Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report)'s stock price traded up 1.2% during mid-day trading on Monday . The company traded as high as $12.23 and last traded at $11.99. 29,308,050 shares were traded during trading, a decline of 44% from the average session volume of 52,359,858 shares. The stock had previously closed at $11.85.
Analysts Set New Price Targets
Several equities research analysts have weighed in on the company. Benchmark reaffirmed a "buy" rating and issued a $14.00 target price on shares of Rigetti Computing in a research report on Thursday. Alliance Global Partners reaffirmed a "buy" rating on shares of Rigetti Computing in a research note on Thursday, March 6th. Needham & Company LLC decreased 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, B. Riley lifted their price objective on shares of Rigetti Computing from $8.50 to $15.00 and gave the company a "buy" rating in a research note on Friday, February 14th. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Rigetti Computing presently has an average rating of "Buy" and an average target price of $14.00.
Get Our Latest Analysis on Rigetti Computing
Rigetti Computing Price Performance
The company has a 50 day moving average of $9.29 and a two-hundred day moving average of $8.91. The firm has a market cap of $3.44 billion, a P/E ratio of -31.66 and a beta of 1.41. The company has a quick ratio of 4.84, a current ratio of 4.84 and a debt-to-equity ratio of 0.02.
Rigetti Computing (NASDAQ:RGTI - Get Free Report) last announced its quarterly earnings data on Wednesday, March 5th. The company reported ($0.08) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.08). The company had revenue of $2.27 million for the quarter, compared to analysts' expectations of $2.40 million. Rigetti Computing had a negative net margin of 509.58% and a negative return on equity of 51.56%. During the same quarter in the previous year, the company posted ($0.04) EPS. Sell-side analysts expect that Rigetti Computing, Inc. will post -0.34 EPS for the current year.
Insider Transactions at Rigetti Computing
In related news, CTO David Rivas sold 351,785 shares of the 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 completion of the transaction, the chief technology officer now 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 SEC, which can be accessed through the SEC website. Corporate insiders own 1.90% of the company's stock.
Institutional Trading of Rigetti Computing
A number of hedge funds have recently bought and sold shares of the company. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC purchased a new stake in shares of Rigetti Computing in the 1st quarter valued at approximately $3,115,000. PharVision Advisers LLC purchased a new stake in shares of Rigetti Computing in the first quarter valued at $97,000. NewEdge Advisors LLC boosted its position in shares of Rigetti Computing by 197.8% in the first quarter. NewEdge Advisors LLC now owns 25,592 shares of the company's stock worth $203,000 after buying an additional 16,998 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Rigetti Computing by 25.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 112,409 shares of the company's stock valued at $890,000 after buying an additional 22,770 shares in the last quarter. Finally, K2 Principal Fund L.P. acquired a new position in Rigetti Computing during the first quarter valued at $158,000. 35.38% of the stock is owned by hedge funds and other institutional investors.
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.
Further Reading
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