Rigetti Computing (NASDAQ:RGTI) Posts Earnings Results, Beats Estimates By $0.02 EPS

Rigetti Computing (NASDAQ:RGTI) announced its earnings results on Wednesday. The company reported ($0.03) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.02, FiscalAI reports. Rigetti Computing had a negative net margin of 4,741.49% and a negative return on equity of 21.98%. The business had revenue of $1.87 million during the quarter, compared to the consensus estimate of $2.33 million.

Rigetti Computing Trading Up 4.7%

Shares of NASDAQ:RGTI traded up $0.80 during trading on Wednesday, reaching $17.76. The company’s stock had a trading volume of 25,325,222 shares, compared to its average volume of 31,329,717. The stock has a market capitalization of $5.86 billion, a PE ratio of -13.66 and a beta of 1.71. The firm’s 50 day simple moving average is $20.63 and its two-hundred day simple moving average is $25.86. Rigetti Computing has a 12 month low of $6.86 and a 12 month high of $58.15.

Institutional Trading of Rigetti Computing

A number of hedge funds and other institutional investors have recently bought and sold shares of RGTI. Heritage Wealth Advisors raised its holdings in shares of Rigetti Computing by 454.3% in the fourth quarter. Heritage Wealth Advisors now owns 1,164 shares of the company’s stock valued at $26,000 after acquiring an additional 954 shares in the last quarter. EFG International AG bought a new position in Rigetti Computing in the fourth quarter worth approximately $28,000. Danske Bank A S purchased a new stake in Rigetti Computing during the third quarter worth $30,000. Northwestern Mutual Wealth Management Co. boosted its position in Rigetti Computing by 180.3% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 1,334 shares of the company’s stock valued at $30,000 after acquiring an additional 858 shares in the last quarter. Finally, Parallel Advisors LLC increased its holdings in shares of Rigetti Computing by 403.2% in the 3rd quarter. Parallel Advisors LLC now owns 1,087 shares of the company’s stock valued at $32,000 after acquiring an additional 871 shares during the period. Hedge funds and other institutional investors own 35.38% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently commented on RGTI. B. Riley Financial raised Rigetti Computing from a “neutral” rating to a “buy” rating and set a $35.00 price objective for the company in a report on Thursday, January 22nd. Williams Trading set a $40.00 price objective on shares of Rigetti Computing in a research note on Tuesday, November 11th. Mizuho initiated coverage on shares of Rigetti Computing in a research report on Thursday, December 11th. They set an “outperform” rating and a $50.00 target price for the company. Alliance Global Partners reaffirmed a “buy” rating on shares of Rigetti Computing in a report on Tuesday, November 11th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Rigetti Computing in a research report on Monday, December 29th. Eight analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $32.60.

Rigetti Computing Company Profile

Rigetti Computing is a pioneering quantum computing company that designs and manufactures superconducting quantum processors alongside a complementary software stack. Founded in 2013 by CEO Chad Rigetti, the company has developed end-to-end quantum systems—from cryogenic hardware to control electronics—to advance the performance and scalability of quantum machines.

At the core of Rigetti’s offering is its Quantum Cloud Services (QCS) platform, which enables developers and enterprises to access quantum processing units (QPUs) and hybrid quantum-classical workflows via the cloud.