Rigetti Computing, Inc. (NASDAQ:RGTI – Get Free Report) gapped down before the market opened on Tuesday . The stock had previously closed at $11.16, but opened at $10.37. Rigetti Computing shares last traded at $10.43, with a volume of 16,066,347 shares traded.
Analysts Set New Price Targets
A number of equities research analysts recently issued reports on RGTI shares. Needham & Company LLC reissued a “buy” rating and issued a $17.00 price objective on shares of Rigetti Computing in a report on Thursday, March 6th. Craig Hallum began coverage on shares of Rigetti Computing in a research note on Friday, December 20th. They issued a “buy” rating and a $12.00 price target for the company. Benchmark reaffirmed a “buy” rating and set a $14.00 price target on shares of Rigetti Computing in a research report on Thursday, March 6th. Alliance Global Partners reiterated a “buy” rating on shares of Rigetti Computing in a research report on Thursday, March 6th. Finally, 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 report on Friday, February 14th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat, Rigetti Computing has an average rating of “Buy” and a consensus target price of $14.50.
Check Out Our Latest Analysis on RGTI
Rigetti Computing Stock Performance
Rigetti Computing (NASDAQ:RGTI – Get Free Report) last released its quarterly 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 company had revenue of $2.27 million for the quarter, compared to analysts’ expectations of $2.40 million. During the same period in the prior year, the firm earned ($0.04) earnings per share. 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 stock in a transaction dated 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 of the company’s stock, valued at $8,495,166.88. This trade represents a 24.32 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 2.81% of the company’s stock.
Institutional Trading of Rigetti Computing
A number of large investors have recently made changes to their positions in the company. Allworth Financial LP grew its holdings in Rigetti Computing by 14.9% during the 4th quarter. Allworth Financial LP now owns 11,604 shares of the company’s stock worth $161,000 after acquiring an additional 1,504 shares in the last quarter. Signaturefd LLC acquired a new position in shares of Rigetti Computing during the fourth quarter worth $25,000. Legal & General Group Plc grew its stake in shares of Rigetti Computing by 14.9% during the fourth quarter. Legal & General Group Plc now owns 14,051 shares of the company’s stock worth $214,000 after purchasing an additional 1,817 shares in the last quarter. EverSource Wealth Advisors LLC acquired a new stake in Rigetti Computing in the fourth quarter valued at $28,000. Finally, JPMorgan Chase & Co. raised its stake in Rigetti Computing by 3.4% in the third quarter. JPMorgan Chase & Co. now owns 62,360 shares of the company’s stock valued at $49,000 after buying an additional 2,045 shares in the last quarter. 35.38% of the stock is currently owned by hedge funds and other institutional investors.
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.
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