Rigetti Computing (NASDAQ:RGTI) Sets New 12-Month High - Here's What Happened

Key Points

• Rigetti Computing shares reached a new 52-week high of $48.23 during trading, closing at $43.23 with a significant trading volume of 166.2 million shares.
• Several brokerages have recently upgraded their price targets for Rigetti, with Williams Trading setting a target of $50.00 and Needham & Company raising theirs from $15.00 to $18.00, contributing to a consensus "Moderate Buy" rating.
• The company's latest earnings report showed a revenue of $1.80 million for the quarter, slightly below expectations, while also indicating a negative net margin of 2,134.92% and a projected EPS of -0.34 for the current fiscal year.

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) shares hit a new 52-week high during trading on Thursday . The company traded as high as $48.23 and last traded at $43.23, with a volume of 166175232 shares trading hands. The stock had previously closed at $43.91.

Analyst Ratings Changes

A number of brokerages have recently commented on RGTI. Williams Trading set a $50.00 price objective on shares of Rigetti Computing in a research report on Tuesday. Needham & Company LLC increased their price target on shares of Rigetti Computing from $15.00 to $18.00 and gave the stock a "buy" rating in a research report on Monday, August 4th. Weiss Ratings reissued a "sell (e+)" rating on shares of Rigetti Computing in a research report on Wednesday. Industrial Alliance Securities set a $18.00 price target on shares of Rigetti Computing in a research report on Wednesday, July 16th. Finally, Alliance Global Partners reissued a "buy" rating on shares of Rigetti Computing in a research report on Wednesday, July 16th. Six investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $28.29.

Rigetti Computing Price Performance

The stock has a market capitalization of $14.78 billion, a P/E ratio of -60.55 and a beta of 1.60. The company's 50 day simple moving average is $21.38 and its two-hundred day simple moving average is $14.78.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last issued its quarterly earnings data on Tuesday, August 12th. The company reported ($0.05) earnings per share for the quarter, topping the consensus estimate of ($0.06) by $0.01. The firm had revenue of $1.80 million for the quarter, compared to analysts' expectations of $1.87 million. Rigetti Computing had a negative net margin of 2,134.92% and a negative return on equity of 29.05%. On average, research analysts anticipate that Rigetti Computing, Inc. will post -0.34 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Jeffrey A. Bertelsen sold 3,919 shares of the stock in a transaction that occurred on Wednesday, August 20th. The shares were sold at an average price of $14.84, for a total transaction of $58,157.96. Following the sale, the chief financial officer directly owned 183,581 shares of the company's stock, valued at $2,724,342.04. This represents a 2.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Michael S. Clifton sold 75,000 shares of the stock in a transaction that occurred on Friday, September 12th. The shares were sold at an average price of $19.00, for a total transaction of $1,425,000.00. Following the sale, the director directly owned 653,766 shares in the company, valued at $12,421,554. This trade represents a 10.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 457,624 shares of company stock valued at $8,498,996. Corporate insiders own 1.90% of the company's stock.

Institutional Trading of Rigetti Computing

Hedge funds have recently modified their holdings of the stock. IFP Advisors Inc grew its stake in shares of Rigetti Computing by 146.1% during the second quarter. IFP Advisors Inc now owns 2,190 shares of the company's stock valued at $26,000 after purchasing an additional 1,300 shares during the last quarter. GAMMA Investing LLC grew its stake in shares of Rigetti Computing by 25.6% during the third quarter. GAMMA Investing LLC now owns 2,878 shares of the company's stock valued at $86,000 after purchasing an additional 587 shares during the last quarter. Armstrong Advisory Group Inc. grew its stake in shares of Rigetti Computing by 225.4% during the second quarter. Armstrong Advisory Group Inc. now owns 2,974 shares of the company's stock valued at $35,000 after purchasing an additional 2,060 shares during the last quarter. Center for Financial Planning Inc. bought a new stake in shares of Rigetti Computing during the first quarter valued at approximately $30,000. Finally, Quarry LP bought a new stake in shares of Rigetti Computing during the first quarter valued at approximately $31,000. 35.38% of the stock is owned by institutional investors.

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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