Rigetti Computing (NASDAQ:RGTI) Now Covered by Analysts at B. Riley

B. Riley began coverage on shares of Rigetti Computing (NASDAQ:RGTI) in a research note published on Thursday morning, Marketbeat.com reports. The brokerage issued a buy rating and a $3.00 price target on the stock.

A number of other research analysts have also recently issued reports on the company. Benchmark reaffirmed a buy rating and issued a $3.00 price target on shares of Rigetti Computing in a report on Monday, May 13th. Needham & Company LLC reaffirmed a buy rating and issued a $3.00 price target on shares of Rigetti Computing in a report on Monday, May 13th.

Rigetti Computing Stock Up 2.9 %

Shares of NASDAQ RGTI opened at $1.07 on Thursday. The stock has a market cap of $183.95 million, a PE ratio of -2.02 and a beta of 2.32. The business has a fifty day moving average of $1.04 and a two-hundred day moving average of $1.27. Rigetti Computing has a 52-week low of $0.88 and a 52-week high of $3.43. The company has a debt-to-equity ratio of 0.06, a quick ratio of 4.42 and a current ratio of 4.42.

Rigetti Computing (NASDAQ:RGTI) last issued its quarterly earnings data on Thursday, May 9th. The company reported ($0.14) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.06). Rigetti Computing had a negative net margin of 563.97% and a negative return on equity of 59.05%. The company had revenue of $3.05 million for the quarter. During the same period in the previous year, the firm posted ($0.19) earnings per share. As a group, equities research analysts expect that Rigetti Computing 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 the company. CIBC Private Wealth Group LLC grew its position in shares of Rigetti Computing by 3,302.0% during the 4th quarter. CIBC Private Wealth Group LLC now owns 1,020,591 shares of the company’s stock worth $1,005,000 after buying an additional 990,591 shares during the period. Vanguard Group Inc. grew its position in shares of Rigetti Computing by 17.0% during the 1st quarter. Vanguard Group Inc. now owns 5,185,200 shares of the company’s stock worth $7,933,000 after buying an additional 753,110 shares during the period. Bank of New York Mellon Corp grew its position in shares of Rigetti Computing by 3,788.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 410,705 shares of the company’s stock worth $439,000 after buying an additional 400,143 shares during the period. Quadrature Capital Ltd acquired a new position in shares of Rigetti Computing during the 4th quarter worth about $159,000. Finally, Procyon Advisors LLC bought a new position in shares of Rigetti Computing during the 4th quarter valued at about $65,000. 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.