Rigetti Computing (NASDAQ:RGTI) Stock Price Up 9.5% – Here’s What Happened

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price shot up 9.5% on Friday . The stock traded as high as $9.50 and last traded at $9.32. Approximately 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.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on RGTI. B. Riley upped their price target on Rigetti Computing from $8.50 to $15.00 and gave the company a “buy” rating in a research report on Friday, February 14th. Needham & Company LLC reissued a “buy” rating and set a $17.00 target price on shares of Rigetti Computing in a report on Thursday. Craig Hallum initiated coverage on shares of Rigetti Computing in a report on Friday, December 20th. They issued a “buy” rating and a $12.00 price target for the company. Finally, Benchmark reaffirmed a “buy” rating and set a $14.00 price objective on shares of Rigetti Computing in a research report on Thursday.

Rigetti Computing Stock Performance

The company’s 50 day simple moving average is $11.94 and its 200 day simple moving average is $5.88. The stock has a market cap of $1.80 billion, a price-to-earnings ratio of -24.60 and a beta of 1.36. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.84 and a current ratio of 4.84.

Rigetti Computing (NASDAQ:RGTI) last announced its earnings results on Wednesday, March 5th. The company reported ($0.08) EPS for the quarter, hitting the consensus estimate of ($0.08). The firm had revenue of $2.27 million for the quarter, compared to analysts’ expectations of $2.40 million. Rigetti Computing had a negative return on equity of 51.56% and a negative net margin of 509.58%. During the same quarter in the previous year, the company earned ($0.04) earnings per share. On average, equities research analysts anticipate that Rigetti Computing, Inc. will post -0.34 earnings per share for the current year.

Insider Transactions at Rigetti Computing

In related news, Director Michael S. Clifton sold 125,000 shares of Rigetti Computing stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $5.03, for a total transaction of $628,750.00. Following the transaction, the director now directly owns 1,063,864 shares of the company’s stock, valued at $5,351,235.92. The trade was a 10.51 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 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 the business. Vanguard Group Inc. raised its holdings in shares of Rigetti Computing by 81.7% in the 4th quarter. Vanguard Group Inc. now owns 11,746,361 shares of the company’s stock worth $179,249,000 after purchasing an additional 5,280,128 shares in the last quarter. Invesco Ltd. increased its holdings in shares of Rigetti Computing by 7,367.2% in the fourth quarter. Invesco Ltd. now owns 4,580,317 shares of the company’s stock valued at $69,896,000 after buying an additional 4,518,978 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of Rigetti Computing by 3,295.7% during the 4th quarter. JPMorgan Chase & Co. now owns 2,117,563 shares of the company’s stock valued at $32,314,000 after acquiring an additional 2,055,203 shares during the last quarter. Nuveen Asset Management LLC boosted its stake in shares of Rigetti Computing by 418.6% during the 4th quarter. Nuveen Asset Management LLC now owns 999,617 shares of the company’s stock worth $15,254,000 after acquiring an additional 806,878 shares in the last quarter. Finally, Geode Capital Management LLC boosted its stake in shares of Rigetti Computing by 20.6% during the 3rd quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company’s stock worth $2,837,000 after acquiring an additional 617,506 shares in the last quarter. 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.