Rigetti Computing (NASDAQ:RGTI) Stock Price Up 5.4% – What’s Next?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price traded up 5.4% during mid-day trading on Wednesday . The stock traded as high as $8.25 and last traded at $8.23. 10,942,809 shares traded hands during mid-day trading, a decline of 77% from the average session volume of 47,347,113 shares. The stock had previously closed at $7.81.

Wall Street Analysts Forecast Growth

RGTI has been the topic of several recent analyst reports. Needham & Company LLC reissued a “buy” rating and set a $17.00 target price on shares of Rigetti Computing in a report on Thursday, March 6th. B. Riley upped their price objective 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 target on shares of Rigetti Computing in a research report on Thursday, March 6th. Alliance Global Partners restated a “buy” rating on shares of Rigetti Computing in a research report on Thursday, March 6th. Finally, 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 target price on the stock. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat, Rigetti Computing presently has a consensus rating of “Buy” and an average price target of $14.50.

Rigetti Computing Price Performance

The stock has a 50-day moving average of $10.56 and a two-hundred day moving average of $6.91. The firm has a market cap of $2.53 billion, a price-to-earnings ratio of -23.26 and a beta of 1.36. The company has a current ratio of 4.84, a quick ratio of 4.84 and a debt-to-equity ratio of 0.02.

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

Insider Transactions at Rigetti Computing

In related news, CTO David Rivas sold 351,785 shares of the stock in a transaction dated 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 sale, the chief technology officer now directly owns 1,094,738 shares of the company’s stock, valued at approximately $8,495,166.88. This represents a 24.32 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.81% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Rigetti Computing

Large investors have recently made changes to their positions in the business. Signaturefd LLC purchased a new position in Rigetti Computing during the fourth quarter valued at approximately $25,000. EverSource Wealth Advisors LLC purchased a new position in shares of Rigetti Computing during the 4th quarter valued at $28,000. Tucker Asset Management LLC purchased a new stake in shares of Rigetti Computing during the fourth quarter worth $32,000. Spire Wealth Management acquired a new stake in Rigetti Computing during the fourth quarter valued at $46,000. Finally, Orion Capital Management LLC acquired a new position in Rigetti Computing in the 4th quarter worth about $46,000. Institutional investors and hedge funds 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.