Rigetti Computing (NASDAQ:RGTI) Trading Down 0.6% – Here’s Why

Rigetti Computing, Inc. (NASDAQ:RGTI) shares fell 0.6% on Friday . The stock traded as low as $8.45 and last traded at $8.94. 17,160,952 shares were traded during trading, a decline of 63% from the average session volume of 46,490,784 shares. The stock had previously closed at $8.99.

Analysts Set New Price Targets

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

Rigetti Computing Stock Down 2.4 %

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 market cap of $2.51 billion, a P/E ratio of -23.02 and a beta of 1.36. The stock’s fifty day moving average price is $10.75 and its 200 day moving average price is $6.38.

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

Insider Buying and Selling

In related news, CTO David Rivas sold 351,785 shares of Rigetti Computing stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $7.76, for a total transaction of $2,729,851.60. Following the sale, the chief technology officer now directly owns 1,094,738 shares in the company, valued at $8,495,166.88. The trade was a 24.32 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.81% of the stock is currently owned by insiders.

Institutional Trading of Rigetti Computing

A number of hedge funds and other institutional investors have recently modified their holdings of the business. California State Teachers Retirement System grew its holdings in Rigetti Computing by 12.7% in the fourth quarter. California State Teachers Retirement System now owns 11,551 shares of the company’s stock worth $176,000 after purchasing an additional 1,301 shares during the period. Allworth Financial LP grew its stake in shares of Rigetti Computing by 14.9% in the 4th quarter. Allworth Financial LP now owns 11,604 shares of the company’s stock worth $161,000 after buying an additional 1,504 shares during the last quarter. Signaturefd LLC bought a new position in Rigetti Computing during the 4th quarter valued at approximately $25,000. Legal & General Group Plc increased its position in Rigetti Computing by 14.9% during the 4th quarter. Legal & General Group Plc now owns 14,051 shares of the company’s stock valued at $214,000 after buying an additional 1,817 shares in the last quarter. Finally, EverSource Wealth Advisors LLC bought a new stake in Rigetti Computing in the fourth quarter worth $28,000. 35.38% of the stock is owned by hedge funds and other institutional investors.

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.