Rigetti Computing (NASDAQ:RGTI) Trading Up 3.7%

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) traded up 3.7% on Monday . The company traded as high as $1.42 and last traded at $1.39. 2,763,193 shares changed hands during trading, a decline of 59% from the average session volume of 6,701,315 shares. The stock had previously closed at $1.34.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Needham & Company LLC reiterated a "buy" rating and set a $3.00 price objective on shares of Rigetti Computing in a research report on Friday, March 15th. Alliance Global Partners began coverage on shares of Rigetti Computing in a research report on Friday, March 1st. They set a "buy" rating and a $3.50 price objective on the stock.

Rigetti Computing Price Performance

The stock has a market capitalization of $216.08 million, a PE ratio of -2.34 and a beta of 2.43. The company has a quick ratio of 3.71, a current ratio of 3.71 and a debt-to-equity ratio of 0.09. The stock's 50 day moving average price is $1.59 and its 200-day moving average price is $1.30.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last issued its earnings results on Thursday, March 14th. The company reported ($0.09) earnings per share (EPS) for the quarter. The company had revenue of $3.38 million for the quarter. Rigetti Computing had a negative net margin of 625.42% and a negative return on equity of 59.51%. As a group, equities analysts forecast that Rigetti Computing, Inc. will post -0.33 EPS for the current year.

Insider Buying and Selling

In related news, General Counsel Richard Danis sold 46,326 shares of the company's stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $1.97, for a total value of $91,262.22. Following the completion of the sale, the general counsel now directly owns 1,052,141 shares of the company's stock, valued at $2,072,717.77. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Rigetti Computing news, Director Alissa Fitzgerald sold 20,000 shares of the stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $1.28, for a total transaction of $25,600.00. Following the completion of the sale, the director now directly owns 140,810 shares of the company's stock, valued at $180,236.80. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, General Counsel Richard Danis sold 46,326 shares of the stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $1.97, for a total transaction of $91,262.22. Following the sale, the general counsel now directly owns 1,052,141 shares of the company's stock, valued at $2,072,717.77. The disclosure for this sale can be found here. Insiders sold a total of 115,599 shares of company stock valued at $194,030 over the last three months. 2.60% of the stock is owned by company insiders.

Institutional Trading of Rigetti Computing

Several hedge funds have recently modified their holdings of RGTI. Moors & Cabot Inc. purchased a new stake in shares of Rigetti Computing during the first quarter valued at about $75,000. Ergoteles LLC acquired a new position in shares of Rigetti Computing during the first quarter valued at about $80,000. Penserra Capital Management LLC acquired a new position in shares of Rigetti Computing during the first quarter valued at about $26,000. Aristeia Capital LLC acquired a new position in shares of Rigetti Computing during the first quarter valued at about $315,000. Finally, Alyeska Investment Group L.P. acquired a new position in shares of Rigetti Computing during the first quarter valued at about $2,728,000. 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.