Rigetti Computing (NASDAQ:RGTI) Releases Quarterly Earnings Results, Misses Estimates By $0.06 EPS

Rigetti Computing (NASDAQ:RGTI - Get Free Report) announced its quarterly earnings results on Thursday. The company reported ($0.14) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.08) by ($0.06), Zacks reports. The firm had revenue of $3.05 million during the quarter. Rigetti Computing had a negative return on equity of 59.51% and a negative net margin of 625.42%. During the same quarter last year, the firm posted ($0.19) EPS.

Rigetti Computing Price Performance

Shares of RGTI stock traded down $0.12 on Friday, hitting $1.16. 3,713,836 shares of the stock traded hands, compared to its average volume of 4,059,189. The firm has a market cap of $184.30 million, a price-to-earnings ratio of -2.00 and a beta of 2.45. The company has a debt-to-equity ratio of 0.09, a current ratio of 3.71 and a quick ratio of 3.71. The firm has a 50 day simple moving average of $1.49 and a two-hundred day simple moving average of $1.28. Rigetti Computing has a 52 week low of $0.44 and a 52 week high of $3.43.

Analysts Set New Price Targets

RGTI has been the topic of several recent analyst reports. Needham & Company LLC reiterated a "buy" rating and set a $3.00 target price on shares of Rigetti Computing in a research note on Friday, March 15th. Alliance Global Partners began coverage on shares of Rigetti Computing in a report on Friday, March 1st. They set a "buy" rating and a $3.50 price target on the stock.

Read Our Latest Research Report on RGTI

Insiders Place Their Bets

In other news, General Counsel Richard Danis sold 46,326 shares of the company's stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $1.97, for a total value of $91,262.22. Following the completion of the transaction, the general counsel now owns 1,052,141 shares of the company's stock, valued at $2,072,717.77. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In the last quarter, insiders sold 75,599 shares of company stock worth $142,830. Corporate insiders own 2.60% 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.

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