Rigetti Computing (NASDAQ:RGTI) Earns Buy Rating from Analysts at B. Riley

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

Other equities analysts also recently issued research reports about the company. Needham & Company LLC reissued a buy rating and set a $3.00 price target on shares of Rigetti Computing in a research report on Monday, May 13th. Benchmark reissued a buy rating and set a $3.00 price target on shares of Rigetti Computing in a research report on Monday, May 13th.

Rigetti Computing Stock Up 2.9 %

NASDAQ RGTI opened at $1.07 on Thursday. Rigetti Computing has a 1-year low of $0.88 and a 1-year high of $3.43. The business has a 50 day moving average price of $1.04 and a 200 day moving average price of $1.27. The company has a quick ratio of 4.42, a current ratio of 4.42 and a debt-to-equity ratio of 0.06.

Rigetti Computing (NASDAQ:RGTI) last released its quarterly earnings results on Thursday, May 9th. The company reported ($0.14) earnings per share for the quarter, missing the consensus estimate of ($0.08) by ($0.06). The company had revenue of $3.05 million for the quarter. Rigetti Computing had a negative return on equity of 59.05% and a negative net margin of 563.97%. During the same period last year, the firm earned ($0.19) earnings per share. As a group, analysts anticipate that Rigetti Computing will post -0.34 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Rigetti Computing

Several hedge funds have recently made changes to their positions in the business. Bank of New York Mellon Corp boosted its holdings in shares of Rigetti Computing by 3,788.5% during the second quarter. Bank of New York Mellon Corp now owns 410,705 shares of the company’s stock worth $439,000 after purchasing an additional 400,143 shares during the last quarter. Comprehensive Financial Consultants Institutional Inc. acquired a new stake in shares of Rigetti Computing during the second quarter worth $27,000. SG Americas Securities LLC acquired a new stake in shares of Rigetti Computing during the second quarter worth $25,000. Cetera Advisors LLC acquired a new stake in shares of Rigetti Computing during the first quarter worth $38,000. Finally, PEAK6 Investments LLC acquired a new stake in shares of Rigetti Computing during the first quarter worth $40,000. Institutional investors and hedge funds 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.