Rigetti Computing (NASDAQ:RGTI) Stock Price Up 3.1% – Here’s Why

Rigetti Computing, Inc. (NASDAQ:RGTI)’s stock price was up 3.1% during trading on Friday . The stock traded as high as $12.52 and last traded at $11.90. Approximately 32,690,724 shares were traded during mid-day trading, a decline of 37% from the average daily volume of 51,933,872 shares. The stock had previously closed at $11.54.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on RGTI shares. B. Riley upped their price target on shares of Rigetti Computing from $8.50 to $15.00 and gave the company a “buy” rating in a report on Friday, February 14th. Alliance Global Partners reiterated a “buy” rating on shares of Rigetti Computing in a research report on Thursday, March 6th. Needham & Company LLC decreased their price objective on shares of Rigetti Computing from $17.00 to $15.00 and set a “buy” rating for the company in a research report on Wednesday. Finally, Benchmark reiterated a “buy” rating and issued a $14.00 price objective on shares of Rigetti Computing in a research report on Thursday. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Rigetti Computing has a consensus rating of “Buy” and an average price target of $14.00.

Rigetti Computing Stock Performance

The business’s 50-day simple moving average is $9.29 and its two-hundred day simple moving average is $8.86. The firm has a market cap of $3.39 billion, a price-to-earnings ratio of -31.18 and a beta of 1.41. The company has a quick ratio of 4.84, a current ratio of 4.84 and a debt-to-equity ratio of 0.02.

Rigetti Computing (NASDAQ:RGTI) last issued its quarterly earnings data on Wednesday, March 5th. The company reported ($0.08) earnings per share for the quarter, hitting analysts’ consensus estimates 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 posted ($0.04) earnings per share. As a group, sell-side analysts expect that Rigetti Computing, Inc. will post -0.34 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CTO David Rivas sold 351,785 shares of the company’s stock in a transaction dated 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 in the company, valued at $8,495,166.88. This represents a 24.32% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 1.90% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. California State Teachers Retirement System raised its position in shares of Rigetti Computing by 12.7% during the 4th quarter. California State Teachers Retirement System now owns 11,551 shares of the company’s stock worth $176,000 after purchasing an additional 1,301 shares during the last quarter. US Bancorp DE raised its position in shares of Rigetti Computing by 29.4% during the 1st quarter. US Bancorp DE now owns 6,248 shares of the company’s stock worth $49,000 after purchasing an additional 1,420 shares during the last quarter. Allworth Financial LP grew its stake in Rigetti Computing by 14.9% during the 4th quarter. Allworth Financial LP now owns 11,604 shares of the company’s stock valued at $161,000 after acquiring an additional 1,504 shares in the last quarter. Signaturefd LLC purchased a new stake in Rigetti Computing during the 4th quarter valued at about $25,000. Finally, Amalgamated Bank grew its stake in Rigetti Computing by 33.1% during the 1st quarter. Amalgamated Bank now owns 6,516 shares of the company’s stock valued at $52,000 after acquiring an additional 1,622 shares in the last quarter. Institutional investors and hedge funds own 35.38% 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.