Rigetti Computing (NASDAQ:RGTI) Shares Up 18.6% - Here's What Happened

Key Points

• Rigetti Computing's share price increased by 18.6%, reaching a last-traded price of $35.40, following a significant increase in trading volume of 107% compared to the average session.
• Multiple analysts have raised their price targets for Rigetti, with B. Riley setting the highest target at $35.00 and most analysts rating the stock as a "Buy".
• Rigetti reported quarterly earnings of ($0.05) EPS, which beat estimates, although the company continues to face a deeply negative net margin of -2,134.92%.

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report)'s share price traded up 18.6% on Thursday . The company traded as high as $35.81 and last traded at $35.40. 144,858,022 shares were traded during trading, an increase of 107% from the average session volume of 69,974,047 shares. The stock had previously closed at $29.85.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. Benchmark increased their price objective on shares of Rigetti Computing from $14.00 to $20.00 and gave the company a "buy" rating in a research report on Wednesday, August 13th. Needham & Company LLC increased their price target 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. B. Riley increased their price target on shares of Rigetti Computing from $19.00 to $35.00 and gave the stock a "buy" rating in a research report on Monday, September 22nd. Alliance Global Partners reiterated a "buy" rating on shares of Rigetti Computing in a research report on Wednesday, July 16th. Finally, Williams Trading set a $20.00 price target on shares of Rigetti Computing in a research report on Wednesday, August 13th. Six research analysts have rated the stock with a Buy rating, According to MarketBeat, the stock has an average rating of "Buy" and an average price target of $19.71.

Rigetti Computing Stock Performance

The stock has a market capitalization of $11.48 billion, a P/E ratio of -46.58 and a beta of 1.59. The company's 50-day moving average price is $18.81 and its 200 day moving average price is $13.71.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last announced its quarterly earnings data on Tuesday, August 12th. The company reported ($0.05) EPS for the quarter, beating the consensus estimate of ($0.06) by $0.01. The firm had revenue of $1.80 million for the quarter, compared to the consensus estimate of $1.87 million. Rigetti Computing had a negative net margin of 2,134.92% and a negative return on equity of 29.05%. Analysts predict that Rigetti Computing, Inc. will post -0.34 earnings per share for the current year.

Insider Activity at Rigetti Computing

In related news, Director Helene Gail Sandford sold 25,000 shares of the firm's stock in a transaction on Friday, September 12th. The shares were sold at an average price of $18.54, for a total transaction of $463,500.00. Following the completion of the transaction, the director directly owned 200,006 shares of the company's stock, valued at approximately $3,708,111.24. This trade represents a 11.11% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Michael S. Clifton sold 75,000 shares of the firm's stock in a transaction 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 transaction, the director directly owned 653,766 shares of the company's stock, valued at $12,421,554. The trade was a 10.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 457,624 shares of company stock valued at $8,498,996 in the last ninety days. Corporate insiders own 1.90% of the company's stock.

Hedge Funds Weigh In On Rigetti Computing

A number of institutional investors and hedge funds have recently made changes to their positions in the business. GAMMA Investing LLC grew its stake in shares of Rigetti Computing by 25.6% in the 3rd quarter. GAMMA Investing LLC now owns 2,878 shares of the company's stock worth $86,000 after buying an additional 587 shares in the last quarter. Capital Asset Advisory Services LLC purchased a new position in shares of Rigetti Computing in the 3rd quarter worth $228,000. Osaic Holdings Inc. grew its stake in shares of Rigetti Computing by 119.2% in the 2nd quarter. Osaic Holdings Inc. now owns 260,307 shares of the company's stock worth $3,087,000 after buying an additional 141,541 shares in the last quarter. Marex Group plc purchased a new position in shares of Rigetti Computing in the 2nd quarter worth $87,414,000. Finally, Geneos Wealth Management Inc. grew its stake in shares of Rigetti Computing by 88.8% in the 2nd quarter. Geneos Wealth Management Inc. now owns 5,097 shares of the company's stock worth $60,000 after buying an additional 2,397 shares in the last quarter. 35.38% of the stock is owned by hedge funds and other institutional investors.

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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