Rigetti Computing (NASDAQ:RGTI) Shares Up 1.8% - Still a Buy?

Key Points

• Rigetti Computing (NASDAQ:RGTI) shares increased by 1.8%, reaching a last traded price of $15.43, despite a significant decline in average trading volume.
• Multiple analysts have upgraded their price targets for Rigetti Computing, with Needham & Company raising it to $18.00, and B. Riley to $19.00, both giving the stock a "buy" rating.
• The company reported a loss per share of ($0.05) in its latest quarterly earnings, slightly beating analysts' expectations, but had a negative net margin and a projected EPS of -0.34 for the current fiscal year.

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) shot up 1.8% during mid-day trading on Tuesday . The company traded as high as $15.53 and last traded at $15.43. 9,423,580 shares were traded during trading, a decline of 86% from the average session volume of 67,653,461 shares. The stock had previously closed at $15.15.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on RGTI shares. Needham & Company LLC lifted their price objective on shares of Rigetti Computing from $15.00 to $18.00 and gave the company a "buy" rating in a report on Monday, August 4th. B. Riley upped their price objective on shares of Rigetti Computing from $15.00 to $19.00 and gave the company a "buy" rating in a research note on Wednesday, July 23rd. Williams Trading set a $20.00 price objective on shares of Rigetti Computing in a research report on Wednesday, August 13th. Industrial Alliance Securities set a $18.00 target price on shares of Rigetti Computing in a research report on Wednesday, July 16th. Finally, Alliance Global Partners reaffirmed a "buy" rating on shares of Rigetti Computing in a research report on Wednesday, July 16th. Six investment analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, Rigetti Computing currently has a consensus rating of "Buy" and a consensus price target of $17.43.

Rigetti Computing Stock Performance

The stock has a market capitalization of $5.08 billion, a PE ratio of -20.56 and a beta of 1.44. The company's fifty day simple moving average is $15.08 and its two-hundred day simple moving average is $11.84.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last released 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. The business had revenue of $1.80 million during the quarter, compared to analyst estimates of $1.87 million. Rigetti Computing had a negative net margin of 2,134.92% and a negative return on equity of 29.05%. Sell-side analysts forecast that Rigetti Computing, Inc. will post -0.34 EPS for the current fiscal year.

Insider Buying and Selling at Rigetti Computing

In other news, 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 transaction, the director owned 853,766 shares of the company's stock, valued at $12,806,490. This trade represents a 2.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Ray O. Johnson sold 40,420 shares of Rigetti Computing stock in a transaction on Wednesday, July 16th. The stock was sold at an average price of $15.00, for a total transaction of $606,300.00. Following the sale, the director owned 419,756 shares in the company, valued at $6,296,340. This represents a 8.78% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 113,694 shares of company stock worth $1,698,130 in the last ninety days.

Institutional Investors Weigh In On Rigetti Computing

Several large investors have recently made changes to their positions in the stock. Vanguard Group Inc. increased its position in Rigetti Computing by 20.7% during the 1st quarter. Vanguard Group Inc. now owns 14,177,119 shares of the company's stock worth $112,283,000 after buying an additional 2,430,758 shares during the period. State Street Corp grew its holdings in Rigetti Computing by 12.0% during the second quarter. State Street Corp now owns 8,853,006 shares of the company's stock worth $104,997,000 after buying an additional 946,850 shares in the last quarter. Marex Group plc purchased a new position in Rigetti Computing in the second quarter worth $87,414,000. Geode Capital Management LLC boosted its position in Rigetti Computing by 22.9% in the second quarter. Geode Capital Management LLC now owns 6,484,155 shares of the company's stock worth $76,910,000 after purchasing an additional 1,206,925 shares during the last quarter. Finally, UNICOM Systems Inc. lifted its position in shares of Rigetti Computing by 1,235.8% during the 1st quarter. UNICOM Systems Inc. now owns 3,806,935 shares of the company's stock valued at $30,151,000 after buying an additional 3,521,935 shares during the last quarter. Institutional investors and hedge funds own 35.38% of the company's stock.

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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