Rigetti Computing (NASDAQ:RGTI) Releases Quarterly Earnings Results, Misses Estimates By $0.01 EPS

Rigetti Computing (NASDAQ:RGTI) issued its quarterly earnings results on Tuesday. The company reported ($0.06) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.01), FiscalAI reports. Rigetti Computing had a negative net margin of 2,189.54% and a negative return on equity of 17.50%. The company had revenue of $1.41 million during the quarter, compared to analysts’ expectations of $3.52 million.

Rigetti Computing Trading Down 6.4%

RGTI stock traded down $0.83 during mid-day trading on Tuesday, reaching $12.15. The company’s stock had a trading volume of 19,169,577 shares, compared to its average volume of 28,053,686. The stock has a market cap of $4.06 billion, a PE ratio of -13.50 and a beta of 2.15. Rigetti Computing has a fifty-two week low of $9.19 and a fifty-two week high of $32.18. The company’s 50 day moving average is $13.91 and its two-hundred day moving average is $16.84.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. Rosenblatt Securities restated a “buy” rating and issued a $40.00 target price on shares of Rigetti Computing in a research report on Friday, August 7th. Benchmark began coverage on Rigetti Computing in a research report on Monday, July 27th. They set a “buy” rating and a $25.00 price target for the company. Zacks Research raised Rigetti Computing from a “strong sell” rating to a “hold” rating in a research note on Tuesday, October 6th. Wall Street Zen lowered Rigetti Computing from a “hold” rating to a “sell” rating in a report on Saturday, August 8th. Finally, Wedbush assumed coverage on Rigetti Computing in a report on Monday, August 3rd. They issued an “outperform” rating and a $40.00 price objective on the stock. Seven investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $29.33.

Insider Buying and Selling

In other news, CTO Andrew Bestwick sold 5,791 shares of the business’s stock in a transaction dated Thursday, August 20th. The shares were sold at an average price of $16.81, for a total transaction of $97,346.71. Following the transaction, the chief technology officer owned 1,036,121 shares of the company’s stock, valued at approximately $17,417,194.01. The trade was a 0.56% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO David Rivas sold 9,038 shares of the business’s stock in a transaction dated Thursday, August 20th. The shares were sold at an average price of $16.79, for a total transaction of $151,748.02. Following the transaction, the chief operating officer directly owned 316,907 shares in the company, valued at approximately $5,320,868.53. The trade was a 2.77% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders have sold 163,689 shares of company stock valued at $2,570,890. 1.60% of the stock is currently owned by company insiders.

Trending Headlines about Rigetti Computing

Here are the key news stories impacting Rigetti Computing this week:

• Positive Sentiment: B. Riley maintains a Buy rating and sees substantial potential upside, although it lowered its price target to $23 from $25. Recent gains across quantum-computing stocks after IonQ raised its outlook also provided a sector tailwind. B. Riley price-target article
• Neutral Sentiment: Rigetti is scheduled to report third-quarter results after the market closes on Nov. 10. Analysts’ consensus estimates call for $3.30 million in revenue and a loss of $0.06 per share, making the report a near-term catalyst. Rigetti earnings preview
• Negative Sentiment: Investors may be wary of Rigetti’s results after D-Wave reported a wider-than-expected loss and rising costs, weighing on quantum stocks despite its revenue beat. Rigetti’s earnings are also expected to be scrutinized for cash burn, progress toward commercialization, and profitability. Quantum stocks react to D-Wave results Cash-burn concerns ahead of earnings

About Rigetti Computing

Rigetti Computing develops superconducting quantum computers and related software. Its work spans the design and manufacture of quantum processors, as well as systems that connect quantum processors with conventional computing infrastructure. The company offers access to its quantum computers and development tools through its Quantum Cloud Services platform. It also provides quantum hardware for on-premises use, serving customers and research organizations exploring quantum applications. Founded in 2013 by physicist Chad Rigetti, the company is based in Berkeley, California.