Rigetti Computing (NASDAQ:RGTI) Shares Up 2.8% – What’s Next?

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) were up 2.8% on Tuesday . The stock traded as high as $8.23 and last traded at $8.13. Approximately 19,085,086 shares changed hands during mid-day trading, a decline of 57% from the average daily volume of 44,484,371 shares. The stock had previously closed at $7.91.

Wall Street Analysts Forecast Growth

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

Rigetti Computing Trading Up 1.3 %

The business has a fifty day moving average of $11.76 and a 200-day moving average of $5.97. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.84 and a current ratio of 4.84. The company has a market capitalization of $1.54 billion, a P/E ratio of -21.02 and a beta of 1.36.

Rigetti Computing (NASDAQ:RGTI) last released its quarterly earnings data on Wednesday, March 5th. The company reported ($0.08) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.08). The firm had revenue of $2.27 million for the quarter, compared to analyst estimates of $2.40 million. Rigetti Computing had a negative net margin of 509.58% and a negative return on equity of 51.56%. During the same period last year, the firm earned ($0.04) earnings per share. Analysts anticipate that Rigetti Computing, Inc. will post -0.34 earnings per share for the current fiscal year.

Institutional Trading of Rigetti Computing

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RGTI. Charles Schwab Investment Management Inc. boosted its position in shares of Rigetti Computing by 14.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,149,934 shares of the company’s stock valued at $901,000 after buying an additional 144,742 shares during the last quarter. Penserra Capital Management LLC grew 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 valued at $3,565,000 after acquiring an additional 407,389 shares in the last quarter. State Street Corp increased its position in shares of Rigetti Computing by 12.9% during the third quarter. State Street Corp now owns 2,715,223 shares of the company’s stock valued at $2,126,000 after acquiring an additional 309,831 shares during the last quarter. Jane Street Group LLC lifted its holdings in Rigetti Computing by 23.8% during 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 position in 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 purchasing an additional 136,443 shares during the last quarter. 35.38% of the stock is owned by institutional investors.

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.