Rigetti Computing (NASDAQ:RGTI) Trading Up 2.2% - Time to Buy?

Key Points

• Rigetti Computing's stock price rose by 2.2% on Tuesday, reaching a high of $58.15 before closing at $56.12, with trading volume significantly above the average at approximately 147 million shares.
• Analysts generally maintain a positive outlook on Rigetti Computing, with six having a "buy" rating and a consensus target price of $28.29, despite the company's earnings report indicating some financial challenges.
• Insider activity shows significant stock sales, with a director selling 100,000 shares for $1.95 million, reflecting a major reduction in their ownership of the company.

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report)'s share price was up 2.2% on Tuesday . The stock traded as high as $58.15 and last traded at $56.12. Approximately 147,247,614 shares traded hands during mid-day trading, an increase of 101% from the average daily volume of 73,401,703 shares. The stock had previously closed at $54.91.

Wall Street Analysts Forecast Growth

Several 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. Benchmark upped their target price on Rigetti Computing from $20.00 to $50.00 and gave the company a "buy" rating in a report on Tuesday, October 7th. Williams Trading set a $50.00 price objective on Rigetti Computing in a research report on Tuesday, October 7th. 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 report on Monday, August 4th. 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 price objective on the stock. Six analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Rigetti Computing has an average rating of "Moderate Buy" and a consensus target price of $28.29.

Rigetti Computing Stock Up 2.2%

The firm has a market cap of $18.19 billion, a price-to-earnings ratio of -73.84 and a beta of 1.60. The business has a 50 day moving average price of $23.41 and a 200-day moving average price of $15.69.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last posted 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. Rigetti Computing had a negative return on equity of 29.05% and a negative net margin of 2,134.92%.The business had revenue of $1.80 million during the quarter, compared to analyst estimates of $1.87 million. Research analysts anticipate that Rigetti Computing, Inc. will post -0.34 earnings per share for the current fiscal year.

Insider Activity

In other Rigetti Computing news, Director Thomas J. Iannotti sold 100,000 shares of the firm's stock in a transaction that occurred on Friday, September 12th. The stock was sold at an average price of $19.50, for a total transaction of $1,950,000.00. Following the completion of the sale, the director owned 14,902 shares in the company, valued at $290,589. This trade represents a 87.03% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Helene Gail Sandford sold 17,635 shares of the firm's stock in a transaction that occurred on Friday, September 19th. The shares were sold at an average price of $24.75, for a total value of $436,466.25. Following the sale, the director owned 182,371 shares of the company's stock, valued at approximately $4,513,682.25. This trade represents a 8.82% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 457,624 shares of company stock worth $8,498,996 over the last quarter.

Institutional Trading of Rigetti Computing

Several hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its stake in Rigetti Computing by 20.7% during the 1st quarter. Vanguard Group Inc. now owns 14,177,119 shares of the company's stock valued at $112,283,000 after acquiring an additional 2,430,758 shares in the last quarter. State Street Corp increased its position in shares of Rigetti Computing by 12.0% during the 2nd quarter. State Street Corp now owns 8,853,006 shares of the company's stock valued at $104,997,000 after purchasing an additional 946,850 shares during the period. Marex Group plc acquired a new position in shares of Rigetti Computing during the 2nd quarter valued at $87,414,000. Geode Capital Management LLC increased its position in shares of Rigetti Computing by 22.9% during the 2nd quarter. Geode Capital Management LLC now owns 6,484,155 shares of the company's stock valued at $76,910,000 after purchasing an additional 1,206,925 shares during the period. Finally, UNICOM Systems Inc. increased its position in shares of Rigetti Computing by 1,235.8% during the 1st quarter. UNICOM Systems Inc. now owns 3,806,935 shares of the company's stock valued at $30,151,000 after purchasing an additional 3,521,935 shares during the period. Institutional investors own 35.38% of the company's stock.

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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