The stock of Rigetti Computing Inc. (NASDAQ:RGTI) increased by $0.39 on Friday to finish at $2.67, up 17.02 percent. The last five days have seen an average of 22,992,455 shares of common stock traded. 17 times new highs were reached in the current year, with a gain of $2.00. The average number of shares traded over the last 20 days was 13,069,339, while the average volume over the last 50 days totaled 8,747,793.
RGTI stock appreciated 51.60% since last month. On 07/24/23, the company’s shares reached a one-month low of $1.58. The stock touched a high of $5.90 on 08/01/23, after rallying from a low of $0.36 in 52 weeks. The price of RGTI stock has risen by 265.89% or $2.00 this year, reaching a new high 17 times. Still, the stock price is down -54.78% from the 52-week high.
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Insider Transactions
RGTI stock investors should be aware that Rigetti Computing Inc. (RGTI) stock had its last reported insider trading activity 13 days ago on Aug 01. On Aug 01, Director Fitzgerald Alissa sold 8,000 shares at $2.86 each. This transaction resulted in the insider making $22,880. On Jul 03, Fitzgerald Alissa sold 8,000 shares at a price of US$1.28. After the transaction, the insider now owns 140,810 shares. Director Fitzgerald Alissa had earlier sold 40,447 shares on Jun 12 for $1.41 a share. The transaction was completed for $57,030.
Valuation Metrics
Beta for the stock is 2.35. There are also a few other valuation ratios worth considering, including the trailing price-to-sales (P/S) ratio of 18.87, the price-to-book (PB) ratio of 2.57.
Financial Health
For the three months ended June 29, Rigetti Computing Inc.’s quick ratio was 5.70, while its current ratio was 5.70, indicating its ability to pay off its debt. The company’s long-term debt to equity ratio for the quarter ending June 29 is 0.14, and the total debt to equity ratio is 0.21. As far as profitability goes, gross margin for the trailing twelve months is 77.50% percent. Based on annual data, it had gross profit of $10.23 million and revenue of $13.1 million.
Investors will also look at the performance of the company’s management in order to determine the potential profitability of their investment. RGTI’s return on assets (ROA) during the last 12 months has been -34.60%. There was a -61.40% return on investment (ROI) in the past year. In the meantime, the return on equity (ROE) for the last 12 months was -46.20%.
Earnings Surprise
According to Rigetti Computing Inc.’s quarterly financial report for the quarter that ended June 29, it had $83.77 million in cash and short-term investments. A higher net income was reported in the quarter under review than the previous quarter. Net income for the quarter came in at $3.33 million, while revenues rose by 36.04% to $2.2 million. It was predicted that Rigetti Computing Inc.’s quarterly earnings would be -$0.13, but it ended up being -$0.17, beating the consensus by 23.50%. EBITDA was -$14.95 million for the quarter. At the end of Rigetti Computing Inc.’s most recent quarter ended June 29, its liabilities totaled 49.2 million, while its total debt was $36.39 million. Equity owned by shareholders amounts to $132.99 million.
Technical Picture
Here’s a quick look at Rigetti Computing Inc.’s (RGTI) price momentum from a technical perspective. As of 11 August, the RSI 9-day stood at 61.00%, suggesting the stock is Neutral, with a 297.35% historical volatility rate.
The stochastic %K and %D were 34.21% and 18.87% respectively, while the average true range (ATR) was 0.50. Based on the 14-day stochastic reading of 61.90%, the RSI (14) reading is 59.74%. On the 9-day MACD Oscillator, the stock is at -0.11, and the 14-day reading is at -0.12.
Analyst Ratings
In its most recent analyst report, The Benchmark Company raised its rating on Rigetti Computing Inc. (NASDAQ: RGTI) to a Buy. Prior to this, analysts firm rated the stock as a Hold. Analysts have assigned Rigetti Computing Inc. (RGTI) an Buy rating. RGTI is a stock that is recommended for selling by 0 brokerage firms, while 0 companies recommend holding. The stock is underweighted by 0 analysts. Among the analysts who rate the stock, 0 rates it overweight and 3 others recommend it as a buy.
What is RGTI’s price target for the next 12 months?
The current consensus forecast for the stock is between $3.00 and $4.00, with a median target price of $3.50. In analyzing these forecasts, the average price target given by analysts for Rigetti Computing Inc. (RGTI) is $3.50.
