Rigetti Computing (NASDAQ:RGTI) Shares Gap Up - Here's Why

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report)'s share price gapped up before the market opened on Monday . The stock had previously closed at $10.58, but opened at $11.78. Rigetti Computing shares last traded at $11.58, with a volume of 21,023,715 shares trading hands.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on RGTI shares. Alliance Global Partners reissued a "buy" rating on shares of Rigetti Computing in a report on Thursday, March 6th. Benchmark reiterated a "buy" rating and set a $14.00 price objective on shares of Rigetti Computing in a research report on Thursday, March 6th. B. Riley increased their price target on Rigetti Computing from $8.50 to $15.00 and gave the stock a "buy" rating in a report on Friday, February 14th. Finally, Needham & Company LLC restated a "buy" rating and issued a $17.00 price target on shares of Rigetti Computing in a research note on Thursday, March 6th. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Rigetti Computing presently has an average rating of "Buy" and an average price target of $14.50.

Rigetti Computing Trading Up 8.8%

The firm's 50-day moving average is $9.00 and its 200-day moving average is $8.56. The firm has a market cap of $3.29 billion, a price-to-earnings ratio of -30.33 and a beta of 1.41. The company has a current ratio of 4.84, a quick ratio of 4.84 and a debt-to-equity ratio of 0.02.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last announced its earnings results on Wednesday, March 5th. The company reported ($0.08) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.08). Rigetti Computing had a negative return on equity of 51.56% and a negative net margin of 509.58%. The business had revenue of $2.27 million for the quarter, compared to analysts' expectations of $2.40 million. During the same period last year, the firm posted ($0.04) earnings per share. As a group, sell-side analysts anticipate that Rigetti Computing, Inc. will post -0.34 EPS for the current fiscal year.

Insider Activity

In other news, CTO David Rivas sold 351,785 shares of Rigetti Computing stock in a transaction that occurred on Tuesday, March 11th. The shares were 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 owns 1,094,738 shares in the company, valued at $8,495,166.88. This trade represents a 24.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 1.90% of the company's stock.

Hedge Funds Weigh In On Rigetti Computing

A number of large investors have recently modified their holdings of the stock. Signaturefd LLC bought a new stake in shares of Rigetti Computing during the 4th quarter valued at $25,000. EverSource Wealth Advisors LLC bought a new stake in shares of Rigetti Computing in the fourth quarter worth $28,000. Tucker Asset Management LLC purchased a new position in shares of Rigetti Computing in the fourth quarter valued at about $32,000. Spire Wealth Management bought a new position in shares of Rigetti Computing during the fourth quarter valued at approximately $46,000. Finally, Orion Capital Management LLC purchased a new stake in shares of Rigetti Computing during the 4th quarter valued at $46,000. 35.38% of the stock is currently owned by institutional investors and hedge funds.

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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