Rigetti Computing (NASDAQ:RGTI) Hits New 1-Year Low – What’s Next?

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) hit a new 52-week low during trading on Thursday. The company traded as low as $10.33 and last traded at $9.9810, with a volume of 1,948,051 shares trading hands. The stock had previously closed at $11.21.

Analyst Ratings Changes

RGTI has been the subject of a number of research reports. Benchmark initiated coverage on Rigetti Computing in a research note on Monday, July 27th. They set a “buy” rating and a $25.00 target price for the company. Wall Street Zen lowered shares of Rigetti Computing from a “hold” rating to a “sell” rating in a report on Saturday, August 8th. Wedbush started coverage on shares of Rigetti Computing in a research report on Monday, August 3rd. They issued an “outperform” rating and a $40.00 price objective on the stock. B. Riley Financial reduced their target price on shares of Rigetti Computing from $35.00 to $25.00 and set a “buy” rating for the company in a research note on Monday. Finally, Weiss Ratings upgraded Rigetti Computing from a “sell (e+)” rating to a “sell (d-)” rating in a report on Wednesday, October 21st. Seven equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Rigetti Computing presently has an average rating of “Hold” and a consensus price target of $29.56.

Rigetti Computing Price Performance

The firm has a 50-day simple moving average of $14.18 and a 200 day simple moving average of $17.04. The stock has a market capitalization of $3.20 billion, a P/E ratio of -10.68 and a beta of 2.15.

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

Insider Buying and Selling at Rigetti Computing

In related news, CFO Jeffrey A. Bertelsen sold 25,000 shares of the company’s stock in a transaction on Thursday, September 3rd. The shares were sold at an average price of $15.00, for a total value of $375,000.00. Following the completion of the transaction, the chief financial officer directly owned 168,067 shares in the company, valued at approximately $2,521,005. The trade was a 12.95% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO David Rivas sold 9,038 shares of the stock in a transaction on Thursday, August 20th. The shares were sold at an average price of $16.79, for a total transaction of $151,748.02. Following the transaction, the chief operating officer directly owned 316,907 shares in the company, valued at approximately $5,320,868.53. This represents a 2.77% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders have sold 163,689 shares of company stock valued at $2,570,890. 1.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Rigetti Computing

Several institutional investors and hedge funds have recently added to or reduced their stakes in RGTI. Bank of New York Mellon Corp raised its stake in Rigetti Computing by 15.5% during the first quarter. Bank of New York Mellon Corp now owns 1,297,462 shares of the company’s stock valued at $18,216,000 after buying an additional 174,126 shares during the last quarter. Wellington Management Group LLP boosted its holdings in Rigetti Computing by 13.4% in the second quarter. Wellington Management Group LLP now owns 538,449 shares of the company’s stock worth $10,403,000 after acquiring an additional 63,658 shares in the last quarter. Swiss National Bank grew its stake in shares of Rigetti Computing by 2.2% in the first quarter. Swiss National Bank now owns 653,300 shares of the company’s stock worth $9,172,000 after acquiring an additional 14,100 shares during the last quarter. Burr Financial Services LLC purchased a new stake in shares of Rigetti Computing in the third quarter worth $6,181,000. Finally, California State Teachers Retirement System increased its holdings in shares of Rigetti Computing by 22.8% during the first quarter. California State Teachers Retirement System now owns 377,955 shares of the company’s stock valued at $5,306,000 after acquiring an additional 70,179 shares in the last quarter. Hedge funds and other institutional investors own 35.38% of the company’s stock.

Rigetti Computing Company Profile

Rigetti Computing, Inc is a quantum computing company that develops full-stack quantum computing systems based on superconducting quantum processors. Its technology is designed to support research and commercial applications that may benefit from quantum computing, including optimization, simulation, machine learning and complex data analysis.

The company develops quantum processing units, quantum computers and related control systems, software and cloud services. Its Rigetti Quantum Cloud Services platform provides access to Rigetti quantum systems through the cloud, while its hardware offerings are intended for use by enterprises, government organizations, academic institutions and other research customers.

Founded in 2013 by Chad Rigetti, the company is headquartered in Berkeley, California, and operates its own quantum chip fabrication facility, known as Fab-1.