Rigetti Computing (NASDAQ:RGTI) Shares Up 3.5% - What's Next?

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) experienced a notable increase of 3.5% during mid-day trading on Wednesday. The stock reached a high of $8.90 before settling at $8.34. In total, about 25,218,434 shares were traded, which represents a significant drop of 44% compared to the average daily trading volume of 44,664,348 shares. The stock closed the previous day at $8.05.

Market Performance of Rigetti Computing

Wall Street Analyst Insights

Several analysts have shared their views on Rigetti Computing's stock. Alliance Global Partners reaffirmed a "buy" rating for the stock in a report published on March 6th. Meanwhile, B. Riley raised their price target for Rigetti's shares from $8.50 to $15.00, maintaining a "buy" stance as of February 14th. Additionally, Needham & Company LLC reiterated a "buy" rating with a price objective of $17.00 on March 6th. Benchmark also backed a "buy" rating with a target price of $14.00, and Craig Hallum initiated coverage with a "buy" recommendation and a price target of $12.00 in December. Currently, five analysts rate Rigetti shares as a buy, resulting in an average rating of "Buy" with a target price of approximately $14.50 based on data from MarketBeat.

Overview of Rigetti Computing's Stock Performance

The company's market capitalization stands at approximately $1.90 billion. Rigetti Computing's price-to-earnings ratio is reported at -26.02, and it has a beta of 1.37, indicating volatility. The firm's debt-to-equity ratio is quite low at 0.02, and both its quick ratio and current ratio are at 4.84. Over the last 50 days, the simple moving average was $11.26, while the 200-day moving average was recorded at $6.06.

In terms of earnings, Rigetti announced its results on March 5th, reporting an earnings per share (EPS) of ($0.08) for the quarter, which matched analyst expectations. The company's revenue for the quarter totaled $2.27 million, slightly below the forecast of $2.40 million. Rigetti presents a concerning net margin of -509.58% and a negative return on equity of -51.56%. Last year during the same quarter, the EPS was ($0.04). Analysts project that Rigetti will report an EPS of -0.34 for the current year.

Insider Activities at Rigetti Computing

Recently, the company's Chief Technology Officer (CTO), David Rivas, sold 351,785 shares of Rigetti stock on March 11th at an average price of $7.76, bringing in a total of about $2.73 million. Post-sale, Rivas still holds around 1,094,738 shares, valued at approximately $8.5 million, which represents a 24.32% reduction in his holdings. This transaction has been disclosed in a filing with the SEC, with insider ownership currently at 2.81% of the total stock.

Institutional Investments in Rigetti Computing

Various hedge funds have recently adjusted their stakes in Rigetti. Signaturefd LLC acquired a new position in the fourth quarter worth around $25,000. EverSource Wealth Advisors LLC also bought shares worth about $28,000, while Tucker Asset Management LLC's new investment amounted to $32,000. Arete Wealth Advisors LLC invested approximately $45,000 in the stock during the third quarter. Finally, Spire Wealth Management made a new purchase valued at around $46,000 in the fourth quarter. Collectively, institutional investors and hedge funds own about 35.38% of Rigetti's stock.

About Rigetti Computing

Rigetti Computing, Inc. specializes in building quantum computers and superconducting quantum processors. The company provides cloud services involving quantum processing units, including products such as the 9-qubit chip and the Ankaa-2 system marketed under the Novera brand. Additionally, Rigetti sells access to its quantum computers via quantum computing as a service.

Investment Considerations for Rigetti Computing

Before making any investment decisions regarding Rigetti Computing, it is essential to consider that while the stock has a current buy rating from analysts, there are other stocks that may offer better investment opportunities. An analysis from MarketBeat has identified several stocks that top analysts recommend over Rigetti Computing, suggesting potential alternative investment opportunities.

Rigetti, Stocks, Quantum