Rigetti Computing (NASDAQ:RGTI) Posts Earnings Results, Beats Expectations By $0.03 EPS

Rigetti Computing (NASDAQ:RGTI) posted its quarterly earnings results on Thursday. The company reported ($0.07) EPS for the quarter, topping the consensus estimate of ($0.10) by $0.03, Zacks reports. Rigetti Computing had a negative net margin of 563.97% and a negative return on equity of 59.05%. The business had revenue of $3.09 million during the quarter, compared to analysts’ expectations of $3.53 million. During the same period last year, the company posted ($0.13) earnings per share.

Rigetti Computing Stock Performance

Shares of RGTI traded down $0.04 on Friday, reaching $0.79. 3,497,220 shares of the stock traded hands, compared to its average volume of 5,677,746. The firm has a market cap of $135.85 million, a price-to-earnings ratio of -1.49 and a beta of 2.32. Rigetti Computing has a 12 month low of $0.75 and a 12 month high of $2.86. The stock’s 50-day moving average price is $1.00 and its 200-day moving average price is $1.26. The company has a debt-to-equity ratio of 0.06, a current ratio of 4.42 and a quick ratio of 4.42.

Analysts Set New Price Targets

A number of analysts have issued reports on RGTI shares. B. Riley assumed coverage on shares of Rigetti Computing in a research note on Thursday, July 25th. They issued a “buy” rating and a $3.00 target price for the company. Needham & Company LLC decreased their price objective on shares of Rigetti Computing from $3.00 to $2.00 and set a “buy” rating for the company in a report on Friday. Finally, Benchmark restated a “buy” rating and set a $3.00 target price on shares of Rigetti Computing in a report on Monday, May 13th.

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.