Rigetti Computing (NASDAQ:RGTI) Shares Down 1.3% – What’s Next?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s stock price dropped 1.3% during mid-day trading on Tuesday. The company traded as low as $15.73 and last traded at $15.74. Approximately 12,970,991 shares changed hands during trading, a decline of 57% from the average daily volume of 30,145,973 shares. The stock had previously closed at $15.95.

Analyst Ratings Changes

Several equities research analysts recently weighed in on RGTI shares. Wall Street Zen cut Rigetti Computing from a “hold” rating to a “sell” rating in a report on Saturday, August 8th. Wedbush assumed coverage on shares of Rigetti Computing in a research note on Monday, August 3rd. They issued an “outperform” rating and a $40.00 target price on the stock. Rosenblatt Securities reiterated a “buy” rating and set a $40.00 price target on shares of Rigetti Computing in a report on Friday, August 7th. Benchmark initiated coverage on shares of Rigetti Computing in a research report on Monday, July 27th. They set a “buy” rating and a $25.00 price target for the company. Finally, Weiss Ratings lowered shares of Rigetti Computing from a “sell (d-)” rating to a “sell (e+)” rating in a report on Thursday, September 17th. Seven analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $30.67.

Rigetti Computing Stock Performance

The stock has a market capitalization of $5.21 billion, a P/E ratio of -17.33 and a beta of 2.00. The stock has a 50-day moving average price of $16.13 and a two-hundred day moving average price of $17.51.

Rigetti Computing (NASDAQ:RGTI) last announced its earnings results on Thursday, August 6th. The company reported ($0.05) EPS for the quarter, meeting analysts’ consensus estimates of ($0.05). The company had revenue of $5.14 million during the quarter, compared to the consensus estimate of $5.09 million. Rigetti Computing had a negative return on equity of 17.50% and a negative net margin of 2,189.54%. Equities analysts anticipate that Rigetti Computing, Inc. will post -0.27 earnings per share for the current fiscal year.

Insider Activity at Rigetti Computing

In other Rigetti Computing news, COO David Rivas sold 9,038 shares of Rigetti Computing stock in a transaction that occurred on Thursday, August 20th. The stock was sold at an average price of $16.79, for a total transaction of $151,748.02. Following the sale, the chief operating officer directly owned 316,907 shares of the company’s stock, valued at approximately $5,320,868.53. The trade was a 2.77% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Jeffrey Bertelsen sold 25,000 shares of the company’s stock in a transaction that occurred on Thursday, September 3rd. The stock was sold at an average price of $15.00, for a total value of $375,000.00. Following the transaction, the chief financial officer owned 168,067 shares in the company, valued at $2,521,005. This trade represents a 12.95% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 163,689 shares of company stock valued at $2,570,890. 1.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Rigetti Computing

A number of institutional investors have recently added to or reduced their stakes in the company. PeakShares LLC bought a new stake in shares of Rigetti Computing during the 1st quarter valued at $28,000. Compass Financial Management LLC purchased a new position in Rigetti Computing during the 2nd quarter valued at about $34,000. EverSource Wealth Advisors LLC boosted its stake in Rigetti Computing by 31.8% during the first quarter. EverSource Wealth Advisors LLC now owns 4,651 shares of the company’s stock worth $65,000 after acquiring an additional 1,121 shares in the last quarter. OP Asset Management Ltd bought a new position in shares of Rigetti Computing during the first quarter valued at approximately $75,000. Finally, Ancora Advisors LLC purchased a new stake in shares of Rigetti Computing in the 2nd quarter worth approximately $87,000. Institutional investors own 35.38% of the company’s stock.

About Rigetti Computing

Rigetti Computing, Inc is a quantum computing company that develops full-stack quantum computing systems based on superconducting qubit technology. The company designs and manufactures quantum processors, develops the software and control systems used to operate them, and provides access to its quantum computing capabilities through cloud-based services.

Rigetti’s products and services include its quantum processing units (QPUs), quantum-classical computing infrastructure, and the Rigetti Quantum Cloud Services platform.