Rigetti Computing (NASDAQ:RGTI) Trading 9% Higher - Still a Buy?

Key Points

• Rigetti Computing's shares rose 9% during mid-day trading, reaching a peak of $48.22, compared to the previous close of $43.23.
• Analysts have expressed a positive outlook, with six giving a Buy rating and a consensus price target of $28.29, while B. Riley recently increased their target from $19.00 to $35.00.
• The company reported earnings of ($0.05) per share, exceeding expectations, but also has a negative net margin of -2,134.92% and significant insider selling activity.

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) were up 9% during mid-day trading on Thursday . The company traded as high as $48.22 and last traded at $47.11. Approximately 154,492,958 shares traded hands during trading, an increase of 114% from the average daily volume of 72,090,609 shares. The stock had previously closed at $43.23.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on RGTI shares. Cantor Fitzgerald started coverage on shares of Rigetti Computing in a research report on Wednesday, July 2nd. They set an "overweight" rating and a $15.00 price objective for the company. Industrial Alliance Securities set a $18.00 price target on Rigetti Computing in a report on Wednesday, July 16th. B. Riley boosted their price objective on Rigetti Computing from $19.00 to $35.00 and gave the company a "buy" rating in a research note on Monday, September 22nd. 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 $50.00 price target on shares of Rigetti Computing in a research report on Tuesday. Six analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $28.29.

Rigetti Computing Stock Performance

The business's fifty day simple moving average is $22.03 and its 200-day simple moving average is $15.04. The firm has a market capitalization of $15.27 billion, a PE ratio of -61.99 and a beta of 1.60.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last issued its earnings results on Tuesday, August 12th. The company reported ($0.05) earnings per share for the quarter, topping analysts' consensus estimates 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 analyst estimates of $1.87 million. Sell-side analysts expect that Rigetti Computing, Inc. will post -0.34 earnings per share for the current fiscal year.

Insider Buying and Selling at Rigetti Computing

In related news, Director Michael S. Clifton sold 75,000 shares of the stock in a transaction that occurred on Friday, September 12th. The stock was sold at an average price of $19.00, for a total transaction of $1,425,000.00. Following the completion of the transaction, the director directly owned 653,766 shares of the company's stock, valued at approximately $12,421,554. This represents a 10.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Helene Gail Sandford sold 25,000 shares of the stock in a transaction that occurred on Friday, September 12th. The shares were sold at an average price of $18.54, for a total value of $463,500.00. Following the transaction, the director directly owned 200,006 shares of the company's stock, valued at approximately $3,708,111.24. The trade was a 11.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 457,624 shares of company stock worth $8,498,996. Insiders own 1.90% of the company's stock.

Hedge Funds Weigh In On Rigetti Computing

Several institutional investors have recently bought and sold shares of the business. GAMMA Investing LLC lifted its holdings in shares of Rigetti Computing by 1,813.0% in the 1st quarter. GAMMA Investing LLC now owns 3,233 shares of the company's stock valued at $26,000 after acquiring an additional 3,064 shares during the last quarter. IFP Advisors Inc lifted its stake in shares of Rigetti Computing by 146.1% in the 2nd quarter. IFP Advisors Inc now owns 2,190 shares of the company's stock valued at $26,000 after purchasing an additional 1,300 shares during the last quarter. Center for Financial Planning Inc. bought a new stake in Rigetti Computing in the first quarter worth $30,000. Quarry LP bought a new stake in Rigetti Computing in the first quarter worth $31,000. Finally, Armstrong Advisory Group Inc. lifted its position in Rigetti Computing by 225.4% in the second quarter. Armstrong Advisory Group Inc. now owns 2,974 shares of the company's stock worth $35,000 after buying an additional 2,060 shares during the last quarter. Institutional investors own 35.38% of the company's stock.

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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