Rigetti Computing (NASDAQ:RGTI) Shares Up 1.2% on Earnings Beat

Key Points

• Rigetti Computing stock rose 1.2% to $16.40 after reporting an earnings per share (EPS) of ($0.05), exceeding expectations by $0.01.
• Analysts have raised price targets for Rigetti, with estimates now ranging from $18.00 to $20.00, and the stock has a consensus rating of "Buy."
• Insider activity included significant sales by directors, with one director reducing holdings by 8.78% and another by 2.84%.

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) shot up 1.2% on Wednesday following a better than expected earnings announcement. The stock traded as high as $17.23 and last traded at $16.40. 35,369,748 shares traded hands during trading, a decline of 50% from the average session volume of 70,859,641 shares. The stock had previously closed at $16.20.

The company reported ($0.05) EPS for the quarter, beating the consensus estimate of ($0.06) by $0.01. Rigetti Computing had a negative return on equity of 47.63% and a negative net margin of 1,541.36%. The company had revenue of $1,801 billion for the quarter, compared to analyst estimates of $1.87 million.

Analyst Ratings Changes

Several research analysts have commented on the company. Needham & Company LLC raised their price objective on Rigetti Computing from $15.00 to $18.00 and gave the company a "buy" rating in a research report on Monday, August 4th. Benchmark raised their price objective on Rigetti Computing from $14.00 to $20.00 and gave the company a "buy" rating in a research report on Wednesday. Industrial Alliance Securities set a $18.00 price objective on Rigetti Computing in a research report on Wednesday, July 16th. Alliance Global Partners reaffirmed a "buy" rating on shares of Rigetti Computing in a research report on Wednesday, July 16th. Finally, B. Riley lifted their target price on Rigetti Computing from $15.00 to $19.00 and gave the stock a "buy" rating in a research report on Wednesday, July 23rd. Six analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus target price of $17.00.

Insider Buying and Selling

In other Rigetti Computing news, Director Ray O. Johnson sold 40,420 shares of Rigetti Computing stock in a transaction that occurred on 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 directly owned 419,756 shares in the company, valued at $6,296,340. The trade was a 8.78% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Michael S. Clifton sold 25,000 shares of Rigetti Computing stock in a transaction that occurred on Wednesday, July 16th. The shares were sold at an average price of $15.00, for a total value of $375,000.00. Following the completion of the transaction, the director owned 853,766 shares of the company's stock, valued at approximately $12,806,490. The trade was a 2.84% decrease in their ownership of the stock. The disclosure for this sale can be found here.

Hedge Funds Weigh In On Rigetti Computing

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Quadrature Capital Ltd acquired a new position in shares of Rigetti Computing during the second quarter worth approximately $5,761,000. Elevation Point Wealth Partners LLC acquired a new position in shares of Rigetti Computing during the second quarter worth approximately $134,000. J.W. Cole Advisors Inc. boosted its position in shares of Rigetti Computing by 32.1% during the second quarter. J.W. Cole Advisors Inc. now owns 36,819 shares of the company's stock worth $437,000 after buying an additional 8,943 shares during the period. XTX Topco Ltd raised its holdings in Rigetti Computing by 6.1% during the second quarter. XTX Topco Ltd now owns 27,156 shares of the company's stock worth $322,000 after purchasing an additional 1,560 shares in the last quarter. Finally, Steward Partners Investment Advisory LLC raised its holdings in Rigetti Computing by 20.3% during the second quarter. Steward Partners Investment Advisory LLC now owns 20,861 shares of the company's stock worth $247,000 after purchasing an additional 3,517 shares in the last quarter. 35.38% of the stock is currently owned by institutional investors and hedge funds.

Rigetti Computing Price Performance

The stock has a market cap of $4.73 billion, a P/E ratio of -23.43 and a beta of 1.44. The company has a fifty day moving average of $13.48 and a 200 day moving average of $11.40.

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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