Rigetti Computing (NASDAQ:RGTI) Shares Up 3.5% – Here’s What Happened

Rigetti Computing, Inc. (NASDAQ:RGTI)’s stock price traded up 3.5% during trading on Wednesday . The stock traded as high as $8.90 and last traded at $8.34. 25,218,434 shares changed hands during trading, a decline of 44% from the average session volume of 44,664,348 shares. The stock had previously closed at $8.05.

Analysts Set New Price Targets

RGTI has been the subject of several research reports. Benchmark reiterated a “buy” rating and set a $14.00 price objective on shares of Rigetti Computing in a research note on Thursday, March 6th. B. Riley boosted their price target on Rigetti Computing from $8.50 to $15.00 and gave the stock a “buy” rating in a research report on Friday, February 14th. Needham & Company LLC restated a “buy” rating and issued a $17.00 target price on shares of Rigetti Computing in a research note on Thursday, March 6th. Alliance Global Partners restated a “buy” rating on shares of Rigetti Computing in a research note on Thursday, March 6th. Finally, Craig Hallum initiated coverage on shares of Rigetti Computing in a research report on Friday, December 20th. They set a “buy” rating and a $12.00 price target for the company. Five research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $14.50.

Rigetti Computing Stock Up 11.1 %

The stock’s fifty day simple moving average is $11.61 and its two-hundred day simple moving average is $6.02. 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 $1.72 billion, a price-to-earnings ratio of -23.46 and a beta of 1.37.

Rigetti Computing (NASDAQ:RGTI) last issued its earnings results on Wednesday, March 5th. The company reported ($0.08) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.08). The firm had revenue of $2.27 million for 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 last year, the company posted ($0.04) earnings per share. On average, sell-side analysts predict that Rigetti Computing, Inc. will post -0.34 earnings per share for the current fiscal year.

Insider Activity at Rigetti Computing

In other news, CTO David Rivas sold 351,785 shares of the business’s stock in a transaction 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 completion of the transaction, the chief technology officer now owns 1,094,738 shares of the company’s stock, valued at approximately $8,495,166.88. The trade was a 24.32 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 2.81% of the company’s stock.

Institutional Trading of Rigetti Computing

Several hedge funds have recently bought and sold shares of the company. Allworth Financial LP increased its stake in shares of Rigetti Computing by 14.9% in the fourth quarter. Allworth Financial LP now owns 11,604 shares of the company’s stock valued at $161,000 after purchasing an additional 1,504 shares during the period. Signaturefd LLC bought a new position in Rigetti Computing in the 4th quarter worth approximately $25,000. Legal & General Group Plc increased its position in Rigetti Computing by 14.9% in the 4th quarter. Legal & General Group Plc now owns 14,051 shares of the company’s stock valued at $214,000 after acquiring an additional 1,817 shares during the period. EverSource Wealth Advisors LLC bought a new stake in Rigetti Computing during the 4th quarter valued at $28,000. Finally, JPMorgan Chase & Co. boosted its position in Rigetti Computing by 3.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 62,360 shares of the company’s stock worth $49,000 after acquiring an additional 2,045 shares during the period. 35.38% of the stock is currently owned by institutional investors.

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.