This trade activity should not be overlooked: Rigetti Computing Inc. (RGTI)

Rigetti Computing Inc. (NASDAQ: RGTI) stock fell -5.04% on Tuesday to $1.32 against a previous-day closing price of $1.39. With 0.58 million shares changed hands, the volume of the stock remained lighter than its average volume of 1.08 million shares. During the session, the Computer Hardware company that operates in wider Technology sector, reached to the highest price of $1.4099 whereas the lowest price it dropped to was $1.3000. The 52-week range on RGTI shows that it touched its highest point at $12.00 and its lowest point at $0.98 during that stretch. It currently has a 1-year price target of $2.50.

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Price Performance and Earnings:

Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of RGTI was up-trending over the past week, with a rise of 5.60%, but this was down by -36.84% over a month. Three-month performance dropped to -70.27% while six-month performance fell -83.82%. The stock lost -88.64% in the past year, while it has lost -87.17% so far this year. A look at the trailing 12-month EPS for RGTI yields -1.49 with Next year EPS estimates of -0.48. For the next quarter, that number is -0.13. This implies an EPS growth rate of -46.40% for this year and 21.30% for next year.


Float and Shares Shorts:

At present, 114.10 million RGTI shares are outstanding with a float of 110.31 million shares on hand for trading. On Oct 13, 2022, short shares totaled 2.14 million, which was 1.76% higher than short shares on Sep 14, 2022. In addition to Dr. Chad Rigetti as the firm’s Founder, Pres, CEO, & Director, Mr. Brian J. Sereda serves as its Chief Financial Officer.

Institutional Ownership:

Through their ownership of 44.75% of RGTI’s outstanding shares, institutional investors have minority control over the company. Other institutions hold 7.85% of RGTI, in contrast to 5.51% held by mutual funds. Shares owned by individuals account for 29.83%. As the largest shareholder in RGTI with 2.07% of the stake, BlackRock Fund Advisors holds 2,452,276 shares worth 2,452,276. A second-largest stockholder of RGTI, Franklin Advisers, Inc., holds 1,720,476 shares, controlling over 1.45% of the firm’s shares. JPMorgan Securities LLC is the third largest shareholder in RGTI, holding 1,113,343 shares or 0.94% stake. With a 1.26% stake in RGTI, the FTIF SICAV – Technology Fund is the largest stakeholder. A total of 1,500,000 shares are owned by the mutual fund manager. The Vanguard Extended Market Index Fu, which owns about 0.85% of RGTI stock, is the second-largest Mutual Fund holder. It holds 1,004,867 shares valued at 2.11 million. iShares Russell 2000 ETF holds 0.55% of the stake in RGTI, owning 648,628 shares worth 1.36 million.


Analysts Ratings:

Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for RGTI since 4 analysts follow the stock currently. There are 2 analysts who recommend BUY ratings, while 0 suggest SELL ratings. Of the remaining analysts, 2 believe that the stock is worth HOLDING, 0 give it an OVERWEIGHT rating, and 0 thinks that it’s UNDERWEIGHT. In the same way, a target price assigned to a stock can also reveal much about its potential. With RGTI analysts setting a high price target of $8.00 and a low target of $2.00, the average target price over the next 12 months is $4.33. Based on these targets, RGTI could surge 506.06% to reach the target high and rise by 51.52% to reach the target low. Reaching the average price target will result in a growth of 228.03% from current levels.

EPS: Estimates vs Actual

It is also common to use earnings estimates to evaluate a firm’s growth potential and to determine trading strategy. RGTI will report FY 2022 earnings on 03/09/2023. Analysts have provided yearly estimates in a range of -$0.26 being high and -$0.60 being low. For RGTI, this leads to a yearly average estimate of -$0.46. The earnings surprise of a firm occurs when the actual results change from the consensus earnings estimate. Rigetti Computing Inc. surprised analysts by -$0.03 when it reported -$0.16 EPS against a consensus estimate of -$0.13. The surprise factor in the prior quarter was $0.01. Based on analyst estimates, the high estimate for the next quarter is -$0.05 and the low estimate is -$0.19. The average estimate for the next quarter is thus -$0.12.

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