Shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) were down 1.8% during mid-day trading on Wednesday . The stock traded as low as $11.65 and last traded at $11.82. Approximately 13,595,874 shares changed hands during mid-day trading, a decline of 75% from the average daily volume of 55,103,167 shares. The stock had previously closed at $12.04.
Analyst Upgrades and Downgrades
Several equities analysts have weighed in on the company. B. Riley increased their price objective on Rigetti Computing from $8.50 to $15.00 and gave the company a "buy" rating in a report on Friday, February 14th. Benchmark reissued a "buy" rating and set a $14.00 price objective on shares of Rigetti Computing in a research note on Thursday, May 15th. Needham & Company LLC dropped their price target on Rigetti Computing from $17.00 to $15.00 and set a "buy" rating for the company in a research note on Wednesday, May 14th. Finally, Alliance Global Partners reaffirmed a "buy" rating on shares of Rigetti Computing in a research note on Thursday, March 6th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has an average rating of "Buy" and a consensus price target of $14.00.
Check Out Our Latest Research Report on RGTI
Rigetti Computing Price Performance
The firm has a fifty day moving average price of $10.14 and a two-hundred day moving average price of $9.83. The stock has a market capitalization of $3.16 billion, a P/E ratio of -28.66 and a beta of 1.41. 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 issued its quarterly earnings results on Wednesday, March 5th. The company reported ($0.08) earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of ($0.08). The business had revenue of $2.27 million during the quarter, compared to analyst estimates of $2.40 million. Rigetti Computing had a negative return on equity of 51.56% and a negative net margin of 509.58%. During the same quarter in the prior year, the business posted ($0.04) EPS. As a group, analysts expect that Rigetti Computing, Inc. will post -0.34 EPS for the current fiscal year.
Insiders Place Their Bets
In related news, CTO David Rivas sold 351,785 shares of Rigetti Computing stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $7.76, for a total transaction of $2,729,851.60. Following the transaction, the chief technology officer now directly owns 1,094,738 shares of the company's stock, valued at $8,495,166.88. This trade represents a 24.32% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 1.90% of the stock is owned by insiders.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently added to or reduced their stakes in RGTI. California State Teachers Retirement System raised its position in shares of Rigetti Computing by 12.7% during the 4th quarter. California State Teachers Retirement System now owns 11,551 shares of the company's stock worth $176,000 after purchasing an additional 1,301 shares during the last quarter. US Bancorp DE grew its stake in Rigetti Computing by 29.4% during the 1st quarter. US Bancorp DE now owns 6,248 shares of the company's stock valued at $49,000 after acquiring an additional 1,420 shares in the last quarter. Allworth Financial LP grew its stake in Rigetti Computing by 14.9% during the 4th quarter. Allworth Financial LP now owns 11,604 shares of the company's stock valued at $161,000 after acquiring an additional 1,504 shares in the last quarter. Signaturefd LLC purchased a new stake in Rigetti Computing during the 4th quarter valued at about $25,000. Finally, Amalgamated Bank grew its stake in Rigetti Computing by 33.1% during the 1st quarter. Amalgamated Bank now owns 6,516 shares of the company's stock valued at $52,000 after acquiring an additional 1,622 shares in the last quarter. 35.38% of the stock is currently owned by institutional investors and hedge funds.
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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