Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report)'s stock price traded up 7.4% on Wednesday . The company traded as high as $9.35 and last traded at $9.20. 14,276,312 shares changed hands during trading, a decline of 71% from the average session volume of 48,935,634 shares. The stock had previously closed at $8.57.
Analysts Set New Price Targets
Several brokerages have recently issued reports on RGTI. Needham & Company LLC reissued a "buy" rating and set a $17.00 price objective on shares of Rigetti Computing in a research note on Thursday, March 6th. Alliance Global Partners reaffirmed a "buy" rating on shares of Rigetti Computing in a research note on Thursday, March 6th. Benchmark reissued a "buy" rating and set a $14.00 target price on shares of Rigetti Computing in a research report on Thursday, March 6th. Finally, B. Riley lifted their price target on shares of Rigetti Computing from $8.50 to $15.00 and gave the company a "buy" rating in a research report on Friday, February 14th. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average price target of $14.50.
Check Out Our Latest Report on Rigetti Computing
Rigetti Computing Stock Performance
The stock has a market cap of $2.68 billion, a PE ratio of -24.66 and a beta of 1.41. The stock has a fifty day simple moving average of $8.94 and a two-hundred day simple moving average of $7.91. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.84 and a current ratio of 4.84.
Rigetti Computing (NASDAQ:RGTI - Get Free Report) last released its quarterly earnings results on Wednesday, March 5th. The company reported ($0.08) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.08). Rigetti Computing had a negative net margin of 509.58% and a negative return on equity of 51.56%. The firm had revenue of $2.27 million for the quarter, compared to the consensus estimate of $2.40 million. During the same quarter in the previous year, the firm posted ($0.04) EPS. Equities analysts anticipate that Rigetti Computing, Inc. will post -0.34 EPS for the current fiscal year.
Insider Activity
In related news, CTO David Rivas sold 351,785 shares of the business's stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $7.76, for a total value of $2,729,851.60. Following the completion of the sale, the chief technology officer now directly owns 1,094,738 shares of the company's stock, valued at $8,495,166.88. The trade was a 24.32 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 2.81% of the company's stock.
Hedge Funds Weigh In On Rigetti Computing
A number of hedge funds have recently added to or reduced their stakes in RGTI. Signaturefd LLC acquired a new position in shares of Rigetti Computing in the 4th quarter valued at about $25,000. GAMMA Investing LLC lifted its holdings in shares of Rigetti Computing by 1,813.0% in the 1st quarter. GAMMA Investing LLC now owns 3,233 shares of the company's stock worth $26,000 after purchasing an additional 3,064 shares during the last quarter. EverSource Wealth Advisors LLC acquired a new position in Rigetti Computing during the 4th quarter valued at approximately $28,000. Center for Financial Planning Inc. bought a new position in Rigetti Computing during the 1st quarter worth $30,000. Finally, Tucker Asset Management LLC acquired a new stake in Rigetti Computing in the fourth quarter worth $32,000. Institutional investors and hedge funds own 35.38% of the company's stock.
Rigetti Computing Company Profile
(
Get Free Report)
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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