Rigetti Computing (NASDAQ:RGTI) Trading Up 10.9% Following Analyst Upgrade

Rigetti Computing, Inc. (NASDAQ:RGTI)’s stock price shot up 10.9% during trading on Tuesday after B. Riley raised their price target on the stock from $19.00 to $35.00. B. Riley currently has a buy rating on the stock. Rigetti Computing traded as high as $32.40 and last traded at $31.46. 102,268,678 shares traded hands during trading, an increase of 49% from the average session volume of 68,427,688 shares. The stock had previously closed at $28.37.

A number of other equities analysts also recently commented on the stock. Williams Trading set a $20.00 price objective on shares of Rigetti Computing in a report on Wednesday, August 13th. Cantor Fitzgerald began coverage on shares of Rigetti Computing in a report on Wednesday, July 2nd. They set an “overweight” rating and a $15.00 price objective for the company. Industrial Alliance Securities set a $18.00 price objective on shares of Rigetti Computing in a report on Wednesday, July 16th. Alliance Global Partners reaffirmed a “buy” rating on shares of Rigetti Computing in a report on Wednesday, July 16th. Finally, Needham & Company LLC raised their price objective on shares of Rigetti Computing from $15.00 to $18.00 and gave the stock a “buy” rating in a report on Monday, August 4th. Six research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $19.71.

Insider Buying and Selling at Rigetti Computing

In related news, Director Michael S. Clifton sold 75,000 shares of the stock in a transaction dated Friday, September 12th. The shares were sold at an average price of $19.00, for a total transaction of $1,425,000.00. Following the completion of the sale, the director owned 653,766 shares in the company, valued at $12,421,554. This trade represents a 10.29% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Thomas J. Iannotti sold 100,000 shares of the stock in a transaction dated Friday, September 12th. The stock was sold at an average price of $19.50, for a total transaction of $1,950,000.00. Following the sale, the director owned 14,902 shares of the company’s stock, valued at $290,589. This trade represents a 87.03% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 457,624 shares of company stock worth $8,498,996 over the last ninety days. Company insiders own 1.90% of the company’s stock.

Institutional Investors Weigh In On Rigetti Computing

A number of hedge funds have recently made changes to their positions in RGTI. Osaic Holdings Inc. raised its stake in shares of Rigetti Computing by 119.2% in the second quarter. Osaic Holdings Inc. now owns 260,307 shares of the company’s stock worth $3,087,000 after acquiring an additional 141,541 shares during the last quarter. Marex Group plc acquired a new stake in shares of Rigetti Computing in the second quarter valued at approximately $87,414,000. Geneos Wealth Management Inc. raised its position in Rigetti Computing by 88.8% in the 2nd quarter. Geneos Wealth Management Inc. now owns 5,097 shares of the company’s stock worth $60,000 after purchasing an additional 2,397 shares during the last quarter. Hollencrest Capital Management raised its position in Rigetti Computing by 458.3% in the 2nd quarter. Hollencrest Capital Management now owns 4,020 shares of the company’s stock worth $48,000 after purchasing an additional 3,300 shares during the last quarter. Finally, FORA Capital LLC raised its position in Rigetti Computing by 30.2% in the 2nd quarter. FORA Capital LLC now owns 151,419 shares of the company’s stock worth $1,796,000 after purchasing an additional 35,080 shares during the last quarter. Institutional investors and hedge funds own 35.38% of the company’s stock.

Rigetti Computing Stock Performance

The firm’s 50-day moving average is $17.39 and its two-hundred day moving average is $12.97. The stock has a market cap of $10.26 billion, a P/E ratio of -41.63 and a beta of 1.44.

Rigetti Computing (NASDAQ:RGTI) last posted its quarterly earnings data on Tuesday, August 12th. The company reported ($0.05) earnings per share for the quarter, topping the consensus estimate of ($0.06) by $0.01. Rigetti Computing had a negative net margin of 2,134.92% and a negative return on equity of 29.05%. The firm had revenue of $1.80 million during the quarter, compared to analysts’ expectations of $1.87 million. As a group, research analysts forecast that Rigetti Computing, Inc. will post -0.34 EPS for the current year.

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.