Rigetti Computing (NASDAQ:RGTI) Releases Earnings Results, Hits Estimates

Rigetti Computing (NASDAQ:RGTI) announced its quarterly earnings data on Wednesday. The company reported ($0.08) EPS for the quarter, hitting analysts’ consensus estimates of ($0.08), Zacks reports. The company had revenue of $2.27 million during the quarter, compared to the consensus estimate of $2.40 million. Rigetti Computing had a negative net margin of 509.58% and a negative return on equity of 51.56%. During the same quarter in the prior year, the firm earned ($0.04) EPS.

Rigetti Computing Trading Down 7.2 %

Shares of RGTI opened at $7.60 on Thursday. The firm’s 50-day moving average is $12.23 and its two-hundred day moving average is $5.77. Rigetti Computing has a twelve month low of $0.66 and a twelve month high of $21.42. The company has a current ratio of 4.84, a quick ratio of 4.84 and a debt-to-equity ratio of 0.02. The firm has a market capitalization of $1.46 billion, a P/E ratio of -19.82 and a beta of 1.26.

Insider Transactions at Rigetti Computing

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 stock was sold at an average price of $5.03, for a total value of $628,750.00. Following the completion of the transaction, the director now directly 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 position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 2.81% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on RGTI. B. Riley boosted 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. Benchmark reiterated a “buy” rating and set a $14.00 target price on shares of Rigetti Computing in a research report on Thursday. Needham & Company LLC reissued a “buy” rating and set a $17.00 target price on shares of Rigetti Computing in a research note on Thursday. Finally, Craig Hallum began coverage on Rigetti Computing in a research note on Friday, December 20th. They issued a “buy” rating and a $12.00 price target on the 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.