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

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

Rigetti Computing Price Performance

RGTI stock traded up $0.32 on Wednesday, reaching $8.18. The company had a trading volume of 42,969,499 shares, compared to its average volume of 43,659,188. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.84 and a current ratio of 4.84. The company’s fifty day moving average is $12.30 and its 200 day moving average is $5.75. The company has a market cap of $1.57 billion, a P/E ratio of -21.53 and a beta of 1.26. Rigetti Computing has a 1 year low of $0.66 and a 1 year high of $21.42.

Insiders Place Their Bets

In related news, Director Michael S. Clifton sold 125,000 shares of the stock in a transaction on Monday, December 9th. The stock was sold at an average price of $5.03, for a total transaction of $628,750.00. Following the sale, the director now owns 1,063,864 shares of the company’s stock, valued at $5,351,235.92. This trade represents a 10.51 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 2.81% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. B. Riley lifted their price target on shares of Rigetti Computing from $8.50 to $15.00 and gave the company a “buy” rating in a research report on Friday, February 14th. Craig Hallum began coverage on Rigetti Computing in a report on Friday, December 20th. They set a “buy” rating and a $12.00 price objective for the company. Benchmark upped their target price on Rigetti Computing from $2.50 to $14.00 and gave the company a “buy” rating in a report on Friday, February 21st. Finally, Needham & Company LLC restated a “buy” rating and issued a $2.00 price target on shares of Rigetti Computing in a research report on Wednesday, November 13th.

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.