Rigetti Computing (NASDAQ:RGTI) Stock Price Up 3.5% – What’s Next?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s stock price rose 3.5% on Wednesday . The company traded as high as $8.90 and last traded at $8.34. Approximately 25,218,434 shares changed hands during mid-day trading, a decline of 44% from the average daily volume of 44,664,348 shares. The stock had previously closed at $8.05.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on RGTI shares. B. Riley raised their target price on shares of Rigetti Computing from $8.50 to $15.00 and gave the stock a “buy” rating in a research note on Friday, February 14th. Benchmark reiterated a “buy” rating and set a $14.00 target price on shares of Rigetti Computing in a research report on Thursday, March 6th. Craig Hallum began coverage on 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 reaffirmed a “buy” rating and set a $17.00 price objective on shares of Rigetti Computing in a report on Thursday, March 6th. Finally, Alliance Global Partners restated a “buy” rating on shares of Rigetti Computing in a research report on Thursday, March 6th. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $14.50.

Rigetti Computing Stock Performance

The company has a quick ratio of 4.84, a current ratio of 4.84 and a debt-to-equity ratio of 0.02. The stock has a market capitalization of $1.72 billion, a price-to-earnings ratio of -23.46 and a beta of 1.37. The firm has a fifty day moving average of $11.61 and a 200-day moving average of $6.02.

Rigetti Computing (NASDAQ:RGTI) last released its quarterly earnings data on Wednesday, March 5th. The company reported ($0.08) EPS for the quarter, hitting 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 for the quarter, compared to analyst estimates of $2.40 million. During the same period in the previous year, the firm earned ($0.04) EPS. As a group, sell-side analysts anticipate that Rigetti Computing, Inc. will post -0.34 EPS for the current year.

Insider Buying and Selling

In other Rigetti Computing news, CTO David Rivas sold 351,785 shares of the stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $7.76, for a total transaction of $2,729,851.60. Following the transaction, the chief technology officer now owns 1,094,738 shares of the company’s stock, valued at $8,495,166.88. This represents a 24.32 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. 2.81% of the stock is owned by company insiders.

Hedge Funds Weigh In On Rigetti Computing

Several institutional investors have recently added to or reduced their stakes in the business. Signaturefd LLC purchased a new stake in Rigetti Computing in the 4th quarter valued at about $25,000. EverSource Wealth Advisors LLC purchased a new stake in Rigetti Computing in the fourth quarter valued at approximately $28,000. Tucker Asset Management LLC acquired a new position in Rigetti Computing during the fourth quarter worth approximately $32,000. Arete Wealth Advisors LLC purchased a new position in Rigetti Computing during the third quarter worth approximately $45,000. Finally, Spire Wealth Management acquired a new position in shares of Rigetti Computing in the 4th quarter valued at $46,000. 35.38% of the stock is currently owned by institutional investors and hedge funds.

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.