Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report)'s stock price traded down 10.5% on Monday . The company traded as low as $9.56 and last traded at $9.52. 18,069,259 shares changed hands during mid-day trading, a decline of 64% from the average session volume of 49,980,451 shares. The stock had previously closed at $10.63.
Analyst Upgrades and Downgrades
Several analysts have commented on the stock. Alliance Global Partners reaffirmed a "buy" rating on shares of Rigetti Computing in a research note on Thursday, March 6th. Needham & Company LLC reaffirmed a "buy" rating and issued a $17.00 price objective on shares of Rigetti Computing in a research report on Thursday, March 6th. Benchmark reiterated a "buy" rating and set a $14.00 target price on shares of Rigetti Computing in a research report on Thursday, March 6th. Finally, B. Riley lifted their price target on Rigetti Computing from $8.50 to $15.00 and gave the company a "buy" rating in a report on Friday, February 14th. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus target price of $14.50.
Read Our Latest Report on Rigetti Computing
Rigetti Computing Stock Performance
The stock's 50-day moving average is $8.83 and its 200-day moving average is $8.26. The company has a current ratio of 4.84, a quick ratio of 4.84 and a debt-to-equity ratio of 0.02. The stock has a market cap of $2.77 billion, a price-to-earnings ratio of -25.54 and a beta of 1.41.
Rigetti Computing (NASDAQ:RGTI - Get Free Report) last posted its earnings results on Wednesday, March 5th. The company reported ($0.08) earnings per share for the quarter, meeting the consensus estimate of ($0.08). The business had revenue of $2.27 million for the quarter, compared to analyst estimates of $2.40 million. Rigetti Computing had a negative net margin of 509.58% and a negative return on equity of 51.56%. During the same quarter in the previous year, the business posted ($0.04) EPS. On average, analysts expect that Rigetti Computing, Inc. will post -0.34 EPS for the current year.
Insider Activity
In other news, CTO David Rivas sold 351,785 shares of Rigetti Computing 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 of the company's stock, valued at approximately $8,495,166.88. The trade was a 24.32 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 2.81% of the company's stock.
Hedge Funds Weigh In On Rigetti Computing
A number of institutional investors have recently made changes to their positions in the business. Jane Street Group LLC increased its position in shares of Rigetti Computing by 23.8% in the 3rd quarter. Jane Street Group LLC now owns 244,496 shares of the company's stock worth $191,000 after purchasing an additional 47,013 shares during the last quarter. Barclays PLC grew its stake in Rigetti Computing by 275.6% in the third quarter. Barclays PLC now owns 185,959 shares of the company's stock worth $145,000 after purchasing an additional 136,443 shares in the last quarter. Geode Capital Management LLC increased its holdings in Rigetti Computing by 20.6% in the third quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company's stock valued at $2,837,000 after buying an additional 617,506 shares during the last quarter. JPMorgan Chase & Co. raised its stake in Rigetti Computing by 3.4% during the third quarter. JPMorgan Chase & Co. now owns 62,360 shares of the company's stock valued at $49,000 after buying an additional 2,045 shares in the last quarter. Finally, Silverleafe Capital Partners LLC acquired a new stake in Rigetti Computing during the fourth quarter valued at approximately $554,000. 35.38% of the stock is owned by institutional investors and hedge funds.
About Rigetti Computing
(
Get Free Report)
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.
Further Reading
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