Rigetti Computing Inc. [NASDAQ: RGTI] stock went on an upward path that rose over 9.09% on Wednesday, amounting to a one-week price increase of more than 26.32%. The company report on November 21, 2022 that Rigetti Computing Reports Third Quarter 2022 Financial Results.
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The Company held a business update conference call on November 14, 2022 to discuss its recent executive transition announcements, its technical roadmap progress, the delay in its financial results for the third quarter 2022 and the anticipated restatement of its financial statements for the first and second quarter of fiscal 2022, in addition to other business updates.
Over the last 12 months, RGTI stock dropped by -86.98%. The one-year Rigetti Computing Inc. stock forecast points to a potential upside of 42.4. The average equity rating for RGTI stock is currently 2.50, trading closer to a bullish pattern in the stock market.
The market cap for the stock reached $167.80 million, with 114.10 million shares outstanding and 110.31 million shares in the current float. Compared to the average trading volume of 1.08M shares, RGTI stock reached a trading volume of 396064 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Guru’s Opinion on Rigetti Computing Inc. [RGTI]:
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for RGTI shares is $2.50 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on RGTI stock is a recommendation set at 2.50. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
The Benchmark Company have made an estimate for Rigetti Computing Inc. shares, keeping their opinion on the stock as Hold, with their previous recommendation back on November 10, 2022. While these analysts kept the previous recommendation, Deutsche Bank raised their target price from $10 to $2. The new note on the price target was released on November 10, 2022, representing the official price target for Rigetti Computing Inc. stock. Previously, the target price had yet another raise to $10, while Deutsche Bank analysts kept a Buy rating on RGTI stock.
The Average True Range (ATR) for Rigetti Computing Inc. is set at 0.17, with the Price to Sales ratio for RGTI stock in the period of the last 12 months amounting to 18.08. The Price to Book ratio for the last quarter was 0.95, with the Price to Cash per share for the same quarter was set at 1.58.
RGTI Stock Performance Analysis:
Rigetti Computing Inc. [RGTI] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 26.32. With this latest performance, RGTI shares dropped by -36.56% in over the last four-week period, additionally sinking by -83.08% over the last 6 months – not to mention a drop of -86.98% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for RGTI stock in for the last two-week period is set at 44.13, with the RSI for the last a single of trading hit 49.78, and the three-weeks RSI is set at 41.27 for Rigetti Computing Inc. [RGTI]. The present Moving Average for the last 50 days of trading for this stock 1.7830, while it was recorded at 1.3220 for the last single week of trading, and 4.9529 for the last 200 days.
Insight into Rigetti Computing Inc. Fundamentals:
Return on Equity for this stock declined to -15.52, with Return on Assets sitting at -13.40.
Rigetti Computing Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 17.10 and a Current Ratio set at 17.10.
Rigetti Computing Inc. [RGTI] Insider Position Details
There are presently around $64 million, or 47.60% of RGTI stock, in the hands of institutional investors. The top three institutional holders of RGTI stocks are: DEER MANAGEMENT CO. LLC with ownership of 21,582,218, which is approximately 0% of the company’s market cap and around 12.10% of the total institutional ownership; EDBI PTE LTD, holding 4,330,789 shares of the stock with an approximate value of $6.24 million in RGTI stocks shares; and BLACKROCK INC., currently with $3.77 million in RGTI stock with ownership of nearly 0.256% of the company’s market capitalization.
54 institutional holders increased their position in Rigetti Computing Inc. [NASDAQ:RGTI] by around 4,863,225 shares. Additionally, 25 investors decreased positions by around 3,958,888 shares, while 15 investors held positions by with 35,456,053 shares. The mentioned changes placed institutional holdings at 44,278,166 shares, according to the latest SEC report filing. RGTI stock had 30 new institutional investments in for a total of 3,023,889 shares, while 10 institutional investors sold positions of 3,539,854 shares during the same period.