Rigetti Computing (NASDAQ:RGTI) Trading Up 4.9% - Here's Why

Key Points

• Rigetti Computing shares rose 4.9% to $16.53 in Monday trading, with about 15.9 million shares changing hands.
• Analyst sentiment is mixed: seven analysts rate the stock a Buy, four Hold, and two Sell. The consensus rating is Hold, with an average price target of $30.67.
• Rigetti met quarterly earnings expectations with a loss of $0.05 per share and revenue of $5.14 million, while company insiders sold approximately $2.57 million of stock over the past three months.

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) shares rose 4.9% during trading on Monday . The stock traded as high as $16.56 and last traded at $16.53. Approximately 15,874,336 shares traded hands during mid-day trading, a decline of 48% from the average session volume of 30,556,818 shares. The stock had previously closed at $15.76.

Analysts Set New Price Targets

A number of brokerages recently issued reports on RGTI. Wedbush started coverage on shares of Rigetti Computing in a research report on Monday, August 3rd. They set an "outperform" rating and a $40.00 target price on the stock. Weiss Ratings downgraded Rigetti Computing from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Thursday. Wall Street Zen cut shares of Rigetti Computing from a "hold" rating to a "sell" rating in a research note on Saturday, August 8th. Rosenblatt Securities restated a "buy" rating and set a $40.00 target price on shares of Rigetti Computing in a report on Friday, August 7th. Finally, Benchmark started coverage on shares of Rigetti Computing in a report on Monday, July 27th. They issued a "buy" rating and a $25.00 price target for the company. Seven analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, Rigetti Computing presently has a consensus rating of "Hold" and an average price target of $30.67.

Rigetti Computing Trading Up 4.9%

The business has a 50 day moving average price of $15.93 and a 200 day moving average price of $17.56. The company has a market capitalization of $5.52 billion, a P/E ratio of -18.37 and a beta of 2.00.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($0.05) earnings per share for the quarter, hitting analysts' consensus estimates of ($0.05). Rigetti Computing had a negative net margin of 2,189.54% and a negative return on equity of 17.50%. The company had revenue of $5.14 million for the quarter, compared to analysts' expectations of $5.09 million. On average, analysts forecast that Rigetti Computing, Inc. will post -0.27 EPS for the current fiscal year.

Insider Activity at Rigetti Computing

In other news, CEO Subodh K. Kulkarni sold 120,000 shares of the company's stock in a transaction dated Wednesday, September 9th. The stock was sold at an average price of $15.68, for a total transaction of $1,881,600.00. Following the completion of the transaction, the chief executive officer directly owned 140,411 shares of the company's stock, valued at $2,201,644.48. This represents a 46.08% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Jeffrey A. Bertelsen sold 25,000 shares of the firm's stock in a transaction that occurred on Thursday, September 3rd. The stock was sold at an average price of $15.00, for a total transaction of $375,000.00. Following the transaction, the chief financial officer directly owned 168,067 shares of the company's stock, valued at $2,521,005. This represents a 12.95% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 163,689 shares of company stock worth $2,570,890. Corporate insiders own 1.60% of the company's stock.

Hedge Funds Weigh In On Rigetti Computing

Several hedge funds have recently modified their holdings of the stock. Sequoia Financial Advisors LLC grew its stake in Rigetti Computing by 5.2% in the second quarter. Sequoia Financial Advisors LLC now owns 65,906 shares of the company's stock valued at $1,273,000 after purchasing an additional 3,283 shares in the last quarter. Tidal Investments LLC bought a new position in shares of Rigetti Computing in the second quarter valued at about $365,000. NewEdge Advisors LLC raised its holdings in Rigetti Computing by 16.8% in the 2nd quarter. NewEdge Advisors LLC now owns 76,752 shares of the company's stock valued at $1,483,000 after acquiring an additional 11,058 shares during the period. IFP Advisors Inc boosted its stake in Rigetti Computing by 85.5% in the 2nd quarter. IFP Advisors Inc now owns 12,784 shares of the company's stock valued at $247,000 after purchasing an additional 5,892 shares during the period. Finally, Allworth Financial LP boosted its stake in Rigetti Computing by 116.0% in the 2nd quarter. Allworth Financial LP now owns 9,987 shares of the company's stock valued at $193,000 after purchasing an additional 5,363 shares during the period. Institutional investors own 35.38% of the company's stock.

About Rigetti Computing

Rigetti Computing, Inc is a quantum computing company that develops full-stack quantum computing systems based on superconducting qubit technology. The company designs and manufactures quantum processors, develops the software needed to program and operate them, and provides access to its systems through cloud-based services.

Rigetti's offerings include its quantum processing units and integrated quantum computing systems, as well as the Rigetti Quantum Cloud Services platform. Through cloud access and partnerships, organizations can experiment with quantum algorithms and explore potential applications in areas such as optimization, simulation, machine learning and other computationally intensive fields.

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