Rigetti Computing (NASDAQ:RGTI) Stock Price Up 23.6% – Here’s Why

Rigetti Computing, Inc. (NASDAQ:RGTI)’s stock price rose 23.6% during mid-day trading on Friday . The company traded as high as $10.76 and last traded at $10.81. Approximately 57,236,210 shares changed hands during trading, an increase of 26% from the average daily volume of 45,252,231 shares. The stock had previously closed at $8.75.

Analysts Set New Price Targets

RGTI has been the subject of a number of research reports. Craig Hallum initiated coverage on Rigetti Computing in a report on Friday, December 20th. They set a “buy” rating and a $12.00 price objective for the company. B. Riley raised their price objective on Rigetti Computing from $8.50 to $15.00 and gave the company a “buy” rating in a research report on Friday, February 14th. Benchmark reaffirmed a “buy” rating and issued a $14.00 price objective on shares of Rigetti Computing in a research report on Thursday, March 6th. Needham & Company LLC reissued a “buy” rating and set a $17.00 price target on shares of Rigetti Computing in a report on Thursday, March 6th. Finally, Alliance Global Partners reissued a “buy” rating on shares of Rigetti Computing in a report on Thursday, March 6th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $14.50.

Rigetti Computing Stock Performance

The company has a 50 day moving average price of $11.26 and a 200-day moving average price of $6.06. The company has a current ratio of 4.84, a quick ratio of 4.84 and a debt-to-equity ratio of 0.02. The company has a market cap of $2.10 billion, a P/E ratio of -28.59 and a beta of 1.37.

Rigetti Computing (NASDAQ:RGTI) last issued its quarterly earnings results on Wednesday, March 5th. The company reported ($0.08) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.08). Rigetti Computing had a negative return on equity of 51.56% and a negative net margin of 509.58%. The company had revenue of $2.27 million for the quarter, compared to analyst estimates of $2.40 million. During the same quarter last year, the company posted ($0.04) EPS. On average, equities 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 the business’s 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 sale, the chief technology officer now owns 1,094,738 shares in the company, valued at $8,495,166.88. The trade was a 24.32 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 2.81% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Signaturefd LLC acquired a new position in Rigetti Computing during the 4th quarter worth about $25,000. EverSource Wealth Advisors LLC acquired a new position in Rigetti Computing during the 4th quarter worth about $28,000. Tucker Asset Management LLC acquired a new position in Rigetti Computing during the 4th quarter worth about $32,000. Spire Wealth Management acquired a new position in Rigetti Computing during the 4th quarter worth about $46,000. Finally, Orion Capital Management LLC acquired a new position in Rigetti Computing during the 4th quarter worth about $46,000. 35.38% of the stock is owned by institutional investors and hedge funds.

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.