Rigetti Computing (NASDAQ:RGTI) Sees Unusually-High Trading Volume – What’s Next?

Rigetti Computing, Inc. (NASDAQ:RGTI) saw strong trading volume on Friday . 37,459,387 shares changed hands during trading, a decline of 17% from the previous session’s volume of 45,168,742 shares.The stock last traded at $10.31 and had previously closed at $8.75.

Wall Street Analyst Weigh In

RGTI has been the subject of several recent research reports. Needham & Company LLC reiterated a “buy” rating and issued a $17.00 price target on shares of Rigetti Computing in a research report on Thursday, March 6th. Alliance Global Partners reissued a “buy” rating on shares of Rigetti Computing in a research note on Thursday, March 6th. Craig Hallum initiated coverage on shares of Rigetti Computing in a research report on Friday, December 20th. They set a “buy” rating and a $12.00 price objective on the stock. Benchmark restated a “buy” rating and set a $14.00 price target on shares of Rigetti Computing in a research report on Thursday, March 6th. Finally, B. Riley upped their price objective on Rigetti Computing from $8.50 to $15.00 and gave the stock a “buy” rating in a report on Friday, February 14th. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $14.50.

Rigetti Computing Price Performance

The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84. The firm has a market capitalization of $2.16 billion, a P/E ratio of -29.53 and a beta of 1.37. The firm’s 50 day simple moving average is $11.11 and its two-hundred day simple moving average is $6.16.

Rigetti Computing (NASDAQ:RGTI) last released its quarterly earnings data 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 firm had revenue of $2.27 million for the quarter, compared to analysts’ expectations of $2.40 million. During the same quarter in the previous year, the company earned ($0.04) earnings per share. As a group, analysts predict that Rigetti Computing, Inc. will post -0.34 earnings per share for the current year.

Insider Buying and Selling at Rigetti Computing

In related news, CTO David Rivas sold 351,785 shares of the business’s stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $7.76, for a total transaction of $2,729,851.60. Following the transaction, the chief technology officer now owns 1,094,738 shares in the company, valued at $8,495,166.88. The trade was a 24.32 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 2.81% of the company’s stock.

Hedge Funds Weigh In On Rigetti Computing

Several hedge funds and other institutional investors have recently modified their holdings of RGTI. Vanguard Group Inc. grew its holdings in Rigetti Computing by 81.7% in the fourth quarter. Vanguard Group Inc. now owns 11,746,361 shares of the company’s stock worth $179,249,000 after purchasing an additional 5,280,128 shares during the period. Invesco Ltd. lifted its stake in shares of Rigetti Computing by 7,367.2% in the fourth quarter. Invesco Ltd. now owns 4,580,317 shares of the company’s stock worth $69,896,000 after buying an additional 4,518,978 shares in the last quarter. JPMorgan Chase & Co. lifted its position in Rigetti Computing by 3,295.7% during the fourth quarter. JPMorgan Chase & Co. now owns 2,117,563 shares of the company’s stock valued at $32,314,000 after purchasing an additional 2,055,203 shares during the period. Nuveen Asset Management LLC lifted its position in Rigetti Computing by 418.6% during the fourth quarter. Nuveen Asset Management LLC now owns 999,617 shares of the company’s stock valued at $15,254,000 after purchasing an additional 806,878 shares during the period. Finally, Geode Capital Management LLC lifted its position in Rigetti Computing by 20.6% during the third quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company’s stock valued at $2,837,000 after purchasing an additional 617,506 shares during the period. Hedge funds and other institutional investors own 35.38% of the company’s stock.

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.