Rigetti Computing (NASDAQ:RGTI) Shares Down 9.9% – What’s Next?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price fell 9.9% on Friday . The company traded as low as $7.10 and last traded at $7.35. 14,823,722 shares were traded during trading, a decline of 69% from the average session volume of 47,619,431 shares. The stock had previously closed at $8.15.

Analyst Upgrades and Downgrades

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

Rigetti Computing Trading Down 8.4 %

The company has a market cap of $2.13 billion, a price-to-earnings ratio of -19.64 and a beta of 1.36. The business has a fifty day simple moving average of $10.35 and a 200 day simple moving average of $6.93. The company has a quick ratio of 4.84, a current ratio of 4.84 and a debt-to-equity ratio of 0.02.

Rigetti Computing (NASDAQ:RGTI) last released its quarterly earnings results on Wednesday, March 5th. The company reported ($0.08) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.08). The business had revenue of $2.27 million for the quarter, compared to analysts’ expectations 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 firm posted ($0.04) EPS. On average, equities analysts anticipate that Rigetti Computing, Inc. will post -0.34 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CTO David Rivas sold 351,785 shares of the company’s stock in a transaction dated Tuesday, March 11th. The shares were 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 owns 1,094,738 shares of the company’s stock, valued at $8,495,166.88. This represents a 24.32 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 2.81% of the company’s stock.

Hedge Funds Weigh In On Rigetti Computing

Several hedge funds and other institutional investors have recently modified their holdings of RGTI. California State Teachers Retirement System raised its position 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 valued at $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 fourth quarter. Allworth Financial LP now owns 11,604 shares of the company’s stock valued at $161,000 after buying an additional 1,504 shares in the last quarter. Signaturefd LLC purchased a new stake in shares of Rigetti Computing during the 4th quarter valued at about $25,000. Legal & General Group Plc lifted 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 worth $214,000 after acquiring an additional 1,817 shares in the last quarter. Finally, EverSource Wealth Advisors LLC purchased a new position in Rigetti Computing in the 4th quarter worth approximately $28,000. 35.38% of the stock is owned by institutional investors and hedge funds.

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.