Rigetti Computing (NASDAQ:RGTI) Releases Earnings Results, Beats Estimates By $0.02 EPS

Rigetti Computing (NASDAQ:RGTI) announced its quarterly earnings results on Monday. The company reported ($0.03) EPS for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.02, Zacks reports. Rigetti Computing had a negative net margin of 4,741.49% and a negative return on equity of 23.39%. The business had revenue of $1.95 million during the quarter, compared to analyst estimates of $2.17 million. The business’s revenue for the quarter was down 18.1% compared to the same quarter last year.

Rigetti Computing Price Performance

Shares of Rigetti Computing stock traded down $0.32 on Wednesday, reaching $31.08. 4,413,963 shares of the company traded hands, compared to its average volume of 73,845,180. The company has a 50 day moving average of $33.80 and a 200 day moving average of $20.48. Rigetti Computing has a 52 week low of $1.28 and a 52 week high of $58.15. The firm has a market capitalization of $10.08 billion, a PE ratio of -23.91 and a beta of 1.64.

Insider Transactions at Rigetti Computing

In other news, Director Ray O. Johnson sold 126,295 shares of the company’s stock in a transaction on Friday, September 12th. The stock was sold at an average price of $20.00, for a total transaction of $2,525,900.00. Following the transaction, the director owned 293,461 shares of the company’s stock, valued at $5,869,220. This represents a 30.09% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Jeffrey A. Bertelsen sold 3,919 shares of the company’s stock in a transaction that occurred on Wednesday, August 20th. The shares were sold at an average price of $14.84, for a total transaction of $58,157.96. Following the sale, the chief financial officer owned 183,581 shares in the company, valued at $2,724,342.04. The trade was a 2.09% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 454,204 shares of company stock valued at $10,300,876.

Institutional Investors Weigh In On Rigetti Computing

Institutional investors and hedge funds have recently made changes to their positions in the business. Geneos Wealth Management Inc. raised its holdings in shares of Rigetti Computing by 88.8% in the 2nd quarter. Geneos Wealth Management Inc. now owns 5,097 shares of the company’s stock valued at $60,000 after acquiring an additional 2,397 shares in the last quarter. Snowden Capital Advisors LLC lifted its stake in Rigetti Computing by 9.4% during the second quarter. Snowden Capital Advisors LLC now owns 17,941 shares of the company’s stock worth $213,000 after purchasing an additional 1,549 shares during the last quarter. Brown Advisory Inc. increased its position in shares of Rigetti Computing by 9.4% during the 2nd quarter. Brown Advisory Inc. now owns 22,670 shares of the company’s stock valued at $269,000 after purchasing an additional 1,945 shares during the last quarter. Two Sigma Securities LLC raised its holdings in shares of Rigetti Computing by 111.4% during the 2nd quarter. Two Sigma Securities LLC now owns 23,189 shares of the company’s stock valued at $275,000 after buying an additional 12,220 shares in the last quarter. Finally, NewEdge Advisors LLC lifted its position in Rigetti Computing by 197.8% in the 1st quarter. NewEdge Advisors LLC now owns 25,592 shares of the company’s stock worth $203,000 after buying an additional 16,998 shares during the last quarter. Hedge funds and other institutional investors own 35.38% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on RGTI. Needham & Company LLC upped their target price on shares of Rigetti Computing from $15.00 to $18.00 and gave the stock a “buy” rating in a report on Monday, August 4th. Benchmark lowered their price target on Rigetti Computing from $50.00 to $40.00 and set a “buy” rating for the company in a research report on Tuesday. B. Riley restated a “neutral” rating and set a $42.00 price objective (up from $35.00) on shares of Rigetti Computing in a research note on Monday, November 3rd. Alliance Global Partners reaffirmed a “buy” rating on shares of Rigetti Computing in a report on Tuesday. Finally, Williams Trading set a $40.00 price objective on shares of Rigetti Computing in a research note on Tuesday. Five analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $26.43.

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.