Rigetti Computing (NASDAQ:RGTI) Trading 2.1% Higher

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) were up 2.1% during trading on Wednesday . The stock traded as high as $1.32 and last traded at $1.32. Approximately 1,029,750 shares changed hands during mid-day trading, a decline of 83% from the average daily volume of 6,018,048 shares. The stock had previously closed at $1.29.

Analysts Set New Price Targets

RGTI has been the topic of a number of recent research reports. Alliance Global Partners initiated coverage on Rigetti Computing in a research note on Friday, March 1st. They issued a “buy” rating and a $3.50 target price on the stock. Needham & Company LLC restated a “buy” rating and issued a $3.00 price objective on shares of Rigetti Computing in a research report on Friday, March 15th.

Rigetti Computing Trading Down 3.1 %

The business’s 50-day moving average price is $1.52 and its two-hundred day moving average price is $1.28. The firm has a market cap of $198.60 million, a price-to-earnings ratio of -2.19 and a beta of 2.45. The company has a debt-to-equity ratio of 0.09, a current ratio of 3.71 and a quick ratio of 3.71.

Rigetti Computing (NASDAQ:RGTI) last issued its quarterly earnings results on Thursday, March 14th. The company reported ($0.09) earnings per share for the quarter. The business had revenue of $3.38 million for the quarter. Rigetti Computing had a negative return on equity of 59.51% and a negative net margin of 625.42%. Equities analysts expect that Rigetti Computing, Inc. will post -0.33 earnings per share for the current year.

Insider Buying and Selling at Rigetti Computing

In other Rigetti Computing news, General Counsel Richard Danis sold 46,326 shares of the stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $1.97, for a total transaction of $91,262.22. Following the transaction, the general counsel now owns 1,052,141 shares of the company’s stock, valued at $2,072,717.77. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders sold 75,599 shares of company stock worth $142,830 in the last 90 days. 2.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On Rigetti Computing

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Orion Portfolio Solutions LLC purchased a new stake in shares of Rigetti Computing during the 3rd quarter worth about $25,000. Gitterman Wealth Management LLC acquired a new stake in shares of Rigetti Computing in the third quarter worth $27,000. Chesapeake Capital Corp IL acquired a new position in shares of Rigetti Computing during the 4th quarter valued at $47,000. Procyon Advisors LLC acquired a new position in shares of Rigetti Computing during the 4th quarter valued at $65,000. Finally, Brighton Jones LLC boosted its position in Rigetti Computing by 100.0% during the 4th quarter. Brighton Jones LLC now owns 123,532 shares of the company’s stock worth $122,000 after purchasing an additional 61,766 shares during the period. 35.38% of the stock is currently owned by institutional investors and hedge funds.

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.