Rigetti Computing (NASDAQ:RGTI) Releases Quarterly Earnings Results

Rigetti Computing (NASDAQ:RGTI) released its quarterly earnings results on Wednesday. The company reported ($0.08) EPS for the quarter, meeting the consensus estimate 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 for the quarter, compared to analyst estimates of $2.40 million. During the same period in the prior year, the business earned ($0.04) earnings per share.

Rigetti Computing Price Performance

RGTI stock opened at $7.60 on Thursday. The stock has a market capitalization of $1.46 billion, a price-to-earnings ratio of -19.82 and a beta of 1.26. The company has a quick ratio of 4.84, a current ratio of 4.84 and a debt-to-equity ratio of 0.02. Rigetti Computing has a 52-week low of $0.66 and a 52-week high of $21.42. The stock’s fifty day simple moving average is $12.23 and its 200-day simple moving average is $5.77.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on RGTI shares. Craig Hallum began coverage on Rigetti Computing in a report on Friday, December 20th. They set a “buy” rating and a $12.00 target price on the stock. Benchmark reaffirmed a “buy” rating and set a $14.00 price objective on shares of Rigetti Computing in a research note on Thursday. Needham & Company LLC reiterated a “buy” rating and set a $17.00 price objective on shares of Rigetti Computing in a research report on Thursday. Finally, 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.

Insider Activity at Rigetti Computing

In other Rigetti Computing news, Director Michael S. Clifton sold 125,000 shares of Rigetti Computing stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $5.03, for a total value of $628,750.00. Following the completion of the sale, the director now owns 1,063,864 shares in the company, valued at $5,351,235.92. The trade was a 10.51 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 2.81% 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.