Rigetti Computing (NASDAQ:RGTI) Shares Up 13.2% - Here's What Happened

Key Points

• Rigetti Computing's stock price surged 13.2% during trading to reach a high of $40.63, with trading volume increasing by 120% compared to its average.
• Several analysts upgraded their ratings and price targets for Rigetti, with Benchmark setting a new target price at $20.00 and confirming a "buy" rating.
• The company reported a negative net margin of 2,134.92% despite beating earnings per share expectations, and analysts anticipate an EPS of -0.34 for the current year.

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report)'s stock price shot up 13.2% during trading on Friday . The stock traded as high as $40.63 and last traded at $40.06. 154,802,323 shares traded hands during mid-day trading, an increase of 120% from the average session volume of 70,429,023 shares. The stock had previously closed at $35.40.

Analyst Ratings Changes

RGTI has been the topic of several recent analyst reports. Benchmark boosted their target price on Rigetti Computing from $14.00 to $20.00 and gave the stock a "buy" rating in a report on Wednesday, August 13th. Cantor Fitzgerald started coverage on shares of Rigetti Computing in a research report on Wednesday, July 2nd. They set an "overweight" rating and a $15.00 target price for the company. Needham & Company LLC upped their price objective on shares of Rigetti Computing from $15.00 to $18.00 and gave the company a "buy" rating in a research report on Monday, August 4th. Alliance Global Partners reissued a "buy" rating on shares of Rigetti Computing in a research report on Wednesday, July 16th. Finally, Williams Trading set a $20.00 price objective on Rigetti Computing in a report on Wednesday, August 13th. Six research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Rigetti Computing has a consensus rating of "Moderate Buy" and a consensus price target of $19.71.

Rigetti Computing Stock Performance

The stock's fifty day moving average price is $19.69 and its two-hundred day moving average price is $14.09. The company has a market cap of $12.99 billion, a P/E ratio of -52.71 and a beta of 1.60.

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

Insider Buying and Selling at Rigetti Computing

In related news, Director Michael S. Clifton sold 75,000 shares of the company's stock in a transaction on Friday, September 12th. The stock was sold at an average price of $19.00, for a total transaction of $1,425,000.00. Following the completion of the sale, the director directly owned 653,766 shares in the company, valued at $12,421,554. This represents a 10.29% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Thomas J. Iannotti sold 100,000 shares of the company's stock in a transaction on Friday, September 12th. The stock was sold at an average price of $19.50, for a total value of $1,950,000.00. Following the sale, the director owned 14,902 shares of the company's stock, valued at approximately $290,589. This represents a 87.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 457,624 shares of company stock worth $8,498,996 over the last quarter. 1.90% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Rigetti Computing

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. IFP Advisors Inc lifted its stake in shares of Rigetti Computing by 146.1% in the 2nd quarter. IFP Advisors Inc now owns 2,190 shares of the company's stock valued at $26,000 after acquiring an additional 1,300 shares during the last quarter. GAMMA Investing LLC raised its position in Rigetti Computing by 25.6% in 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. raised its position in Rigetti Computing by 225.4% in 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 position in Rigetti Computing in the first quarter valued at about $30,000. Finally, Quarry LP bought a new position in Rigetti Computing in the 1st quarter valued at approximately $31,000. Institutional investors own 35.38% of the company's stock.

About Rigetti Computing

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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