Rigetti Computing (NASDAQ:RGTI) Shares Down 3.5% – Here’s What Happened

Rigetti Computing, Inc. (NASDAQ:RGTI)’s stock price traded down 3.5% during trading on Wednesday . The company traded as low as $9.55 and last traded at $9.48. 22,144,306 shares were traded during mid-day trading, a decline of 53% from the average session volume of 46,959,070 shares. The stock had previously closed at $9.82.

Analyst Upgrades and Downgrades

RGTI has been the topic of a number of research reports. B. Riley raised their price target on Rigetti Computing from $8.50 to $15.00 and gave the stock a “buy” rating in a research note on Friday, February 14th. Alliance Global Partners reissued a “buy” rating on shares of Rigetti Computing in a research report on Thursday, March 6th. Needham & Company LLC reaffirmed a “buy” rating and set a $17.00 price target on shares of Rigetti Computing in a research report on Thursday, March 6th. Craig Hallum started coverage on shares of Rigetti Computing in a report on Friday, December 20th. They issued a “buy” rating and a $12.00 price objective on the stock. Finally, Benchmark reaffirmed a “buy” rating and set a $14.00 target price on shares of Rigetti Computing in a report on Thursday, March 6th. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Rigetti Computing presently has an average rating of “Buy” and a consensus target price of $14.50.

Rigetti Computing Stock Performance

The business has a 50 day moving average price of $10.85 and a two-hundred day moving average price of $6.65. The stock has a market cap of $2.73 billion, a P/E ratio of -25.12 and a beta of 1.36. The company has a quick ratio of 4.84, a current ratio of 4.84 and a debt-to-equity ratio of 0.02.

Rigetti Computing (NASDAQ:RGTI) last announced its quarterly earnings data on Wednesday, March 5th. The company reported ($0.08) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.08). Rigetti Computing had a negative net margin of 509.58% and a negative return on equity of 51.56%. The business had revenue of $2.27 million during the quarter, compared to analyst estimates of $2.40 million. During the same period last year, the firm posted ($0.04) EPS. On average, sell-side analysts forecast that Rigetti Computing, Inc. will post -0.34 earnings per share for the current fiscal year.

Insider Buying and Selling at Rigetti Computing

In other Rigetti Computing 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 completion of the transaction, the chief technology officer now owns 1,094,738 shares in the company, valued at $8,495,166.88. This trade represents a 24.32 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 2.81% of the stock is currently owned by company insiders.

Institutional Trading of Rigetti Computing

A number of large investors have recently made changes to their positions in RGTI. Charles Schwab Investment Management Inc. lifted its holdings in shares of Rigetti Computing by 14.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,149,934 shares of the company’s stock valued at $901,000 after acquiring an additional 144,742 shares during the last quarter. Penserra Capital Management LLC raised its position in Rigetti Computing by 9.8% during the third quarter. Penserra Capital Management LLC now owns 4,553,633 shares of the company’s stock valued at $3,565,000 after purchasing an additional 407,389 shares during the period. State Street Corp raised its position in Rigetti Computing by 12.9% during the third quarter. State Street Corp now owns 2,715,223 shares of the company’s stock valued at $2,126,000 after purchasing an additional 309,831 shares during the period. Jane Street Group LLC lifted its stake in shares of Rigetti Computing by 23.8% in the 3rd quarter. Jane Street Group LLC now owns 244,496 shares of the company’s stock valued at $191,000 after purchasing an additional 47,013 shares during the last quarter. Finally, Barclays PLC boosted its holdings in shares of Rigetti Computing by 275.6% in the 3rd quarter. Barclays PLC now owns 185,959 shares of the company’s stock worth $145,000 after purchasing an additional 136,443 shares during the period. 35.38% of the stock is currently owned by institutional investors.

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.