Rigetti Computing Reports Quarterly Earnings, Aligns with Analysts' Predictions

Rigetti Computing (NASDAQ:RGTI) announced its quarterly earnings on Wednesday. The company posted an earnings per share (EPS) of ($0.08), which met the analysts' expectations, as reported by Zacks.

During this period, Rigetti showed a negative net margin of 509.58% and a negative return on equity of 51.56%, indicating significant financial challenges.

Stock Performance of Rigetti Computing

The stock of Rigetti Computing increased by $0.32 on Wednesday, reaching $8.18, with a trading volume of 42,969,499 shares, slightly below its average volume of 43,659,188 shares. The company has a debt-to-equity ratio of 0.02, and both its quick ratio and current ratio stand at 4.84. Over the past 50 days, the stock's moving average was $12.30, while the two-hundred-day moving average was $5.75. Rigetti Computing holds a market capitalization of $1.57 billion, a price-to-earnings (P/E) ratio of -21.53, and a beta of 1.26. Its stock has seen a 1-year low of $0.66 and a 1-year high of $21.42.

Insider Trading Activities

In related news, Director Michael S. Clifton sold 125,000 shares of Rigetti's stock on December 9th, at an average price of $5.03, totaling to approximately $628,750. Following this transaction, he now holds a total of 1,063,864 shares, worth about $5,351,235.92, reflecting a decrease of 10.51% in his ownership. This transaction was reported to the Securities and Exchange Commission and is accessible via their website. Currently, 2.81% of the company’s stock is held by insiders.

Analyst Ratings and Projections

Various equity research analysts have recently assessed Rigetti Computings' stock. B. Riley has upgraded its price target from $8.50 to $15.00 while maintaining a "buy" rating. Craig Hallum initiated coverage with a "buy" rating and a target of $12.00, and Benchmark raised its target from $2.50 to $14.00, also giving a "buy" rating. Meanwhile, Needham & Company LLC reiterated its "buy" rating with a price target of $2.00.

Company Overview of Rigetti Computing

Rigetti Computing, Inc., through its subsidiaries, specializes in developing quantum computers and superconducting quantum processors. The company provides cloud-based quantum processing units and offers access to its quantum computers through quantum computing as a service.

Potential Future Investments

Before making any investment decisions regarding Rigetti Computing, investors might want to consider other options as recent analysis suggests that there may be better stocks available in the market. While the company possesses a Buy rating among analysts, several top-rated analysts recommend alternative stocks that may provide more value.

Earnings, Stocks, Performance