Rigetti Computing (NASDAQ:RGTI) Trading Up 3.7%

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) rose 3.7% during mid-day trading on Monday . The company traded as high as $1.42 and last traded at $1.39. Approximately 2,763,193 shares changed hands during mid-day trading, a decline of 59% from the average daily volume of 6,701,315 shares. The stock had previously closed at $1.34.

Analysts Set New Price Targets

Several equities analysts recently commented on the company. Alliance Global Partners started coverage on Rigetti Computing in a research report on Friday, March 1st. They set a “buy” rating and a $3.50 price target on the stock. Needham & Company LLC reissued a “buy” rating and set a $3.00 target price on shares of Rigetti Computing in a research report on Friday, March 15th.

Rigetti Computing Stock Performance

The company has a debt-to-equity ratio of 0.09, a current ratio of 3.71 and a quick ratio of 3.71. The stock has a 50-day moving average price of $1.59 and a 200-day moving average price of $1.30. The firm has a market capitalization of $217.67 million, a PE ratio of -2.40 and a beta of 2.43.

Rigetti Computing (NASDAQ:RGTI) last posted its quarterly earnings data on Thursday, March 14th. The company reported ($0.09) earnings per share (EPS) for the quarter. The business 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%. On average, research analysts expect that Rigetti Computing, Inc. will post -0.33 EPS for the current fiscal year.

Insider Activity at Rigetti Computing

In other Rigetti Computing news, General Counsel Richard Danis sold 46,326 shares of the firm’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 completion of 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 sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Rigetti Computing news, General Counsel Richard Danis sold 46,326 shares of the stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $1.97, for a total transaction of $91,262.22. Following the transaction, the general counsel now owns 1,052,141 shares of the company’s stock, valued at approximately $2,072,717.77. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Alissa Fitzgerald sold 20,000 shares of the business’s stock in a transaction that occurred on Tuesday, January 30th. The shares were sold at an average price of $1.28, for a total value of $25,600.00. Following the completion of the sale, the director now owns 140,810 shares of the company’s stock, valued at $180,236.80. The disclosure for this sale can be found here. Insiders have sold 115,599 shares of company stock valued at $194,030 over the last ninety days. Corporate insiders own 2.60% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Penserra Capital Management LLC bought a new position in Rigetti Computing during the 1st quarter worth $26,000. Moors & Cabot Inc. bought a new position in shares of Rigetti Computing during the first quarter worth about $75,000. Ergoteles LLC acquired a new stake in shares of Rigetti Computing in the 1st quarter worth about $80,000. American International Group Inc. bought a new stake in Rigetti Computing in the 2nd quarter valued at about $55,000. Finally, Orion Portfolio Solutions LLC acquired a new position in Rigetti Computing during the 3rd quarter valued at about $25,000. 35.38% of the stock is 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.