Rigetti Computing (NASDAQ:RGTI) Stock Price Up 1.2% - Still a Buy?

Key Points

• Rigetti Computing's stock (NASDAQ:RGTI) rose by 1.2%, reaching a trading high of $15.67, though the volume decreased significantly by 82% compared to its average session volume.
• Multiple analysts have issued positive ratings on Rigetti, with an average rating of "Buy" and a consensus price target of $17.43, indicating growth potential for the company.
• Despite beating quarterly earnings expectations with a reported EPS of ($0.05), Rigetti experienced a substantial negative net margin of 2,134.92% and lower-than-expected revenue, totaling $1.80 million.

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) shot up 1.2% during mid-day trading on Thursday . The stock traded as high as $15.67 and last traded at $15.23. 12,326,984 shares traded hands during mid-day trading, a decline of 82% from the average session volume of 68,348,594 shares. The stock had previously closed at $15.04.

Wall Street Analyst Weigh In

RGTI has been the topic of several analyst reports. Alliance Global Partners reiterated a "buy" rating on shares of Rigetti Computing in a research note on Wednesday, July 16th. Cantor Fitzgerald began coverage on shares of Rigetti Computing in a report on Wednesday, July 2nd. They issued an "overweight" rating and a $15.00 price target on the stock. Industrial Alliance Securities set a $18.00 target price on shares of Rigetti Computing in a report on Wednesday, July 16th. Needham & Company LLC boosted their target price on shares of Rigetti Computing from $15.00 to $18.00 and gave the stock a "buy" rating in a report on Monday, August 4th. Finally, Williams Trading set a $20.00 target price on shares of Rigetti Computing in a report on Wednesday, August 13th. Six analysts have rated the stock with a Buy rating, According to MarketBeat, the company presently has an average rating of "Buy" and a consensus price target of $17.43.

Rigetti Computing Trading Up 0.5%

The company has a market capitalization of $4.90 billion, a PE ratio of -19.89 and a beta of 1.44. The firm's 50-day simple moving average is $14.85 and its 200-day simple moving average is $11.75.

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

Insider Activity

In related news, CFO Jeffrey A. Bertelsen sold 3,919 shares of the stock in a transaction that occurred on Wednesday, August 20th. The shares were sold at an average price of $14.84, for a total transaction of $58,157.96. Following the completion of the sale, the chief financial officer owned 183,581 shares of the company's stock, valued at $2,724,342.04. This represents a 2.09% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Michael S. Clifton sold 25,000 shares of the company's stock in a transaction that occurred on Wednesday, July 16th. The shares were sold at an average price of $15.00, for a total transaction of $375,000.00. Following the transaction, the director owned 853,766 shares in the company, valued at $12,806,490. The trade was a 2.84% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 113,694 shares of company stock worth $1,698,130.

Institutional Trading of Rigetti Computing

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Harel Insurance Investments & Financial Services Ltd. increased its stake in shares of Rigetti Computing by 20.0% in the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 6,000 shares of the company's stock worth $71,000 after acquiring an additional 1,000 shares during the period. IFP Advisors Inc increased its stake in shares of Rigetti Computing by 146.1% in the second quarter. IFP Advisors Inc now owns 2,190 shares of the company's stock worth $26,000 after acquiring an additional 1,300 shares during the period. California State Teachers Retirement System increased its stake in shares of Rigetti Computing by 12.7% in the fourth quarter. California State Teachers Retirement System now owns 11,551 shares of the company's stock worth $176,000 after acquiring an additional 1,301 shares during the period. Stratos Wealth Partners LTD. increased its stake in shares of Rigetti Computing by 9.8% in the second quarter. Stratos Wealth Partners LTD. now owns 15,048 shares of the company's stock worth $178,000 after acquiring an additional 1,342 shares during the period. Finally, Center for Financial Planning Inc. grew its position in Rigetti Computing by 35.5% during the second quarter. Center for Financial Planning Inc. now owns 5,137 shares of the company's stock valued at $61,000 after buying an additional 1,345 shares during the period. Institutional investors and hedge funds 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.

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