Shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) were up 9.2% during trading on Monday . The company traded as high as $11.98 and last traded at $11.56. Approximately 35,609,782 shares traded hands during mid-day trading, a decline of 30% from the average daily volume of 50,802,914 shares. The stock had previously closed at $10.58.
Wall Street Analyst Weigh In
A number of analysts have recently commented on RGTI shares. Alliance Global Partners reiterated a "buy" rating on shares of Rigetti Computing in a research note on Thursday, March 6th. Needham & Company LLC reiterated a "buy" rating and issued a $17.00 price target on shares of Rigetti Computing in a research note on Thursday, March 6th. Benchmark reiterated a "buy" rating and issued a $14.00 price target on shares of Rigetti Computing in a research note on Thursday, March 6th. Finally, B. Riley lifted their price target 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. Five research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has an average rating of "Buy" and an average price target of $14.50.
Read Our Latest Analysis on Rigetti Computing
Rigetti Computing Price Performance
The firm's 50-day moving average is $9.00 and its 200-day moving average is $8.56. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84. The company has a market capitalization of $3.30 billion, a P/E ratio of -30.39 and a beta of 1.41.
Rigetti Computing (NASDAQ:RGTI - Get Free Report) last issued its quarterly earnings results on Monday, May 12th. The company reported ($0.08) earnings per share for the quarter, missing the consensus estimate of ($0.05) by ($0.03). Rigetti Computing had a negative net margin of 509.58% and a negative return on equity of 51.56%. Analysts predict that Rigetti Computing, Inc. will post -0.34 EPS for the current fiscal year.
Insider Buying and Selling at Rigetti Computing
In other Rigetti Computing news, CTO David Rivas sold 351,785 shares of Rigetti Computing stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $7.76, for a total transaction of $2,729,851.60. Following the transaction, the chief technology officer now 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 1.90% of the company's stock.
Hedge Funds Weigh In On Rigetti Computing
Several large investors have recently added to or reduced their stakes in the company. Signaturefd LLC purchased a new position in shares of Rigetti Computing in the fourth quarter worth $25,000. GAMMA Investing LLC lifted its holdings in shares of Rigetti Computing by 1,813.0% in the first quarter. GAMMA Investing LLC now owns 3,233 shares of the company's stock worth $26,000 after buying an additional 3,064 shares in the last quarter. EverSource Wealth Advisors LLC purchased a new position in shares of Rigetti Computing in the fourth quarter worth $28,000. Center for Financial Planning Inc. purchased a new position in shares of Rigetti Computing in the first quarter worth $30,000. Finally, Tucker Asset Management LLC purchased a new position in shares of Rigetti Computing in the fourth quarter worth $32,000. Hedge funds and other institutional investors own 35.38% of the company's stock.
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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