Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) shares gapped up prior to trading on Tuesday . The stock had previously closed at $14.02, but opened at $14.97. Rigetti Computing shares last traded at $14.14, with a volume of 26,413,218 shares changing hands.
Wall Street Analysts Forecast Growth
A number of research firms have recently commented on RGTI. Benchmark restated a "buy" rating and issued a $14.00 price objective on shares of Rigetti Computing in a research report on Thursday, May 15th. B. Riley boosted their price target on shares of Rigetti Computing from $8.50 to $15.00 and gave the stock a "buy" rating in a report on Friday, February 14th. Alliance Global Partners restated a "buy" rating on shares of Rigetti Computing in a research report on Thursday, March 6th. Finally, Needham & Company LLC dropped their target price on shares of Rigetti Computing from $17.00 to $15.00 and set a "buy" rating on the stock in a research report on Wednesday, May 14th. Five research analysts have rated the stock with a buy rating, According to MarketBeat.com, Rigetti Computing presently has a consensus rating of "Buy" and a consensus target price of $14.00.
Check Out Our Latest Research Report on RGTI
Rigetti Computing Stock Performance
The company has a quick ratio of 4.84, a current ratio of 4.84 and a debt-to-equity ratio of 0.02. The firm has a 50-day moving average price of $9.89 and a two-hundred day moving average price of $9.54. The firm has a market cap of $3.53 billion, a PE ratio of -32.00 and a beta of 1.41.
Rigetti Computing (NASDAQ:RGTI - Get Free Report) last released its quarterly earnings data on Wednesday, March 5th. The company reported ($0.08) EPS for the quarter, meeting analysts' consensus estimates of ($0.08). The company had revenue of $2.27 million during the quarter, compared to the consensus estimate 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 prior year, the firm earned ($0.04) EPS. Research analysts forecast that Rigetti Computing, Inc. will post -0.34 EPS for the current fiscal year.
Insiders Place Their Bets
In other Rigetti Computing news, CTO David Rivas sold 351,785 shares of the business's stock in a transaction dated 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 directly owns 1,094,738 shares in the company, valued at $8,495,166.88. This represents a 24.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.90% of the stock is currently owned by insiders.
Institutional Investors Weigh In On Rigetti Computing
A number of hedge funds have recently added to or reduced their stakes in the business. California State Teachers Retirement System increased its position in shares of Rigetti Computing by 12.7% during the fourth quarter. California State Teachers Retirement System now owns 11,551 shares of the company's stock worth $176,000 after acquiring an additional 1,301 shares during the period. US Bancorp DE increased its holdings in Rigetti Computing by 29.4% during the 1st quarter. US Bancorp DE now owns 6,248 shares of the company's stock worth $49,000 after purchasing an additional 1,420 shares during the period. Allworth Financial LP increased its holdings in Rigetti Computing by 14.9% during the 4th quarter. Allworth Financial LP now owns 11,604 shares of the company's stock worth $161,000 after purchasing an additional 1,504 shares during the period. Signaturefd LLC acquired a new stake in Rigetti Computing in the 4th quarter valued at about $25,000. Finally, Amalgamated Bank boosted its stake in shares of Rigetti Computing by 33.1% in the 1st quarter. Amalgamated Bank now owns 6,516 shares of the company's stock valued at $52,000 after buying an additional 1,622 shares during the period. 35.38% of the stock is currently 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.
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