Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) shares traded up 15.3% on Friday . The company traded as high as $29.09 and last traded at $28.52. 127,311,772 shares were traded during trading, an increase of 87% from the average session volume of 68,120,508 shares. The stock had previously closed at $24.74.
Analysts Set New Price Targets
A number of equities analysts recently weighed in on the stock. Benchmark boosted their target price on shares of Rigetti Computing from $14.00 to $20.00 and gave the stock a "buy" rating in a report on Wednesday, August 13th. Industrial Alliance Securities set a $18.00 price target on Rigetti Computing in a report on Wednesday, July 16th. Needham & Company LLC upped their price objective on Rigetti Computing from $15.00 to $18.00 and gave the company a "buy" rating in a research note on Monday, August 4th. Alliance Global Partners reiterated a "buy" rating on shares of Rigetti Computing in a research note on Wednesday, July 16th. Finally, Williams Trading set a $20.00 price target on Rigetti Computing in a research note on Wednesday, August 13th. Six analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company currently has an average rating of "Buy" and an average price target of $19.71.
View Our Latest Report on Rigetti Computing
Rigetti Computing Stock Performance
The company's 50-day moving average is $16.41 and its two-hundred day moving average is $12.58.
Rigetti Computing (NASDAQ:RGTI - Get Free Report) last issued its quarterly earnings results on Tuesday, August 12th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.06) by $0.01. The company 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%. On average, analysts expect that Rigetti Computing, Inc. will post -0.34 EPS for the current fiscal year.
Insider Buying and Selling at Rigetti Computing
In other news, CTO David Rivas sold 44,355 shares of the stock in a transaction on Wednesday, August 20th. The stock was sold at an average price of $14.85, for a total value of $658,671.75. Following the completion of the transaction, the chief technology officer directly owned 730,568 shares in the company, valued at approximately $10,848,934.80. This represents a 5.72% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Michael S. Clifton sold 75,000 shares of the stock in a transaction on Friday, September 12th. The shares were sold at an average price of $19.00, for a total value of $1,425,000.00. Following the completion of the transaction, the director owned 653,766 shares of the company's stock, valued at $12,421,554. The trade was a 10.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 457,624 shares of company stock worth $8,498,996 over the last 90 days.
Institutional Investors Weigh In On Rigetti Computing
Several hedge funds have recently added to or reduced their stakes in the business. IFP Advisors Inc raised its stake in shares of Rigetti Computing by 146.1% during 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 last quarter. Armstrong Advisory Group Inc. raised its position in Rigetti Computing by 225.4% during the 2nd quarter. Armstrong Advisory Group Inc. now owns 2,974 shares of the company's stock worth $35,000 after purchasing an additional 2,060 shares during the last quarter. GAMMA Investing LLC lifted its holdings in Rigetti Computing by 1,813.0% during the 1st quarter. GAMMA Investing LLC now owns 3,233 shares of the company's stock worth $26,000 after buying an additional 3,064 shares during the period. Center for Financial Planning Inc. acquired a new position in Rigetti Computing during the 1st quarter worth about $30,000. Finally, Quarry LP acquired a new stake in shares of Rigetti Computing in the first quarter valued at about $31,000. 35.38% of the stock is currently owned by institutional investors and hedge funds.
About Rigetti Computing
(
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.
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