Rigetti Computing (NASDAQ:RGTI) Trading 0.1% Higher – Still a Buy?

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) were up 0.1% during mid-day trading on Tuesday . The stock traded as high as $8.13 and last traded at $7.93. Approximately 11,834,103 shares traded hands during trading, a decline of 75% from the average daily volume of 47,251,477 shares. The stock had previously closed at $7.92.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the company. Benchmark reiterated a “buy” rating and issued a $14.00 price target on shares of Rigetti Computing in a report on Thursday, March 6th. B. Riley lifted their target price 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 started coverage on shares of Rigetti Computing in a research note on Friday, December 20th. They set a “buy” rating and a $12.00 price objective for the company. Needham & Company LLC restated a “buy” rating and issued a $17.00 target price on shares of Rigetti Computing in a research note on Thursday, March 6th. Finally, Alliance Global Partners reaffirmed a “buy” rating on shares of Rigetti Computing in a research report on Thursday, March 6th. Five analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $14.50.

Rigetti Computing Stock Down 3.0 %

The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84. The business’s fifty day moving average price is $10.68 and its two-hundred day moving average price is $6.86. The stock has a market capitalization of $2.20 billion, a PE ratio of -20.22 and a beta of 1.36.

Rigetti Computing (NASDAQ:RGTI) last released its earnings results on Wednesday, March 5th. The company reported ($0.08) EPS for the quarter, hitting analysts’ consensus estimates of ($0.08). Rigetti Computing had a negative return on equity of 51.56% and a negative net margin of 509.58%. The firm had revenue of $2.27 million during the quarter, compared to the consensus estimate of $2.40 million. During the same quarter in the previous year, the company posted ($0.04) earnings per share. On average, equities research analysts forecast that Rigetti Computing, Inc. will post -0.34 EPS for the current fiscal year.

Insider Transactions at Rigetti Computing

In other Rigetti Computing news, CTO David Rivas sold 351,785 shares of the company’s stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $7.76, for a total value of $2,729,851.60. Following the sale, the chief technology officer now owns 1,094,738 shares in the company, valued at approximately $8,495,166.88. This represents a 24.32 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 2.81% of the company’s stock.

Hedge Funds Weigh In On Rigetti Computing

Several large investors have recently made changes to their positions in the company. Charles Schwab Investment Management Inc. grew its position in shares of Rigetti Computing by 14.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,149,934 shares of the company’s stock valued at $901,000 after acquiring an additional 144,742 shares during the period. State Street Corp lifted its holdings in 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 purchasing an additional 309,831 shares in the last quarter. Jane Street Group LLC lifted its stake in Rigetti Computing by 23.8% in the 3rd quarter. Jane Street Group LLC now owns 244,496 shares of the company’s stock valued at $191,000 after buying an additional 47,013 shares in the last quarter. Barclays PLC boosted its holdings in Rigetti Computing by 275.6% in the 3rd quarter. Barclays PLC now owns 185,959 shares of the company’s stock worth $145,000 after buying an additional 136,443 shares during the last quarter. Finally, Geode Capital Management LLC increased its stake in Rigetti Computing by 20.6% during the 3rd quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company’s stock worth $2,837,000 after buying an additional 617,506 shares in the last quarter. 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.