Rigetti Computing (NASDAQ:RGTI) Trading Down 1.7% – Here’s Why

Rigetti Computing, Inc. (NASDAQ:RGTI) shares traded down 1.7% during mid-day trading on Monday . The stock traded as low as $10.65 and last traded at $11.03. 50,684,902 shares changed hands during trading, an increase of 11% from the average session volume of 45,823,638 shares. The stock had previously closed at $11.22.

Wall Street Analyst Weigh In

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

Rigetti Computing Trading Down 8.1 %

The company has a quick ratio of 4.84, a current ratio of 4.84 and a debt-to-equity ratio of 0.02. The stock’s 50 day moving average is $10.78 and its 200-day moving average is $6.34. The company has a market cap of $2.93 billion, a PE ratio of -27.00 and a beta of 1.36.

Rigetti Computing (NASDAQ:RGTI) last announced its 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 net margin of 509.58% and a negative return on equity of 51.56%. The firm had revenue of $2.27 million for the quarter, compared to analysts’ expectations of $2.40 million. During the same period in the prior year, the company earned ($0.04) EPS. As a group, sell-side analysts anticipate 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 business’s 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 transaction, the chief technology officer now owns 1,094,738 shares of the company’s stock, valued at approximately $8,495,166.88. The trade was a 24.32 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 2.81% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of RGTI. Signaturefd LLC purchased a new stake in shares of Rigetti Computing in the fourth quarter valued at $25,000. EverSource Wealth Advisors LLC bought a new position in Rigetti Computing during the 4th quarter valued at about $28,000. Tucker Asset Management LLC purchased a new stake in Rigetti Computing in the 4th quarter worth about $32,000. Spire Wealth Management bought a new stake in Rigetti Computing in the fourth quarter worth about $46,000. Finally, Orion Capital Management LLC purchased 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 hedge funds and other 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.