Rigetti Computing (NASDAQ:RGTI) Trading Up 1.5% – Here’s What Happened

Rigetti Computing, Inc. (NASDAQ:RGTI) shares were up 1.5% during trading on Tuesday . The stock traded as high as $12.69 and last traded at $12.23. Approximately 44,508,424 shares were traded during mid-day trading, a decline of 15% from the average daily volume of 52,461,275 shares. The stock had previously closed at $12.05.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. B. Riley boosted their price target on Rigetti Computing from $8.50 to $15.00 and gave the company a “buy” rating in a report on Friday, February 14th. Benchmark reiterated a “buy” rating and issued a $14.00 price objective on shares of Rigetti Computing in a report on Thursday, May 15th. Needham & Company LLC reduced their price objective on Rigetti Computing from $17.00 to $15.00 and set a “buy” rating for the company in a research report on Wednesday, May 14th. Finally, Alliance Global Partners restated a “buy” rating on shares of Rigetti Computing in a report on Thursday, March 6th. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has an average rating of “Buy” and an average target price of $14.00.

Rigetti Computing Stock Down 1.0%

The company has a market cap of $3.41 billion, a P/E ratio of -31.05 and a beta of 1.41. The company has a current ratio of 4.84, a quick ratio of 4.84 and a debt-to-equity ratio of 0.02. The company has a 50-day simple moving average of $9.35 and a 200 day simple moving average of $8.98.

Rigetti Computing (NASDAQ:RGTI) last announced its quarterly earnings results on Wednesday, March 5th. The company reported ($0.08) earnings per share for the quarter, hitting the consensus estimate of ($0.08). The firm had revenue of $2.27 million during the quarter, compared to analysts’ expectations of $2.40 million. Rigetti Computing had a negative net margin of 509.58% and a negative return on equity of 51.56%. During the same quarter in the prior year, the company earned ($0.04) EPS. On average, equities analysts anticipate that Rigetti Computing, Inc. will post -0.34 EPS for the current year.

Insider Buying and Selling at Rigetti Computing

In other Rigetti Computing news, CTO David Rivas sold 351,785 shares of the firm’s stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $7.76, for a total value of $2,729,851.60. Following the transaction, the chief technology officer now owns 1,094,738 shares in the company, valued at approximately $8,495,166.88. This trade represents a 24.32% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 1.90% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of RGTI. Vanguard Group Inc. lifted its position in Rigetti Computing by 81.7% in the fourth quarter. Vanguard Group Inc. now owns 11,746,361 shares of the company’s stock valued at $179,249,000 after buying an additional 5,280,128 shares during the last quarter. Invesco Ltd. boosted its holdings in Rigetti Computing by 7,367.2% in the fourth quarter. Invesco Ltd. now owns 4,580,317 shares of the company’s stock valued at $69,896,000 after purchasing an additional 4,518,978 shares during the period. UNICOM Systems Inc. increased its stake in shares of Rigetti Computing by 1,235.8% during the first quarter. UNICOM Systems Inc. now owns 3,806,935 shares of the company’s stock worth $30,151,000 after buying an additional 3,521,935 shares during the period. JPMorgan Chase & Co. raised its holdings in shares of Rigetti Computing by 3,295.7% in the 4th quarter. JPMorgan Chase & Co. now owns 2,117,563 shares of the company’s stock valued at $32,314,000 after purchasing an additional 2,055,203 shares in the last quarter. Finally, Nuveen LLC purchased a new stake in Rigetti Computing during the 1st quarter worth about $6,523,000. Hedge funds and other 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.