Rigetti Computing (NASDAQ:RGTI) Shares Up 1.5% - What's Next?

Key Points

• Rigetti Computing's stock price increased by 1.5% during mid-day trading, reaching a high of $32.83 before settling at $32.10, with trading volume significantly up from the average.
• Multiple analysts have set a consensus target price of $19.71 for Rigetti's shares, with six rating them as a "Buy" based on recent price adjustments.
• Insider selling activity has been notable, with two directors selling a combined total of 175,000 shares at prices around $19, indicating potential shifts in insider confidence.

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) shot up 1.5% during mid-day trading on Thursday . The stock traded as high as $32.83 and last traded at $32.10. 128,002,318 shares changed hands during mid-day trading, an increase of 85% from the average session volume of 69,157,672 shares. The stock had previously closed at $31.64.

Analysts Set New Price Targets

Several research firms have issued reports on RGTI. Alliance Global Partners restated a "buy" rating on shares of Rigetti Computing in a research report on Wednesday, July 16th. Needham & Company LLC increased their target price on shares of Rigetti Computing from $15.00 to $18.00 and gave the stock a "buy" rating in a research report on Monday, August 4th. Industrial Alliance Securities set a $18.00 target price on shares of Rigetti Computing in a research report on Wednesday, July 16th. Cantor Fitzgerald assumed 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. Finally, B. Riley increased their target price on shares of Rigetti Computing from $19.00 to $35.00 and gave the stock a "buy" rating in a research report on Monday. Six equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company has a consensus rating of "Buy" and a consensus target price of $19.71.

Rigetti Computing Stock Performance

The firm's 50-day moving average price is $17.39 and its 200 day moving average price is $12.97. The company has a market cap of $10.41 billion, a price-to-earnings ratio of -42.24 and a beta of 1.44.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last issued its quarterly earnings results on Tuesday, August 12th. The company reported ($0.05) EPS for the quarter, topping the consensus estimate 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 analysts' expectations of $1.87 million. As a group, equities research analysts predict that Rigetti Computing, Inc. will post -0.34 EPS for the current fiscal year.

Insider Activity

In related news, Director Michael S. Clifton sold 75,000 shares of the business's stock in a transaction that occurred on Friday, September 12th. The shares were sold at an average price of $19.00, for a total transaction of $1,425,000.00. Following the completion of the transaction, the director owned 653,766 shares in the company, valued at approximately $12,421,554. The trade was a 10.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Thomas J. Iannotti sold 100,000 shares of the business's stock in a transaction that occurred on Friday, September 12th. The shares were sold at an average price of $19.50, for a total transaction of $1,950,000.00. Following the transaction, the director owned 14,902 shares of the company's stock, valued at approximately $290,589. This represents a 87.03% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 457,624 shares of company stock valued at $8,498,996. 1.90% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of RGTI. GAMMA Investing LLC lifted its stake in Rigetti Computing by 1,813.0% in the first quarter. GAMMA Investing LLC now owns 3,233 shares of the company's stock valued at $26,000 after buying an additional 3,064 shares in the last quarter. IFP Advisors Inc lifted its position in shares of Rigetti Computing by 146.1% in the second quarter. IFP Advisors Inc now owns 2,190 shares of the company's stock worth $26,000 after purchasing an additional 1,300 shares in the last quarter. Center for Financial Planning Inc. bought a new stake in shares of Rigetti Computing in the first quarter worth $30,000. Quarry LP bought a new stake in shares of Rigetti Computing in the first quarter worth $31,000. Finally, Armstrong Advisory Group Inc. lifted its position in shares of Rigetti Computing by 225.4% in the second quarter. Armstrong Advisory Group Inc. now owns 2,974 shares of the company's stock worth $35,000 after purchasing an additional 2,060 shares in the last quarter. 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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