Rigetti Computing (NASDAQ:RGTI) Trading Up 12.6% – What’s Next?

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) traded up 12.6% during mid-day trading on Monday . The company traded as high as $26.76 and last traded at $26.57. 42,068,562 shares were traded during mid-day trading, a decline of 43% from the average session volume of 73,258,703 shares. The stock had previously closed at $23.59.

Wall Street Analysts Forecast Growth

RGTI has been the subject of a number of analyst reports. Alliance Global Partners reissued a “buy” rating on shares of Rigetti Computing in a research report on Tuesday, November 11th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Rigetti Computing in a report on Wednesday, October 8th. Williams Trading set a $40.00 price objective on shares of Rigetti Computing in a report on Tuesday, November 11th. B. Riley decreased their price objective on shares of Rigetti Computing from $42.00 to $35.00 and set a “neutral” rating for the company in a research report on Wednesday, November 12th. Finally, Wall Street Zen raised Rigetti Computing from a “sell” rating to a “hold” rating in a report on Saturday, November 15th. Five equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $25.43.

Rigetti Computing Stock Performance

The firm’s 50-day moving average price is $35.39 and its two-hundred day moving average price is $21.48. The firm has a market cap of $8.77 billion, a PE ratio of -20.44 and a beta of 1.64.

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

Insider Transactions at Rigetti Computing

In other news, Director Thomas J. Iannotti sold 100,000 shares of the business’s stock in a transaction dated Friday, September 12th. The stock was sold at an average price of $19.50, for a total value of $1,950,000.00. Following the completion of the sale, the director directly owned 14,902 shares of the company’s stock, valued at approximately $290,589. The trade was a 87.03% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Ray O. Johnson sold 126,295 shares of the firm’s stock in a transaction that occurred on Friday, September 12th. The stock was sold at an average price of $20.00, for a total value of $2,525,900.00. Following the transaction, the director owned 293,461 shares in the company, valued at $5,869,220. This represents a 30.09% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 405,930 shares of company stock worth $9,584,046 over the last three months.

Hedge Funds Weigh In On Rigetti Computing

A number of institutional investors have recently modified their holdings of the business. Vanguard Group Inc. raised its position in Rigetti Computing by 40.4% in the 3rd quarter. Vanguard Group Inc. now owns 32,046,477 shares of the company’s stock valued at $954,665,000 after purchasing an additional 9,228,888 shares during the last quarter. Marex Group plc acquired a new position in Rigetti Computing in the second quarter valued at $87,414,000. Ameriprise Financial Inc. purchased a new stake in shares of Rigetti Computing in the second quarter valued at about $21,887,000. Clear Street Group Inc. acquired a new stake in shares of Rigetti Computing during the third quarter worth about $47,752,000. Finally, UBS Group AG boosted its stake in shares of Rigetti Computing by 90.9% during the third quarter. UBS Group AG now owns 3,081,174 shares of the company’s stock worth $91,788,000 after buying an additional 1,467,483 shares during the period. 35.38% of the stock is 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.