Rigetti Computing (NASDAQ:RGTI) Stock Price Down 10.1% on Analyst Downgrade

Rigetti Computing, Inc. (NASDAQ:RGTI) traded down 10.1% during trading on Tuesday after B. Riley downgraded the stock from a buy rating to a neutral rating. B. Riley now has a $42.00 price target on the stock, up from their previous price target of $35.00. Rigetti Computing traded as low as $34.65 and last traded at $35.18. 54,465,111 shares traded hands during mid-day trading, a decline of 27% from the average session volume of 74,782,766 shares. The stock had previously closed at $39.12.

RGTI has been the subject of several other research reports. Williams Trading set a $50.00 price objective on Rigetti Computing in a report on Tuesday, October 7th. Industrial Alliance Securities set a $18.00 price target on Rigetti Computing in a report on Wednesday, July 16th. Benchmark raised their price target on Rigetti Computing from $20.00 to $50.00 and gave the company a “buy” rating in a report on Tuesday, October 7th. Needham & Company LLC raised their price target on Rigetti Computing from $15.00 to $18.00 and gave the company a “buy” rating in a report on Monday, August 4th. Finally, Alliance Global Partners reaffirmed a “buy” rating on shares of Rigetti Computing in a report on Wednesday, July 16th. Five equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Rigetti Computing presently has a consensus rating of “Moderate Buy” and an average price target of $29.29.

Insider Activity

In other Rigetti Computing news, CTO David Rivas sold 44,355 shares of the stock in a transaction on Wednesday, August 20th. The stock was sold at an average price of $14.85, for a total transaction of $658,671.75. Following the transaction, the chief technology officer owned 730,568 shares in the company, valued at $10,848,934.80. This trade represents a 5.72% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Thomas J. Iannotti sold 100,000 shares of the stock in a transaction on Friday, September 12th. The stock was sold at an average price of $19.50, for a total value of $1,950,000.00. Following the transaction, the director owned 14,902 shares in the company, valued at $290,589. The trade was a 87.03% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 454,204 shares of company stock worth $10,300,876.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. GAMMA Investing LLC increased its position in shares of Rigetti Computing by 1,813.0% in the first quarter. GAMMA Investing LLC now owns 3,233 shares of the company’s stock worth $26,000 after purchasing an additional 3,064 shares during the period. IFP Advisors Inc increased its position in shares of Rigetti Computing by 146.1% in the second quarter. IFP Advisors Inc now owns 2,190 shares of the company’s stock worth $26,000 after purchasing an additional 1,300 shares during the period. Quarry LP bought a new position in shares of Rigetti Computing in the first quarter worth $31,000. Armstrong Advisory Group Inc. increased its position in shares of Rigetti Computing by 225.4% in the second quarter. Armstrong Advisory Group Inc. now owns 2,974 shares of the company’s stock worth $35,000 after purchasing an additional 2,060 shares during the period. Finally, Park Square Financial Group LLC bought a new position in shares of Rigetti Computing in the first quarter worth $40,000. Institutional investors own 35.38% of the company’s stock.

Rigetti Computing Price Performance

The company has a market cap of $11.40 billion, a P/E ratio of -46.29 and a beta of 1.64. The stock has a 50-day moving average of $31.60 and a 200 day moving average of $19.41.

Rigetti Computing (NASDAQ:RGTI) last issued its quarterly earnings results on Tuesday, August 12th. The company reported ($0.05) EPS for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.01. Rigetti Computing had a negative return on equity of 29.05% and a negative net margin of 2,134.92%.The company had revenue of $1.80 million for the quarter, compared to analysts’ expectations of $1.87 million. Sell-side analysts predict that Rigetti Computing, Inc. will post -0.34 EPS for the current year.

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.