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

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

Analysts Set New Price Targets

A number of brokerages have recently issued reports on RGTI. 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 objective on the stock. B. Riley boosted their price objective on Rigetti Computing from $8.50 to $15.00 and gave the stock a “buy” rating in a report on Friday, February 14th. Alliance Global Partners reissued a “buy” rating on shares of Rigetti Computing in a report on Thursday, March 6th. Benchmark reissued a “buy” rating and set a $14.00 price objective on shares of Rigetti Computing in a report on Thursday, March 6th. Finally, Needham & Company LLC reissued a “buy” rating and set a $17.00 price objective on shares of Rigetti Computing in a report on Thursday, March 6th. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $14.50.

Rigetti Computing Trading Up 25.0 %

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

Rigetti Computing (NASDAQ:RGTI) last released its 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). The company 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 in the prior year, the company posted ($0.04) earnings per share. On average, equities research analysts anticipate that Rigetti Computing, Inc. will post -0.34 earnings per share for the current year.

Insider Activity at Rigetti Computing

In related news, CTO David Rivas sold 351,785 shares of the company’s stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $7.76, for a total value of $2,729,851.60. Following the transaction, the chief technology officer now owns 1,094,738 shares in the company, valued at approximately $8,495,166.88. This represents a 24.32 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible 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 bought and sold shares of RGTI. Charles Schwab Investment Management Inc. lifted its stake in Rigetti Computing by 14.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,149,934 shares of the company’s stock valued at $901,000 after purchasing an additional 144,742 shares during the last quarter. Penserra Capital Management LLC boosted its holdings in shares of Rigetti Computing by 9.8% in the third quarter. Penserra Capital Management LLC now owns 4,553,633 shares of the company’s stock worth $3,565,000 after acquiring an additional 407,389 shares during the period. State Street Corp boosted its holdings in shares of Rigetti Computing by 12.9% in the third quarter. State Street Corp now owns 2,715,223 shares of the company’s stock worth $2,126,000 after acquiring an additional 309,831 shares during the period. Jane Street Group LLC boosted its holdings in shares of Rigetti Computing by 23.8% in the third quarter. Jane Street Group LLC now owns 244,496 shares of the company’s stock worth $191,000 after acquiring an additional 47,013 shares during the period. Finally, Barclays PLC boosted its holdings in shares of Rigetti Computing by 275.6% in the third quarter. Barclays PLC now owns 185,959 shares of the company’s stock worth $145,000 after acquiring an additional 136,443 shares during the period. Hedge funds and other institutional investors own 35.38% of the company’s stock.

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.