Rigetti Computing’s (RGTI) Buy Rating Reiterated at Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of Rigetti Computing (NASDAQ:RGTI) in a report issued on Thursday,Benzinga reports. The firm currently has a $17.00 price objective on the stock.

RGTI has been the topic of a number of other research reports. Benchmark upped their price target on shares of Rigetti Computing from $2.50 to $14.00 and gave the company a “buy” rating in a research note on Friday, February 21st. Craig Hallum began coverage on shares of Rigetti Computing in a research note on Friday, December 20th. They issued a “buy” rating and a $12.00 price objective on the stock. Finally, B. Riley increased their price objective on shares of Rigetti Computing from $8.50 to $15.00 and gave the stock a “buy” rating in a research note on Friday, February 14th.

Rigetti Computing Trading Up 9.9 %

Shares of Rigetti Computing stock opened at $9.35 on Thursday. The company has a current ratio of 4.84, a quick ratio of 4.84 and a debt-to-equity ratio of 0.02. Rigetti Computing has a 12-month low of $0.66 and a 12-month high of $21.42. The firm has a market capitalization of $1.80 billion, a price-to-earnings ratio of -24.60 and a beta of 1.36. The firm’s 50 day simple moving average is $11.94 and its two-hundred day simple moving average is $5.88.

Rigetti Computing (NASDAQ:RGTI) last issued its quarterly earnings results on Wednesday, March 5th. The company reported ($0.08) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.08). Rigetti Computing had a negative net margin of 509.58% and a negative return on equity of 51.56%. The business had revenue of $2.27 million for the quarter, compared to analyst estimates of $2.40 million. During the same quarter in the prior year, the business posted ($0.04) EPS. Analysts predict that Rigetti Computing will post -0.34 EPS for the current year.

Insider Transactions at Rigetti Computing

In related news, Director Michael S. Clifton sold 125,000 shares of the 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 sale, the director now directly owns 1,063,864 shares of the company’s stock, valued at approximately $5,351,235.92. This represents a 10.51 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 2.81% of the company’s stock.

Institutional Trading of Rigetti Computing

A number of hedge funds have recently added to or reduced their stakes in RGTI. Charles Schwab Investment Management Inc. boosted its holdings in Rigetti Computing by 14.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,149,934 shares of the company’s stock worth $901,000 after buying an additional 144,742 shares in the last quarter. Penserra Capital Management LLC boosted its holdings in Rigetti Computing by 9.8% during the third quarter. Penserra Capital Management LLC now owns 4,553,633 shares of the company’s stock worth $3,565,000 after buying an additional 407,389 shares in the last quarter. State Street Corp boosted its holdings in Rigetti Computing by 12.9% during the third quarter. State Street Corp now owns 2,715,223 shares of the company’s stock worth $2,126,000 after buying an additional 309,831 shares in the last quarter. Jane Street Group LLC boosted its holdings in Rigetti Computing by 23.8% during the third quarter. Jane Street Group LLC now owns 244,496 shares of the company’s stock worth $191,000 after buying an additional 47,013 shares in the last quarter. Finally, Barclays PLC boosted its holdings in Rigetti Computing by 275.6% during the third quarter. Barclays PLC now owns 185,959 shares of the company’s stock worth $145,000 after buying an additional 136,443 shares in the last quarter. 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.