Rigetti Computing (NASDAQ:RGTI) Shares Down 4% – What’s Next?

Rigetti Computing, Inc. (NASDAQ:RGTI) shares traded down 4% on Thursday . The stock traded as low as $8.45 and last traded at $8.59. 32,207,557 shares changed hands during trading, a decline of 28% from the average session volume of 44,910,951 shares. The stock had previously closed at $8.95.

Analyst Upgrades and Downgrades

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

Rigetti Computing Trading Down 6.3 %

The firm has a market capitalization of $1.61 billion, a P/E ratio of -22.02 and a beta of 1.37. The stock’s 50-day simple moving average is $11.49 and its two-hundred day simple moving average is $6.04. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84.

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

Insider Buying and Selling at Rigetti Computing

In other news, CTO David Rivas sold 351,785 shares of the 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 completion of the transaction, the chief technology officer now directly owns 1,094,738 shares in the company, valued at approximately $8,495,166.88. This represents a 24.32 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 2.81% of the company’s stock.

Institutional Investors Weigh In On Rigetti Computing

Several large investors have recently added to or reduced their stakes in RGTI. Signaturefd LLC purchased a new position in shares of Rigetti Computing in the 4th quarter worth approximately $25,000. EverSource Wealth Advisors LLC bought a new stake in shares of Rigetti Computing in the 4th quarter worth about $28,000. Tucker Asset Management LLC purchased a new stake in Rigetti Computing in the 4th quarter worth about $32,000. Arete Wealth Advisors LLC purchased a new position in shares of Rigetti Computing during the third quarter valued at approximately $45,000. Finally, Spire Wealth Management bought a new position in shares of Rigetti Computing during the fourth quarter valued at approximately $46,000. 35.38% of the stock is 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.