Rigetti Computing (NASDAQ:RGTI - Get Free Report)'s stock had its "buy" rating reissued by stock analysts at Benchmark in a report released on Thursday,Benzinga reports. They currently have a $14.00 price objective on the stock. Benchmark's price objective would indicate a potential upside of 20.27% from the company's previous close.
Several other brokerages have also recently issued reports on RGTI. B. Riley raised their target price on Rigetti Computing from $8.50 to $15.00 and gave the stock a "buy" rating in a research report on Friday, February 14th. Alliance Global Partners reiterated a "buy" rating on shares of Rigetti Computing in a research note on Thursday, March 6th. Finally, Needham & Company LLC reduced their price objective on Rigetti Computing from $17.00 to $15.00 and set a "buy" rating for the company in a research note on Wednesday. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Rigetti Computing currently has an average rating of "Buy" and a consensus price target of $14.00.
View Our Latest Research Report on Rigetti Computing
Rigetti Computing Stock Performance
Shares of Rigetti Computing stock opened at $11.64 on Thursday. Rigetti Computing has a 1 year low of $0.66 and a 1 year high of $21.42. The firm's 50-day moving average is $9.14 and its 200 day moving average is $8.66. The stock has a market cap of $3.33 billion, a price-to-earnings ratio of -30.63 and a beta of 1.41. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84.
Rigetti Computing (NASDAQ:RGTI - Get Free Report) last announced its quarterly earnings results on Wednesday, March 5th. The company reported ($0.08) earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of ($0.08). The firm had revenue of $2.27 million for the quarter, compared to the consensus estimate of $2.40 million. Rigetti Computing had a negative return on equity of 51.56% and a negative net margin of 509.58%. During the same period in the prior year, the company posted ($0.04) earnings per share. Sell-side analysts anticipate that Rigetti Computing will post -0.34 EPS for the current fiscal year.
Insider Transactions at Rigetti Computing
In other news, CTO David Rivas sold 351,785 shares of the firm's stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $7.76, for a total transaction of $2,729,851.60. Following the sale, the chief technology officer now directly owns 1,094,738 shares in the company, valued at $8,495,166.88. This trade represents a 24.32% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 1.90% of the company's stock.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted its stake in shares of Rigetti Computing by 81.7% in the fourth quarter. Vanguard Group Inc. now owns 11,746,361 shares of the company's stock worth $179,249,000 after buying an additional 5,280,128 shares in the last quarter. Invesco Ltd. lifted its position in Rigetti Computing by 7,367.2% during the fourth quarter. Invesco Ltd. now owns 4,580,317 shares of the company's stock worth $69,896,000 after buying an additional 4,518,978 shares in the last quarter. UNICOM Systems Inc. grew its holdings in Rigetti Computing by 1,235.8% in the 1st quarter. UNICOM Systems Inc. now owns 3,806,935 shares of the company's stock valued at $30,151,000 after buying an additional 3,521,935 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in Rigetti Computing by 3,295.7% in the 4th quarter. JPMorgan Chase & Co. now owns 2,117,563 shares of the company's stock valued at $32,314,000 after buying an additional 2,055,203 shares in the last quarter. Finally, Nuveen LLC acquired a new stake in shares of Rigetti Computing in the 1st quarter worth $6,523,000. Hedge funds and other institutional investors own 35.38% of the company's stock.
About Rigetti Computing
(
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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.
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