Rigetti Computing (NASDAQ:RGTI) Stock Price Up 6.4%

Rigetti Computing, Inc. (NASDAQ:RGTI) shot up 6.4% during trading on Thursday . The stock traded as high as $1.33 and last traded at $1.33. 860,273 shares traded hands during trading, a decline of 86% from the average session volume of 5,978,655 shares. The stock had previously closed at $1.25.

Wall Street Analyst Weigh In

RGTI has been the topic of a number of analyst reports. Needham & Company LLC restated a “buy” rating and issued a $3.00 price objective on shares of Rigetti Computing in a report on Friday, March 15th. Alliance Global Partners initiated coverage on Rigetti Computing in a report on Friday, March 1st. They set a “buy” rating and a $3.50 price target for the company.

Rigetti Computing Stock Performance

The stock has a market cap of $203.37 million, a PE ratio of -2.21 and a beta of 2.45. The firm’s 50-day moving average is $1.50 and its 200 day moving average is $1.28. The company has a debt-to-equity ratio of 0.09, a quick ratio of 3.71 and a current ratio of 3.71.

Rigetti Computing (NASDAQ:RGTI) last announced its quarterly earnings data on Thursday, March 14th. The company reported ($0.09) EPS for the quarter. The firm had revenue of $3.38 million for the quarter. Rigetti Computing had a negative return on equity of 59.51% and a negative net margin of 625.42%. As a group, research analysts anticipate that Rigetti Computing, Inc. will post -0.33 EPS for the current year.

Insiders Place Their Bets

In other news, General Counsel Richard Danis sold 46,326 shares of the company’s stock in a transaction on Monday, March 18th. The shares were sold at an average price of $1.97, for a total transaction of $91,262.22. Following the transaction, the general counsel now directly owns 1,052,141 shares of the company’s stock, valued at approximately $2,072,717.77. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Over the last quarter, insiders sold 75,599 shares of company stock worth $142,830. 2.60% of the stock is owned by corporate insiders.

Institutional Trading of Rigetti Computing

Large investors have recently bought and sold shares of the company. Orion Portfolio Solutions LLC purchased a new position in Rigetti Computing during the 3rd quarter valued at about $25,000. Gitterman Wealth Management LLC purchased a new stake in Rigetti Computing in the 3rd quarter valued at approximately $27,000. Chesapeake Capital Corp IL acquired a new stake in Rigetti Computing during the 4th quarter valued at $47,000. Procyon Advisors LLC purchased a new stake in shares of Rigetti Computing in the fourth quarter valued at $65,000. Finally, Brighton Jones LLC boosted its stake in shares of Rigetti Computing by 100.0% during the fourth quarter. Brighton Jones LLC now owns 123,532 shares of the company’s stock valued at $122,000 after acquiring an additional 61,766 shares during the last quarter. Institutional investors and hedge funds own 35.38% of the company’s stock.

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.