Rigetti Computing (NASDAQ:RGTI) Trading Down 3.4% – Here’s Why

Rigetti Computing, Inc. (NASDAQ:RGTI) fell 3.4% during mid-day trading on Wednesday . The stock traded as low as $9.90 and last traded at $9.92. 20,434,672 shares traded hands during mid-day trading, a decline of 56% from the average session volume of 46,130,573 shares. The stock had previously closed at $10.26.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. B. Riley raised their price target on shares of Rigetti Computing from $8.50 to $15.00 and gave the company a “buy” rating in a research report on Friday, February 14th. Benchmark reissued a “buy” rating and set a $14.00 target price on shares of Rigetti Computing in a research report on Thursday, March 6th. Craig Hallum initiated coverage on Rigetti Computing in a report on Friday, December 20th. They issued a “buy” rating and a $12.00 target price for the company. Alliance Global Partners reiterated a “buy” rating on shares of Rigetti Computing in a report on Thursday, March 6th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $17.00 target price on shares of Rigetti Computing in a research report on Thursday, March 6th. Five investment analysts have rated the stock with a buy rating, According to MarketBeat, Rigetti Computing has a consensus rating of “Buy” and a consensus price target of $14.50.

Rigetti Computing Stock Down 4.0 %

The firm has a market cap of $2.82 billion, a PE ratio of -25.91 and a beta of 1.36. The company has a current ratio of 4.84, a quick ratio of 4.84 and a debt-to-equity ratio of 0.02. The stock has a fifty day simple moving average of $10.78 and a two-hundred day simple moving average of $6.34.

Rigetti Computing (NASDAQ:RGTI) last posted its earnings results on Wednesday, March 5th. The company reported ($0.08) EPS for the quarter, hitting the consensus estimate of ($0.08). The business had revenue of $2.27 million during the quarter, compared to analysts’ expectations of $2.40 million. Rigetti Computing had a negative return on equity of 51.56% and a negative net margin of 509.58%. During the same period in the previous year, the business earned ($0.04) earnings per share. As a group, sell-side analysts expect that Rigetti Computing, Inc. will post -0.34 EPS for the current fiscal year.

Insider Activity

In related news, CTO David Rivas sold 351,785 shares of the stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $7.76, for a total transaction of $2,729,851.60. Following the transaction, the chief technology officer now owns 1,094,738 shares of the company’s stock, valued at approximately $8,495,166.88. This trade represents a 24.32 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 2.81% of the company’s stock.

Institutional Trading of Rigetti Computing

A number of institutional investors have recently made changes to their positions in the stock. Signaturefd LLC purchased a new stake in Rigetti Computing during the 4th quarter valued at $25,000. EverSource Wealth Advisors LLC bought a new stake in shares of Rigetti Computing in the 4th quarter worth approximately $28,000. Tucker Asset Management LLC purchased a new position in shares of Rigetti Computing during the fourth quarter valued at approximately $32,000. Arete Wealth Advisors LLC purchased a new stake in Rigetti Computing in the third quarter worth $45,000. Finally, Spire Wealth Management bought a new stake in Rigetti Computing in the fourth quarter valued at $46,000. Hedge funds and other institutional investors own 35.38% 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.