Rigetti Computing (NASDAQ:RGTI) Stock Price Up 9% – What’s Next?

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) traded up 9% during trading on Monday . The company traded as high as $8.78 and last traded at $8.18. 23,197,473 shares were traded during mid-day trading, a decline of 52% from the average session volume of 47,945,607 shares. The stock had previously closed at $7.50.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on RGTI. B. Riley raised their price target on shares of Rigetti Computing from $8.50 to $15.00 and gave the company a “buy” rating in a research note on Friday, February 14th. Needham & Company LLC restated a “buy” rating and issued a $17.00 target price on shares of Rigetti Computing in a research report on Thursday, March 6th. Benchmark reiterated a “buy” rating and set a $14.00 price target on shares of Rigetti Computing in a report on Thursday, March 6th. Craig Hallum began coverage on Rigetti Computing in a report on Friday, December 20th. They set a “buy” rating and a $12.00 price objective on the stock. Finally, Alliance Global Partners reaffirmed a “buy” rating 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 data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $14.50.

Rigetti Computing Stock Performance

The stock has a market capitalization of $2.38 billion, a price-to-earnings ratio of -21.92 and a beta of 1.41. The company’s 50-day simple moving average is $10.15 and its 200-day simple moving average is $7.12. 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 announced its earnings results on Wednesday, March 5th. The company reported ($0.08) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.08). The business had revenue of $2.27 million during the quarter, compared to analyst estimates of $2.40 million. Rigetti Computing had a negative return on equity of 51.56% and a negative net margin of 509.58%. During the same period last year, the company earned ($0.04) EPS. On average, analysts expect 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 Rigetti Computing stock in a transaction on 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 of the company’s stock, valued at $8,495,166.88. This trade represents a 24.32 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 2.81% of the stock is owned by corporate insiders.

Institutional Trading of Rigetti Computing

A number of large investors have recently bought and sold shares of the business. Signaturefd LLC acquired a new position in Rigetti Computing in the fourth quarter valued at approximately $25,000. EverSource Wealth Advisors LLC acquired a new position in shares of Rigetti Computing during the 4th quarter valued at $28,000. Tucker Asset Management LLC bought a new position in shares of Rigetti Computing during the 4th quarter worth about $32,000. Arete Wealth Advisors LLC bought a new position in Rigetti Computing in the third quarter worth approximately $45,000. Finally, Spire Wealth Management bought a new position in shares of Rigetti Computing in the 4th quarter worth $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.