Rigetti Computing (NASDAQ:RGTI) Trading 15.4% Higher – Here’s Why

Rigetti Computing, Inc. (NASDAQ:RGTI)’s stock price was up 15.4% during mid-day trading on Thursday . The stock traded as high as $30.21 and last traded at $30.06. Approximately 76,444,705 shares changed hands during mid-day trading, an increase of 6% from the average daily volume of 72,140,164 shares. The stock had previously closed at $26.04.

Wall Street Analyst Weigh In

Several brokerages have recently commented on RGTI. Alliance Global Partners reiterated a “buy” rating on shares of Rigetti Computing in a research note on Tuesday, November 11th. Wall Street Zen upgraded shares of Rigetti Computing from a “sell” rating to a “hold” rating in a report on Saturday, November 15th. Benchmark cut their target price on shares of Rigetti Computing from $50.00 to $40.00 and set a “buy” rating for the company in a research note on Tuesday, November 11th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Rigetti Computing in a research note on Wednesday, October 8th. Finally, B. Riley lowered their price target on shares of Rigetti Computing from $42.00 to $35.00 and set a “neutral” rating on the stock in a report on Wednesday, November 12th. Five equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Rigetti Computing presently has a consensus rating of “Moderate Buy” and an average price target of $25.43.

Rigetti Computing Price Performance

The company has a market capitalization of $9.28 billion, a price-to-earnings ratio of -21.62 and a beta of 1.68. The business’s 50-day moving average price is $35.08 and its two-hundred day moving average price is $22.26.

Rigetti Computing (NASDAQ:RGTI) last posted its quarterly earnings results on Monday, November 10th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.05) by $0.02. The business had revenue of $1.95 million for the quarter, compared to analyst estimates of $2.17 million. Rigetti Computing had a negative net margin of 4,741.49% and a negative return on equity of 21.98%. The business’s quarterly revenue was down 18.1% compared to the same quarter last year. As a group, research analysts predict that Rigetti Computing, Inc. will post -0.34 EPS for the current year.

Insider Buying and Selling

In other Rigetti Computing news, Director Thomas J. Iannotti sold 100,000 shares of Rigetti Computing stock in a transaction dated Friday, September 12th. The stock was sold at an average price of $19.50, for a total transaction of $1,950,000.00. Following the completion of the transaction, the director owned 14,902 shares in the company, valued at approximately $290,589. The trade was a 87.03% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Ray O. Johnson sold 126,295 shares of the company’s stock in a transaction on Friday, September 12th. The stock was sold at an average price of $20.00, for a total transaction of $2,525,900.00. Following the completion of the sale, the director owned 293,461 shares of the company’s stock, valued at approximately $5,869,220. The trade was a 30.09% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 405,930 shares of company stock valued at $9,584,046 over the last three months. 1.90% of the stock is owned by insiders.

Institutional Trading of Rigetti Computing

Several hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its holdings in shares of Rigetti Computing by 40.4% in the 3rd quarter. Vanguard Group Inc. now owns 32,046,477 shares of the company’s stock worth $954,665,000 after purchasing an additional 9,228,888 shares during the period. State Street Corp increased its stake in shares of Rigetti Computing by 12.0% in the second quarter. State Street Corp now owns 8,853,006 shares of the company’s stock worth $104,997,000 after purchasing an additional 946,850 shares in the last quarter. Marex Group plc bought a new stake in shares of Rigetti Computing in the second quarter valued at approximately $87,414,000. Geode Capital Management LLC boosted its holdings in Rigetti Computing by 22.9% in the 2nd quarter. Geode Capital Management LLC now owns 6,484,155 shares of the company’s stock worth $76,910,000 after buying an additional 1,206,925 shares during the period. Finally, UBS Group AG grew its stake in Rigetti Computing by 90.9% in the 3rd quarter. UBS Group AG now owns 3,081,174 shares of the company’s stock valued at $91,788,000 after buying an additional 1,467,483 shares in the last quarter. Institutional investors own 35.38% of the company’s stock.

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.