Rigetti Computing (NASDAQ:RGTI) Posts Quarterly Earnings Results, Hits Expectations

Rigetti Computing (NASDAQ:RGTI) announced its quarterly earnings data on Wednesday. The company reported ($0.08) EPS for the quarter, meeting analysts’ consensus estimates of ($0.08), Zacks reports. Rigetti Computing had a negative return on equity of 51.56% and a negative net margin of 509.58%.

Rigetti Computing Trading Up 4.1 %

NASDAQ:RGTI traded up $0.32 on Wednesday, hitting $8.18. 42,969,499 shares of the stock were exchanged, compared to its average volume of 43,659,188. The stock has a fifty day moving average of $12.30 and a 200-day moving average of $5.75. The stock has a market cap of $1.57 billion, a PE ratio of -21.53 and a beta of 1.26. 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 fifty-two week low of $0.66 and a fifty-two week high of $21.42.

Analysts Set New Price Targets

A number of brokerages have issued reports on RGTI. Needham & Company LLC reissued a “buy” rating and issued a $2.00 price target on shares of Rigetti Computing in a research note on Wednesday, November 13th. Benchmark increased their price objective on shares of Rigetti Computing from $2.50 to $14.00 and gave the stock a “buy” rating in a report on Friday, February 21st. Craig Hallum initiated coverage on shares of Rigetti Computing in a report on Friday, December 20th. They issued a “buy” rating and a $12.00 target price for the company. Finally, B. Riley increased their price target 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.

Insider Activity

In related news, Director Michael S. Clifton sold 125,000 shares of the firm’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $5.03, for a total value of $628,750.00. Following the transaction, the director now owns 1,063,864 shares in the company, valued at approximately $5,351,235.92. This trade represents a 10.51 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 2.81% of the company’s stock.

About Rigetti Computing

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.