Rigetti Computing (NASDAQ:RGTI) Stock Price Up 2.4% - What's Next?

Key Points

• Rigetti Computing's stock price increased by 2.4% to $15.46 with over 9 million shares traded, significantly lower than its average volume of approximately 67.9 million shares.
• Analysts remain optimistic, with several firms issuing "buy" ratings and raising target prices, resulting in an average price target of $17.43 for Rigetti Computing.
• The recent earnings report showed a loss per share of ($0.05), beating expectations slightly, although revenue fell short of estimates at $1.80 million.

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report)'s share price traded up 2.4% on Monday . The stock traded as high as $15.49 and last traded at $15.46. 9,281,234 shares traded hands during trading, a decline of 86% from the average session volume of 67,896,727 shares. The stock had previously closed at $15.10.

Analyst Ratings Changes

A number of equities research analysts have weighed in on RGTI shares. Alliance Global Partners reissued a "buy" rating on shares of Rigetti Computing in a report on Wednesday, July 16th. Needham & Company LLC raised 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. Industrial Alliance Securities set a $18.00 price objective on Rigetti Computing in a report on Wednesday, July 16th. B. Riley upped their price objective on Rigetti Computing from $15.00 to $19.00 and gave the stock a "buy" rating in a research report on Wednesday, July 23rd. Finally, Cantor Fitzgerald initiated coverage on Rigetti Computing in a research report on Wednesday, July 2nd. They issued an "overweight" rating and a $15.00 target price on the stock. Six investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company presently has an average rating of "Buy" and an average price target of $17.43.

Rigetti Computing Price Performance

The stock has a market cap of $4.90 billion, a P/E ratio of -19.92 and a beta of 1.44. The firm's 50-day moving average price is $15.02 and its 200-day moving average price is $11.81.

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

Insider Buying and Selling

In other Rigetti Computing news, CFO Jeffrey A. Bertelsen sold 3,919 shares of the business's 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 transaction, the chief financial officer directly owned 183,581 shares in the company, valued at $2,724,342.04. The trade was a 2.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Ray O. Johnson sold 40,420 shares of the stock in a transaction dated Wednesday, July 16th. The stock was sold at an average price of $15.00, for a total transaction of $606,300.00. Following the transaction, the director directly owned 419,756 shares in the company, valued at $6,296,340. This trade represents a 8.78% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 113,694 shares of company stock valued at $1,698,130.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the stock. Harel Insurance Investments & Financial Services Ltd. lifted its holdings in shares of Rigetti Computing by 20.0% in the 2nd 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 last quarter. IFP Advisors Inc boosted its holdings 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 valued at $26,000 after acquiring an additional 1,300 shares during the period. California State Teachers Retirement System lifted its holdings in Rigetti Computing by 12.7% in the fourth 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. Stratos Wealth Partners LTD. increased its position in Rigetti Computing by 9.8% during the 2nd quarter. Stratos Wealth Partners LTD. now owns 15,048 shares of the company's stock worth $178,000 after purchasing an additional 1,342 shares in the last quarter. Finally, Center for Financial Planning Inc. lifted its stake in shares of Rigetti Computing by 35.5% in the 2nd quarter. Center for Financial Planning Inc. now owns 5,137 shares of the company's stock valued at $61,000 after purchasing an additional 1,345 shares in the last quarter. 35.38% of the stock is owned by hedge funds and other institutional investors.

About Rigetti Computing

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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