Rigetti Computing (NASDAQ:RGTI) Shares Up 6.3% – Here’s What Happened

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) shot up 6.3% on Monday . The stock traded as high as $9.81 and last traded at $9.64. 19,990,028 shares changed hands during trading, a decline of 83% from the average session volume of 115,536,063 shares. The stock had previously closed at $9.07.

Wall Street Analyst Weigh In

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

Rigetti Computing Price Performance

The company has a market cap of $2.75 billion, a PE ratio of -25.28 and a beta of 1.36. The business has a 50 day moving average of $10.75 and a 200 day moving average of $6.52. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84.

Rigetti Computing (NASDAQ:RGTI) last issued its quarterly earnings data on Wednesday, March 5th. The company reported ($0.08) EPS for the quarter, hitting the consensus estimate of ($0.08). The business had revenue of $2.27 million during the quarter, compared to analyst estimates 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 period in the prior year, the business earned ($0.04) EPS. As a group, research analysts predict that Rigetti Computing, Inc. will post -0.34 EPS for the current year.

Insider Buying and Selling at Rigetti Computing

In other news, CTO David Rivas sold 351,785 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the chief technology officer now owns 1,094,738 shares in the company, valued at $8,495,166.88. This trade represents a 24.32 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 2.81% of the company’s stock.

Institutional Investors Weigh In On Rigetti Computing

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Wellington Management Group LLP purchased a new position in Rigetti Computing during the fourth quarter valued at $2,876,000. California State Teachers Retirement System lifted its position in Rigetti Computing by 12.7% during the 4th quarter. California State Teachers Retirement System now owns 11,551 shares of the company’s stock valued at $176,000 after acquiring an additional 1,301 shares during the period. Mackenzie Financial Corp bought a new stake in Rigetti Computing during the fourth quarter worth about $168,000. Fourth Dimension Wealth LLC purchased a new stake in Rigetti Computing in the fourth quarter worth about $99,000. Finally, Orion Capital Management LLC bought a new position in shares of Rigetti Computing during the fourth quarter valued at approximately $46,000. 35.38% of the stock is owned by hedge funds and other institutional investors.

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.