Rigetti Computing (NASDAQ:RGTI) Trading Up 1.3% - Time to Buy?

Key Points

• Rigetti Computing's shares rose by 1.3% to $15.72, with trading volume significantly lower than average at 7.76 million shares.
• Analysts have a consensus "Buy" rating for Rigetti Computing, with price targets ranging from $15.00 to $20.00.
• The company has reported a negative net margin of 2,134.92% and a revenue of $1.80 million for the latest quarter, slightly below expectations.

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) were up 1.3% during mid-day trading on Wednesday . The company traded as high as $15.81 and last traded at $15.72. Approximately 7,764,282 shares traded hands during mid-day trading, a decline of 89% from the average daily volume of 68,577,797 shares. The stock had previously closed at $15.52.

Analyst Ratings Changes

A number of equities analysts have issued reports on RGTI shares. Cantor Fitzgerald started coverage on shares of Rigetti Computing in a research note on Wednesday, July 2nd. They issued an "overweight" rating and a $15.00 price objective on the stock. Benchmark raised their price objective on shares of Rigetti Computing from $14.00 to $20.00 and gave the company a "buy" rating in a research note on Wednesday, August 13th. Williams Trading set a $20.00 price objective on shares of Rigetti Computing in a research note on Wednesday, August 13th. Alliance Global Partners reaffirmed a "buy" rating on shares of Rigetti Computing in a research note on Wednesday, July 16th. Finally, Needham & Company LLC raised their price objective on shares of Rigetti Computing from $15.00 to $18.00 and gave the company a "buy" rating in a research note on Monday, August 4th. Six analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus price target of $17.43.

Rigetti Computing Stock Down 2.5%

The business's fifty day moving average is $14.78 and its 200 day moving average is $11.72. The firm has a market capitalization of $4.90 billion, a price-to-earnings ratio of -19.91 and a beta of 1.44.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last issued its quarterly earnings data on Tuesday, August 12th. The company reported ($0.05) EPS 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 business had revenue of $1.80 million for the quarter, compared to analyst estimates of $1.87 million. Equities research analysts expect that Rigetti Computing, Inc. will post -0.34 EPS for the current year.

Insider Activity at Rigetti Computing

In related news, CFO Jeffrey A. Bertelsen sold 3,919 shares of the firm's stock in a transaction 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 sale, the chief financial officer directly owned 183,581 shares in the company, valued at $2,724,342.04. This trade represents a 2.09% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Ray O. Johnson sold 40,420 shares of the firm's stock in a transaction on Wednesday, July 16th. The shares were sold at an average price of $15.00, for a total transaction of $606,300.00. Following the completion of the transaction, the director directly owned 419,756 shares of the company's stock, valued at approximately $6,296,340. This trade represents a 8.78% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 113,694 shares of company stock valued at $1,698,130.

Institutional Trading of Rigetti Computing

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Marex Group plc bought a new stake in shares of Rigetti Computing during the 2nd quarter worth about $87,414,000. Geneos Wealth Management Inc. boosted its holdings in shares of Rigetti Computing by 88.8% during the 2nd quarter. Geneos Wealth Management Inc. now owns 5,097 shares of the company's stock worth $60,000 after buying an additional 2,397 shares during the period. Hollencrest Capital Management boosted its holdings in shares of Rigetti Computing by 458.3% during the 2nd quarter. Hollencrest Capital Management now owns 4,020 shares of the company's stock worth $48,000 after buying an additional 3,300 shares during the period. FORA Capital LLC boosted its holdings in shares of Rigetti Computing by 30.2% during the 2nd quarter. FORA Capital LLC now owns 151,419 shares of the company's stock worth $1,796,000 after buying an additional 35,080 shares during the period. Finally, Headlands Technologies LLC boosted its holdings in shares of Rigetti Computing by 215.8% during the 2nd quarter. Headlands Technologies LLC now owns 269,011 shares of the company's stock worth $3,190,000 after buying an additional 183,819 shares during the period. 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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