Rigetti Computing (NASDAQ:RGTI) Stock Price Down 0.6% – What’s Next?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price was down 0.6% during mid-day trading on Friday . The stock traded as low as $8.45 and last traded at $8.94. Approximately 17,160,952 shares traded hands during trading, a decline of 63% from the average daily volume of 46,490,784 shares. The stock had previously closed at $8.99.

Analyst Upgrades and Downgrades

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

Rigetti Computing Stock Performance

The company has a fifty day moving average of $10.75 and a two-hundred day moving average of $6.48. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.84 and a current ratio of 4.84. The firm has a market capitalization of $2.59 billion, a price-to-earnings ratio of -23.87 and a beta of 1.36.

Rigetti Computing (NASDAQ:RGTI) last issued its quarterly earnings results on Wednesday, March 5th. The company reported ($0.08) earnings per share (EPS) for the quarter, meeting the consensus estimate 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 for the quarter, compared to analyst estimates of $2.40 million. During the same quarter last year, the company posted ($0.04) EPS. As a group, equities research analysts predict that Rigetti Computing, Inc. will post -0.34 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CTO David Rivas sold 351,785 shares of the business’s stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $7.76, for a total value of $2,729,851.60. Following the completion of the sale, the chief technology officer now directly owns 1,094,738 shares of the company’s stock, valued at $8,495,166.88. The trade was a 24.32 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 2.81% of the company’s stock.

Institutional Trading of Rigetti Computing

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RGTI. Signaturefd LLC bought a new position in shares of Rigetti Computing in the fourth quarter valued at approximately $25,000. EverSource Wealth Advisors LLC bought a new position in shares of Rigetti Computing in the fourth quarter worth $28,000. Tucker Asset Management LLC bought a new position in Rigetti Computing in the fourth quarter valued at $32,000. Arete Wealth Advisors LLC bought a new position in Rigetti Computing in the third quarter valued at $45,000. Finally, Spire Wealth Management bought a new position in shares of Rigetti Computing during the fourth quarter valued at about $46,000. 35.38% of the stock is owned by 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.