Rigetti Computing (NASDAQ:RGTI) Stock Price Up 2.1%

Rigetti Computing, Inc. (NASDAQ:RGTI) was up 2.1% during mid-day trading on Wednesday . The company traded as high as $1.32 and last traded at $1.32. Approximately 1,029,750 shares changed hands during mid-day trading, a decline of 83% from the average daily volume of 6,018,048 shares. The stock had previously closed at $1.29.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on RGTI. Needham & Company LLC reaffirmed a “buy” rating and set a $3.00 target price on shares of Rigetti Computing in a report on Friday, March 15th. Alliance Global Partners began coverage on shares of Rigetti Computing in a research note on Friday, March 1st. They set a “buy” rating and a $3.50 price objective for the company.

Rigetti Computing Stock Performance

The company has a market capitalization of $198.60 million, a price-to-earnings ratio of -2.19 and a beta of 2.45. The firm’s 50 day simple moving average is $1.52 and its 200-day simple 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 posted its quarterly earnings results on Thursday, March 14th. The company reported ($0.09) earnings per share for the quarter. Rigetti Computing had a negative net margin of 625.42% and a negative return on equity of 59.51%. The business had revenue of $3.38 million for the quarter. Analysts expect that Rigetti Computing, Inc. will post -0.33 EPS for the current year.

Insider Transactions at Rigetti Computing

In related news, General Counsel Richard Danis sold 46,326 shares of the business’s stock in a transaction that occurred 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 $2,072,717.77. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders sold 75,599 shares of company stock valued at $142,830 over the last three months. 2.60% of the stock is owned by corporate insiders.

Institutional Trading of Rigetti Computing

Institutional investors have recently bought and sold shares of the company. Orion Portfolio Solutions LLC acquired a new position in Rigetti Computing in the 3rd quarter worth about $25,000. Gitterman Wealth Management LLC bought a new stake in shares of Rigetti Computing in the 3rd quarter valued at approximately $27,000. Chesapeake Capital Corp IL acquired a new position in Rigetti Computing in the fourth quarter worth approximately $47,000. Procyon Advisors LLC bought a new position in Rigetti Computing during the fourth quarter valued at approximately $65,000. Finally, Brighton Jones LLC lifted its stake in Rigetti Computing by 100.0% in 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.