Rigetti Computing (NASDAQ:RGTI) Announces Quarterly Earnings Results, Meets Estimates

Rigetti Computing (NASDAQ:RGTI) issued its quarterly earnings data on Wednesday. The company reported ($0.08) EPS for the quarter, meeting the consensus estimate of ($0.08), Zacks reports. Rigetti Computing had a negative net margin of 509.58% and a negative return on equity of 51.56%.

Rigetti Computing Trading Up 4.1 %

Rigetti Computing stock traded up $0.32 during mid-day trading on Wednesday, reaching $8.18. 43,436,490 shares of the company traded hands, compared to its average volume of 43,661,568. 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 firm’s 50 day moving average price is $12.30 and its 200 day moving average price is $5.75. The firm has a market capitalization of $1.57 billion, a price-to-earnings ratio of -21.53 and a beta of 1.26. Rigetti Computing has a 52-week low of $0.66 and a 52-week high of $21.42.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on RGTI. B. Riley lifted their target price on shares of Rigetti Computing from $8.50 to $15.00 and gave the company a “buy” rating in a research report on Friday, February 14th. Craig Hallum assumed coverage on shares of Rigetti Computing in a report on Friday, December 20th. They issued a “buy” rating and a $12.00 price objective for the company. Benchmark boosted their price objective on shares of Rigetti Computing from $2.50 to $14.00 and gave the stock a “buy” rating in a report on Friday, February 21st. Finally, Needham & Company LLC restated a “buy” rating and issued a $2.00 price objective on shares of Rigetti Computing in a report on Wednesday, November 13th.

Insider Transactions at Rigetti Computing

In related news, Director Michael S. Clifton sold 125,000 shares of the stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $5.03, for a total transaction of $628,750.00. Following the sale, the director now directly owns 1,063,864 shares of the company’s stock, valued at approximately $5,351,235.92. This represents a 10.51 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 2.81% of the company’s stock.

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.