Rigetti Computing, Inc. (NASDAQ:RGTI – Get Free Report) was up 1.5% on Tuesday . The company traded as high as $1.42 and last traded at $1.38. Approximately 974,888 shares were traded during mid-day trading, a decline of 85% from the average daily volume of 6,643,563 shares. The stock had previously closed at $1.36.
Analyst Upgrades and Downgrades
A number of equities analysts have recently weighed in on RGTI shares. Alliance Global Partners started coverage on Rigetti Computing in a research note on Friday, March 1st. They issued a “buy” rating and a $3.50 price objective for the company. Needham & Company LLC reaffirmed a “buy” rating and issued a $3.00 price objective on shares of Rigetti Computing in a research note on Friday, March 15th.
Rigetti Computing Price Performance
The firm has a market capitalization of $214.49 million, a P/E ratio of -2.38 and a beta of 2.43. The firm has a 50 day moving average price of $1.59 and a 200-day moving average price of $1.30. The company has a current ratio of 3.71, a quick ratio of 3.71 and a debt-to-equity ratio of 0.09.
Rigetti Computing (NASDAQ:RGTI – Get Free Report) last issued its quarterly earnings results on Thursday, March 14th. The company reported ($0.09) earnings per share for the quarter. Rigetti Computing had a negative return on equity of 59.51% and a negative net margin of 625.42%. The business had revenue of $3.38 million during the quarter. On average, analysts expect that Rigetti Computing, Inc. will post -0.33 earnings per share for the current year.
Insider Transactions at Rigetti Computing
In other news, Director Alissa Fitzgerald sold 20,000 shares of the stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $1.28, for a total value of $25,600.00. Following the sale, the director now directly owns 140,810 shares in the company, valued at $180,236.80. The sale was disclosed in a document filed with the SEC, which is available at this link. In other Rigetti Computing news, Director Alissa Fitzgerald sold 20,000 shares of the firm’s stock in a transaction on Thursday, February 1st. The stock was sold at an average price of $1.28, for a total transaction of $25,600.00. Following the transaction, the director now directly owns 140,810 shares in the company, valued at approximately $180,236.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel Richard Danis sold 46,326 shares of the firm’s stock in a transaction on Monday, March 18th. The stock was sold at an average price of $1.97, for a total value of $91,262.22. Following the transaction, the general counsel now owns 1,052,141 shares in the company, valued at $2,072,717.77. The disclosure for this sale can be found here. Over the last three months, insiders have sold 115,599 shares of company stock worth $194,030. 2.60% of the stock is currently owned by company insiders.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently made changes to their positions in the stock. American Assets Investment Management LLC boosted its position in shares of Rigetti Computing by 1,657.8% in the 3rd quarter. American Assets Investment Management LLC now owns 8,789,169 shares of the company’s stock worth $11,690,000 after purchasing an additional 8,289,169 shares in the last quarter. Penserra Capital Management LLC lifted its position in Rigetti Computing by 314.1% during the 4th quarter. Penserra Capital Management LLC now owns 1,509,081 shares of the company’s stock worth $1,100,000 after acquiring an additional 1,144,619 shares during the period. CIBC Private Wealth Group LLC lifted its position in Rigetti Computing by 3,302.0% during the 4th quarter. CIBC Private Wealth Group LLC now owns 1,020,591 shares of the company’s stock worth $1,005,000 after acquiring an additional 990,591 shares during the period. Alyeska Investment Group L.P. acquired a new stake in Rigetti Computing during the 1st quarter worth about $2,728,000. Finally, Geode Capital Management LLC lifted its position in Rigetti Computing by 44.4% during the 4th quarter. Geode Capital Management LLC now owns 1,437,201 shares of the company’s stock worth $1,048,000 after acquiring an additional 441,608 shares during the period. 35.38% of the stock is currently 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.