in shares of Rigetti Computing during the first quarter worth about $1,685,000. Hedge funds and other institutional investors own 35.38% of the company’s stock.
About Rigetti Computing
Rigetti Computing is a pioneering quantum computing company that designs and manufactures superconducting quantum processors alongside a complementary software stack. Founded in 2013 by CEO Chad Rigetti, the company has developed end-to-end quantum systems—from cryogenic hardware to control electronics—to advance the performance and scalability of quantum machines.
At the core of Rigetti’s offering is its Quantum Cloud Services (QCS) platform, which enables developers and enterprises to access quantum processing units (QPUs) and hybrid quantum-classical workflows via the cloud.
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