Rigetti Computing (NASDAQ:RGTI) Now Covered by Analysts at B. Riley

B. Riley started coverage on shares of Rigetti Computing (NASDAQ:RGTI) in a research note released on Thursday, MarketBeat Ratings reports. The firm issued a buy rating and a $3.00 price target on the stock.

A number of other analysts have also issued reports on RGTI. Needham & Company LLC reissued a buy rating and set a $3.00 target price on shares of Rigetti Computing in a research note on Monday, May 13th. Benchmark reissued a buy rating and set a $3.00 target price on shares of Rigetti Computing in a research note on Monday, May 13th.

Rigetti Computing Trading Up 2.0 %

RGTI stock opened at $1.04 on Thursday. The company has a current ratio of 4.42, a quick ratio of 4.42 and a debt-to-equity ratio of 0.06. Rigetti Computing has a twelve month low of $0.88 and a twelve month high of $3.43. The firm’s fifty day simple moving average is $1.04 and its two-hundred day simple moving average is $1.27.

Rigetti Computing (NASDAQ:RGTI) last posted its quarterly earnings data on Thursday, May 9th. The company reported ($0.14) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.06). Rigetti Computing had a negative net margin of 563.97% and a negative return on equity of 59.05%. The firm had revenue of $3.05 million for the quarter. During the same quarter last year, the business earned ($0.19) EPS. Analysts predict that Rigetti Computing will post -0.26 earnings per share for the current year.

Hedge Funds Weigh In On Rigetti Computing

Hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. increased its holdings in Rigetti Computing by 17.0% in the 1st quarter. Vanguard Group Inc. now owns 5,185,200 shares of the company’s stock worth $7,933,000 after buying an additional 753,110 shares during the period. CIBC Private Wealth Group LLC increased its holdings in Rigetti Computing by 3,302.0% in the 4th quarter. CIBC Private Wealth Group LLC now owns 1,020,591 shares of the company’s stock worth $1,005,000 after buying an additional 990,591 shares during the period. Bank of New York Mellon Corp increased its holdings in Rigetti Computing by 3,788.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 410,705 shares of the company’s stock worth $439,000 after buying an additional 400,143 shares during the period. Quadrature Capital Ltd acquired a new position in Rigetti Computing in the 4th quarter worth approximately $159,000. Finally, Brighton Jones LLC increased its holdings in Rigetti Computing by 100.0% in the 4th quarter. Brighton Jones LLC now owns 123,532 shares of the company’s stock worth $122,000 after buying an additional 61,766 shares during the period. Institutional investors and hedge funds own 35.38% 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.