Rigetti Computing (NASDAQ:RGTI) Releases Earnings Results, Beats Expectations By $0.01 EPS

Key Points

• Rigetti Computing reported earnings of ($0.05) per share, surpassing expectations by $0.01, although the company faced a negative net margin of 1,541.36%.
• Following the earnings announcement, Rigetti's stock increased by 1.4%, reaching $16.20 during mid-day trading.
• Research analysts have given the stock a consensus "Buy" rating with a target price averaging $16.00, reflecting positive sentiment among market watchers.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) released its earnings results on Tuesday. The company reported ($0.05) earnings per share for the quarter, topping analysts' consensus estimates of ($0.06) by $0.01, Zacks reports. Rigetti Computing had a negative net margin of 1,541.36% and a negative return on equity of 47.63%.

Rigetti Computing Stock Up 1.4%

Shares of RGTI stock traded up $0.22 during mid-day trading on Tuesday, hitting $16.20. The company's stock had a trading volume of 35,561,421 shares, compared to its average volume of 44,914,088. Rigetti Computing has a 52-week low of $0.66 and a 52-week high of $21.42. The business has a 50-day moving average price of $13.39 and a 200 day moving average price of $11.36.

Analyst Ratings Changes

Several equities research analysts recently commented on the stock. Cantor Fitzgerald assumed coverage on shares of Rigetti Computing in a research note on Wednesday, July 2nd. They set an "overweight" rating and a $15.00 price objective on the stock. Industrial Alliance Securities set a $18.00 price target on Rigetti Computing in a research report on Wednesday, July 16th. B. Riley upped their price target on Rigetti Computing from $15.00 to $19.00 and gave the stock a "buy" rating in a research note on Wednesday, July 23rd. Needham & Company LLC increased their target price on Rigetti Computing from $15.00 to $18.00 and gave the stock a "buy" rating in a research note on Monday, August 4th. Finally, Alliance Global Partners reaffirmed a "buy" rating on shares of Rigetti Computing in a research report on Wednesday, July 16th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus target price of $16.00.

Insider Buying and Selling at Rigetti Computing

In other Rigetti Computing news, Director Ray O. Johnson sold 40,420 shares of the business's stock in a transaction dated Wednesday, July 16th. The stock was sold at an average price of $15.00, for a total value of $606,300.00. Following the completion of the transaction, the director owned 419,756 shares of the company's stock, valued at approximately $6,296,340. The trade was a 8.78% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Michael S. Clifton sold 25,000 shares of the firm's stock in a transaction dated Wednesday, July 16th. The shares were sold at an average price of $15.00, for a total transaction of $375,000.00. Following the sale, the director directly owned 853,766 shares in the company, valued at approximately $12,806,490. The trade was a 2.84% decrease in their position. The disclosure for this sale can be found here.

Hedge Funds Weigh In On Rigetti Computing

Institutional investors have recently made changes to their positions in the business. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC purchased a new stake in Rigetti Computing in the 1st quarter worth $3,115,000. Royal Bank of Canada lifted its position in shares of Rigetti Computing by 106.2% in the first quarter. Royal Bank of Canada now owns 220,701 shares of the company's stock valued at $1,748,000 after acquiring an additional 113,644 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Rigetti Computing by 25.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 112,409 shares of the company's stock worth $890,000 after acquiring an additional 22,770 shares during the period. AQR Capital Management LLC grew its position in shares of Rigetti Computing by 138.9% during the first quarter. AQR Capital Management LLC now owns 81,047 shares of the company's stock worth $642,000 after purchasing an additional 47,115 shares in the last quarter. Finally, Focus Partners Wealth raised its stake in Rigetti Computing by 91.9% during the 1st quarter. Focus Partners Wealth now owns 40,814 shares of the company's stock valued at $323,000 after purchasing an additional 19,544 shares during the period. Institutional investors own 35.38% of the company's stock.

Rigetti Computing Company Profile

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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