Rigetti Computing (NASDAQ:RGTI) Trading Up 1.2% - Here's Why

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report)'s stock price traded up 1.2% during mid-day trading on Friday . The company traded as high as $9.80 and last traded at $9.41. 19,248,167 shares traded hands during mid-day trading, a decline of 61% from the average session volume of 49,138,825 shares. The stock had previously closed at $9.30.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on RGTI shares. Needham & Company LLC restated a "buy" rating and set a $17.00 price target on shares of Rigetti Computing in a research report on Thursday, March 6th. Alliance Global Partners restated a "buy" rating on shares of Rigetti Computing in a report on Thursday, March 6th. B. Riley lifted their price target on Rigetti Computing from $8.50 to $15.00 and gave the company a "buy" rating in a report on Friday, February 14th. Finally, Benchmark reiterated a "buy" rating and set a $14.00 price target on shares of Rigetti Computing in a research report on Thursday, March 6th. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of $14.50.

Rigetti Computing Stock Performance

The firm has a fifty day simple moving average of $8.91 and a 200-day simple moving average of $8.02. The stock has a market cap of $2.53 billion, a price-to-earnings ratio of -23.32 and a beta of 1.41. The company has a current ratio of 4.84, a quick ratio of 4.84 and a debt-to-equity ratio of 0.02.

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, meeting the consensus estimate of ($0.08). The business had revenue of $2.27 million for 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 firm posted ($0.04) earnings per share. Analysts forecast that Rigetti Computing, Inc. will post -0.34 EPS for the current fiscal year.

Insider Activity

In other news, CTO David Rivas sold 351,785 shares of the firm's stock in a transaction on 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 transaction, the chief technology officer now directly owns 1,094,738 shares in the company, valued at $8,495,166.88. This trade represents a 24.32 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 2.81% of the company's stock.

Institutional Investors Weigh In On Rigetti Computing

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. California State Teachers Retirement System raised its position in shares of Rigetti Computing by 12.7% in the 4th quarter. California State Teachers Retirement System now owns 11,551 shares of the company's stock valued at $176,000 after acquiring an additional 1,301 shares during the period. Allworth Financial LP grew its stake in Rigetti Computing by 14.9% in the fourth 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 during the period. Signaturefd LLC acquired a new stake in shares of Rigetti Computing during the fourth quarter worth about $25,000. Amalgamated Bank lifted its holdings in shares of 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 purchasing an additional 1,622 shares in the last quarter. Finally, Legal & General Group Plc increased its stake in Rigetti Computing by 14.9% during the 4th quarter. Legal & General Group Plc now owns 14,051 shares of the company's stock worth $214,000 after purchasing an additional 1,817 shares in the last quarter. Institutional investors 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.