Rigetti Computing (NASDAQ:RGTI) Stock Price Up 5.4% - Here's What Happened

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) was up 5.4% on Thursday . The company traded as high as $10.11 and last traded at $9.75. Approximately 23,311,344 shares traded hands during mid-day trading, a decline of 53% from the average daily volume of 50,071,991 shares. The stock had previously closed at $9.25.

Wall Street Analysts Forecast Growth

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

Rigetti Computing Stock Performance

The company has a market capitalization of $2.95 billion, a PE ratio of -27.13 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. The stock's fifty day simple moving average is $8.89 and its 200-day simple moving average is $8.33.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last announced its quarterly earnings data on Wednesday, March 5th. The company reported ($0.08) EPS for the quarter, meeting analysts' consensus estimates of ($0.08). The business had revenue of $2.27 million during the quarter, compared to the consensus estimate 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 previous year, the business earned ($0.04) earnings per share. As a group, equities analysts predict that Rigetti Computing, Inc. will post -0.34 earnings per share for the current year.

Insider Buying and Selling

In other news, CTO David Rivas sold 351,785 shares of Rigetti Computing stock in a transaction dated 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 of the company's stock, valued at $8,495,166.88. The trade was a 24.32 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 2.81% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. US Bancorp DE raised its stake in shares of Rigetti Computing by 29.4% in 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 during the period. XTX Topco Ltd grew its stake in shares of Rigetti Computing by 155.4% in the first quarter. XTX Topco Ltd now owns 25,596 shares of the company's stock valued at $203,000 after buying an additional 15,576 shares in the last quarter. LPL Financial LLC lifted its position in Rigetti Computing by 122.2% during the 1st quarter. LPL Financial LLC now owns 287,811 shares of the company's stock worth $2,279,000 after acquiring an additional 158,301 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in Rigetti Computing in the 1st quarter worth approximately $548,000. Finally, Cetera Investment Advisers boosted its holdings in Rigetti Computing by 59.6% in the 1st quarter. Cetera Investment Advisers now owns 67,742 shares of the company's stock worth $537,000 after acquiring an additional 25,286 shares during the period. 35.38% of the stock is owned by institutional investors and hedge funds.

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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