Rigetti Computing (NASDAQ:RGTI) Shares Up 2.1%

Rigetti Computing, Inc. (NASDAQ:RGTIGet Free Report)’s stock price shot up 2.1% on Wednesday . The stock traded as high as $1.32 and last traded at $1.32. 1,029,750 shares changed hands during trading, a decline of 83% from the average session volume of 6,018,048 shares. The stock had previously closed at $1.29.

Wall Street Analyst Weigh In

Several research firms have weighed in on RGTI. Alliance Global Partners began coverage on shares of Rigetti Computing in a research report on Friday, March 1st. They set a “buy” rating and a $3.50 target price on the stock. Needham & Company LLC reissued a “buy” rating and set a $3.00 target price on shares of Rigetti Computing in a research report on Friday, March 15th.

Read Our Latest Analysis on RGTI

Rigetti Computing Price Performance

The firm’s fifty day moving average price is $1.49 and its 200 day moving average price is $1.28. The firm has a market capitalization of $184.30 million, a PE ratio of -2.00 and a beta of 2.45. The company has a current ratio of 3.71, a quick ratio of 3.71 and a debt-to-equity ratio of 0.09.

Rigetti Computing (NASDAQ:RGTIGet Free Report) last released its quarterly earnings data on Thursday, May 9th. The company reported ($0.14) EPS for the quarter, missing the consensus estimate of ($0.08) by ($0.06). The business had revenue of $3.05 million during the quarter. Rigetti Computing had a negative net margin of 625.42% and a negative return on equity of 59.51%. During the same quarter in the prior year, the business earned ($0.19) earnings per share. As a group, equities analysts forecast that Rigetti Computing, Inc. will post -0.33 earnings per share for the current year.

Insider Activity

In related news, General Counsel Richard Danis sold 46,326 shares of the stock in a transaction on Monday, March 18th. The shares were sold at an average price of $1.97, for a total transaction of $91,262.22. Following the sale, the general counsel now directly owns 1,052,141 shares of the company’s stock, valued at $2,072,717.77. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders have sold 75,599 shares of company stock valued at $142,830 in the last ninety days. Insiders own 2.60% of the company’s stock.

Institutional Trading of Rigetti Computing

A number of hedge funds have recently added to or reduced their stakes in the company. Orion Portfolio Solutions LLC purchased a new stake in Rigetti Computing during the third quarter worth $25,000. Gitterman Wealth Management LLC acquired a new position in Rigetti Computing during the third quarter worth $27,000. Chesapeake Capital Corp IL acquired a new position in Rigetti Computing during the fourth quarter worth $47,000. Brighton Jones LLC raised its position in Rigetti Computing by 100.0% during the fourth quarter. Brighton Jones LLC now owns 123,532 shares of the company’s stock worth $122,000 after acquiring an additional 61,766 shares during the period. Finally, Procyon Advisors LLC acquired a new position in Rigetti Computing during the fourth quarter worth $65,000. 35.38% of the stock is owned by hedge funds and other institutional investors.

About Rigetti Computing

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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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