Rigetti Computing (NASDAQ:RGTI) Stock Price Down 0.1% – Here’s Why

Rigetti Computing, Inc. (NASDAQ:RGTI) shares fell 0.1% on Wednesday . The stock traded as low as $7.61 and last traded at $7.86. 15,203,641 shares changed hands during mid-day trading, a decline of 65% from the average session volume of 43,550,756 shares. The stock had previously closed at $7.86.

Analyst Ratings Changes

RGTI has been the topic of a number of recent analyst reports. Benchmark reissued a “buy” rating and set a $14.00 price target on shares of Rigetti Computing in a research note on Thursday. Needham & Company LLC reaffirmed a “buy” rating and set a $17.00 price objective on shares of Rigetti Computing in a research note on Thursday. B. Riley boosted their price objective on shares of Rigetti Computing from $8.50 to $15.00 and gave the company a “buy” rating in a research note on Friday, February 14th. Finally, Craig Hallum started coverage on Rigetti Computing in a report on Friday, December 20th. They issued a “buy” rating and a $12.00 target price on the stock.

Rigetti Computing Price Performance

The company’s fifty day moving average is $12.09 and its two-hundred day moving average is $5.79. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.84 and a current ratio of 4.84. The firm has a market cap of $1.80 billion, a price-to-earnings ratio of -24.60 and a beta of 1.26.

Rigetti Computing (NASDAQ:RGTI) last issued its quarterly earnings data on Wednesday, March 5th. The company reported ($0.08) EPS for the quarter, hitting analysts’ consensus estimates of ($0.08). Rigetti Computing had a negative return on equity of 51.56% and a negative net margin of 509.58%. The company had revenue of $2.27 million for the quarter, compared to analysts’ expectations of $2.40 million. During the same quarter in the previous year, the firm posted ($0.04) earnings per share. Equities research analysts forecast that Rigetti Computing, Inc. will post -0.34 EPS for the current year.

Insiders Place Their Bets

In related news, Director Michael S. Clifton sold 125,000 shares of Rigetti Computing stock in a transaction on Monday, December 9th. The shares were sold at an average price of $5.03, for a total transaction of $628,750.00. Following the sale, the director now owns 1,063,864 shares of the company’s stock, valued at $5,351,235.92. The trade was a 10.51 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 2.81% of the stock is owned by company insiders.

Institutional Trading of Rigetti Computing

Large investors have recently modified their holdings of the business. Signaturefd LLC purchased a new position in Rigetti Computing in the fourth quarter valued at about $25,000. EverSource Wealth Advisors LLC acquired a new position in shares of Rigetti Computing in the 4th quarter valued at approximately $28,000. Tucker Asset Management LLC purchased a new position in shares of Rigetti Computing during the 4th quarter valued at approximately $32,000. Arete Wealth Advisors LLC purchased a new position in shares of Rigetti Computing during the 3rd quarter valued at approximately $45,000. Finally, Spire Wealth Management acquired a new stake in shares of Rigetti Computing during the fourth quarter worth approximately $46,000. 35.38% of the stock is currently owned by institutional investors and hedge funds.

About Rigetti Computing

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.