Rigetti Computing (NASDAQ:RGTI) Shares Up 1.8% – Here’s What Happened

Rigetti Computing, Inc. (NASDAQ:RGTI) shares rose 1.8% during trading on Tuesday . The stock traded as high as $24.37 and last traded at $23.96. Approximately 26,932,083 shares were traded during mid-day trading, a decline of 62% from the average daily volume of 70,954,031 shares. The stock had previously closed at $23.53.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on RGTI shares. Weiss Ratings restated a “sell (d-)” rating on shares of Rigetti Computing in a report on Monday. Williams Trading set a $40.00 target price on shares of Rigetti Computing in a research note on Tuesday, November 11th. Mizuho started coverage on Rigetti Computing in a research report on Thursday, December 11th. They issued an “outperform” rating and a $50.00 target price for the company. Alliance Global Partners reiterated a “buy” rating on shares of Rigetti Computing in a report on Tuesday, November 11th. Finally, Wall Street Zen raised Rigetti Computing from a “sell” rating to a “hold” rating in a research note on Saturday, November 15th. Six analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $28.67.

Rigetti Computing Price Performance

The business has a 50 day simple moving average of $34.13 and a 200 day simple moving average of $22.95. The stock has a market cap of $7.91 billion, a PE ratio of -18.43 and a beta of 1.69.

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

Insider Buying and Selling at Rigetti Computing

In other news, Director Helene Gail Sandford sold 62,000 shares of the company’s stock in a transaction dated Friday, October 17th. The stock was sold at an average price of $44.89, for a total transaction of $2,783,180.00. Following the completion of the sale, the director owned 120,371 shares in the company, valued at approximately $5,403,454.19. This represents a 34.00% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Institutional Investors Weigh In On Rigetti Computing

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. IFP Advisors Inc boosted its position in Rigetti Computing by 146.1% during the second quarter. IFP Advisors Inc now owns 2,190 shares of the company’s stock worth $26,000 after purchasing an additional 1,300 shares during the period. Danske Bank A S bought a new stake in shares of Rigetti Computing during the 3rd quarter worth $30,000. Quarry LP acquired a new position in Rigetti Computing in the 1st quarter valued at $31,000. Parallel Advisors LLC raised its holdings in Rigetti Computing by 403.2% in the 3rd quarter. Parallel Advisors LLC now owns 1,087 shares of the company’s stock worth $32,000 after acquiring an additional 871 shares during the period. Finally, Armstrong Advisory Group Inc. raised its holdings in Rigetti Computing by 225.4% in the 2nd quarter. Armstrong Advisory Group Inc. now owns 2,974 shares of the company’s stock worth $35,000 after acquiring an additional 2,060 shares during the period. 35.38% of the stock is currently owned by institutional investors and hedge funds.

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.