Rigetti Computing (NASDAQ:RGTI) Issues Quarterly Earnings Results, Meets Estimates

Rigetti Computing (NASDAQ:RGTI) released its earnings results on Wednesday. The company reported ($0.08) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.08), Zacks reports. 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 last year, the firm earned ($0.04) earnings per share.

Rigetti Computing Stock Up 4.0 %

Rigetti Computing stock opened at $8.51 on Friday. The firm has a market capitalization of $1.64 billion, a price-to-earnings ratio of -22.39 and a beta of 1.26. The firm’s fifty day moving average price is $12.09 and its two-hundred day moving average price is $5.79. Rigetti Computing has a 1-year low of $0.66 and a 1-year high of $21.42. The company has a current ratio of 4.84, a quick ratio of 4.84 and a debt-to-equity ratio of 0.02.

Insider Buying and Selling

In related news, Director Michael S. Clifton sold 125,000 shares of the company’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $5.03, for a total transaction of $628,750.00. Following the sale, the director now directly owns 1,063,864 shares in the company, valued at approximately $5,351,235.92. This represents a 10.51 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 2.81% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on RGTI. B. Riley upped their target price 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. Benchmark reaffirmed a “buy” rating and issued a $14.00 price objective on shares of Rigetti Computing in a report on Thursday. Needham & Company LLC reaffirmed a “buy” rating and set a $17.00 target price on shares of Rigetti Computing in a report on Thursday. Finally, Craig Hallum started coverage on Rigetti Computing in a research note on Friday, December 20th. They issued a “buy” rating and a $12.00 price target for the company.

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.