Rigetti Computing (NASDAQ:RGTI) Shares Up 3.3% – What’s Next?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s stock price rose 3.3% on Wednesday . The company traded as high as $8.24 and last traded at $7.97. Approximately 13,581,866 shares traded hands during mid-day trading, a decline of 72% from the average daily volume of 48,058,830 shares. The stock had previously closed at $7.72.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. Alliance Global Partners reissued a “buy” rating on shares of Rigetti Computing in a research note on Thursday, March 6th. Craig Hallum started coverage on shares of Rigetti Computing in a report on Friday, December 20th. They issued a “buy” rating and a $12.00 price target for the company. 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. B. Riley lifted their target price on Rigetti Computing from $8.50 to $15.00 and gave the stock a “buy” rating in a report on Friday, February 14th. Finally, Benchmark restated a “buy” rating and issued a $14.00 price target on shares of Rigetti Computing in a report on Thursday, March 6th. Five research analysts have rated the stock with a buy rating, According to MarketBeat.com, Rigetti Computing currently has an average rating of “Buy” and an average price target of $14.50.

Rigetti Computing Stock Performance

The stock’s 50 day moving average is $9.94 and its two-hundred day moving average is $7.17. The stock has a market capitalization of $2.25 billion, a price-to-earnings ratio of -20.65 and a beta of 1.41. 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 posted its quarterly earnings data on Wednesday, March 5th. The company reported ($0.08) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.08). Rigetti Computing had a negative return on equity of 51.56% and a negative net margin of 509.58%. The business had revenue of $2.27 million during the quarter, compared to the consensus estimate of $2.40 million. During the same period last year, the company earned ($0.04) earnings per share. Analysts expect that Rigetti Computing, Inc. will post -0.34 earnings per share for the current fiscal year.

Insider Activity

In related news, CTO David Rivas sold 351,785 shares of Rigetti Computing 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 sale, 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.81% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. lifted its stake in Rigetti Computing by 81.7% in the 4th quarter. Vanguard Group Inc. now owns 11,746,361 shares of the company’s stock valued at $179,249,000 after purchasing an additional 5,280,128 shares during the last quarter. Invesco Ltd. increased its holdings in shares of Rigetti Computing by 7,367.2% in the fourth quarter. Invesco Ltd. now owns 4,580,317 shares of the company’s stock valued at $69,896,000 after purchasing an additional 4,518,978 shares during the last quarter. JPMorgan Chase & Co. raised its position in shares of Rigetti Computing by 3,295.7% in the fourth quarter. JPMorgan Chase & Co. now owns 2,117,563 shares of the company’s stock valued at $32,314,000 after purchasing an additional 2,055,203 shares during the period. Nuveen Asset Management LLC raised its position in shares of Rigetti Computing by 418.6% in the fourth quarter. Nuveen Asset Management LLC now owns 999,617 shares of the company’s stock valued at $15,254,000 after purchasing an additional 806,878 shares during the period. Finally, Geode Capital Management LLC lifted its stake in shares of Rigetti Computing by 20.6% during the 3rd quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company’s stock worth $2,837,000 after buying an additional 617,506 shares during the last quarter. Institutional investors 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.