Rigetti Computing (NASDAQ:RGTI) Shares Up 9.5% – What’s Next?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price shot up 9.5% during trading on Friday . The company traded as high as $9.50 and last traded at $9.32. 35,093,472 shares were traded during mid-day trading, a decline of 20% from the average session volume of 44,124,990 shares. The stock had previously closed at $8.51.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on RGTI shares. Needham & Company LLC reiterated a “buy” rating and set a $17.00 price objective on shares of Rigetti Computing in a report on Thursday. Craig Hallum started coverage on shares of Rigetti Computing in a report on Friday, December 20th. They issued a “buy” rating and a $12.00 price target on the stock. B. Riley raised their price objective on shares of Rigetti Computing from $8.50 to $15.00 and gave the stock a “buy” rating in a report on Friday, February 14th. Finally, Benchmark reiterated a “buy” rating and issued a $14.00 target price on shares of Rigetti Computing in a research note on Thursday.

Rigetti Computing Stock Performance

The firm has a market capitalization of $1.81 billion, a PE ratio of -24.68 and a beta of 1.26. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84. The company’s fifty day simple moving average is $12.09 and its 200 day simple moving average is $5.79.

Rigetti Computing (NASDAQ:RGTI) last posted its quarterly earnings results on Wednesday, March 5th. The company reported ($0.08) EPS for the quarter, hitting analysts’ consensus estimates of ($0.08). Rigetti Computing had a negative return on equity of 51.56% and a negative net margin of 509.58%. The firm had revenue of $2.27 million during the quarter, compared to analyst estimates of $2.40 million. During the same period last year, the company earned ($0.04) earnings per share. As a group, equities research analysts expect that Rigetti Computing, Inc. will post -0.34 EPS for the current fiscal year.

Insider Activity

In other news, Director Michael S. Clifton sold 125,000 shares of the business’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $5.03, for a total transaction of $628,750.00. Following the completion of the transaction, the director now directly owns 1,063,864 shares in the company, valued at $5,351,235.92. The trade was a 10.51 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 2.81% of the company’s stock.

Institutional Investors Weigh In On Rigetti Computing

A number of institutional investors and hedge funds have recently bought and sold shares of RGTI. Charles Schwab Investment Management Inc. lifted its stake in Rigetti Computing by 14.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,149,934 shares of the company’s stock worth $901,000 after acquiring an additional 144,742 shares during the period. Penserra Capital Management LLC grew its holdings in shares of Rigetti Computing by 9.8% during the 3rd quarter. Penserra Capital Management LLC now owns 4,553,633 shares of the company’s stock worth $3,565,000 after acquiring an additional 407,389 shares during the period. State Street Corp raised its position in shares of Rigetti Computing by 12.9% in the 3rd quarter. State Street Corp now owns 2,715,223 shares of the company’s stock worth $2,126,000 after acquiring an additional 309,831 shares in the last quarter. Jane Street Group LLC lifted its stake in shares of Rigetti Computing by 23.8% in the 3rd quarter. Jane Street Group LLC now owns 244,496 shares of the company’s stock valued at $191,000 after purchasing an additional 47,013 shares during the period. Finally, Barclays PLC grew its stake in Rigetti Computing by 275.6% in the third quarter. Barclays PLC now owns 185,959 shares of the company’s stock worth $145,000 after purchasing an additional 136,443 shares during the period. 35.38% of the stock is owned by hedge funds and other institutional investors.

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.