Rigetti Computing (NASDAQ:RGTI) Sets New 52-Week High – Here’s Why

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price hit a new 52-week high during trading on Friday . The stock traded as high as $35.81 and last traded at $35.40, with a volume of 145197449 shares. The stock had previously closed at $29.85.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Williams Trading set a $20.00 price target on Rigetti Computing in a research note on Wednesday, August 13th. Benchmark lifted their price target on Rigetti Computing from $14.00 to $20.00 and gave the company a “buy” rating in a research note on Wednesday, August 13th. Weiss Ratings reissued a “sell (e+)” rating on shares of Rigetti Computing in a research note on Saturday, September 27th. Alliance Global Partners reissued a “buy” rating on shares of Rigetti Computing in a research note on Wednesday, July 16th. Finally, B. Riley lifted their price target on Rigetti Computing from $19.00 to $35.00 and gave the company a “buy” rating in a research note on Monday, September 22nd. Six investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Rigetti Computing currently has a consensus rating of “Moderate Buy” and a consensus target price of $19.71.

Rigetti Computing Price Performance

The business has a 50-day simple moving average of $19.69 and a two-hundred day simple moving average of $14.12. The stock has a market cap of $12.99 billion, a price-to-earnings ratio of -52.71 and a beta of 1.60.

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

Insider Activity

In other news, CTO David Rivas sold 44,355 shares of the business’s stock in a transaction that occurred on Wednesday, August 20th. The stock was sold at an average price of $14.85, for a total transaction of $658,671.75. Following the completion of the sale, the chief technology officer owned 730,568 shares in the company, valued at $10,848,934.80. The trade was a 5.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Michael S. Clifton sold 75,000 shares of the business’s stock in a transaction that occurred on Friday, September 12th. The stock was sold at an average price of $19.00, for a total value of $1,425,000.00. Following the sale, the director owned 653,766 shares of the company’s stock, valued at approximately $12,421,554. This represents a 10.29% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 457,624 shares of company stock valued at $8,498,996. 1.90% of the stock is owned by insiders.

Institutional Investors Weigh In On Rigetti Computing

A number of institutional investors have recently made changes to their positions in RGTI. California State Teachers Retirement System boosted its holdings in shares of Rigetti Computing by 12.7% during the fourth quarter. California State Teachers Retirement System now owns 11,551 shares of the company’s stock worth $176,000 after acquiring an additional 1,301 shares during the period. GAMMA Investing LLC boosted its holdings in shares of Rigetti Computing by 15,050.9% during the first quarter. GAMMA Investing LLC now owns 25,605 shares of the company’s stock worth $203,000 after acquiring an additional 25,436 shares during the period. Rhumbline Advisers boosted its holdings in shares of Rigetti Computing by 17.0% during the first quarter. Rhumbline Advisers now owns 273,818 shares of the company’s stock worth $2,169,000 after acquiring an additional 39,743 shares during the period. Patriot Financial Group Insurance Agency LLC boosted its holdings in shares of Rigetti Computing by 59.9% during the first quarter. Patriot Financial Group Insurance Agency LLC now owns 53,442 shares of the company’s stock worth $423,000 after acquiring an additional 20,028 shares during the period. Finally, Yarbrough Capital LLC bought a new stake in shares of Rigetti Computing during the first quarter worth approximately $396,000. 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.