Rigetti Computing (NASDAQ:RGTI) Trading Down 2% – What’s Next?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price dropped 2% during mid-day trading on Tuesday . The stock traded as low as $8.67 and last traded at $8.69. Approximately 5,968,419 shares changed hands during trading, a decline of 88% from the average daily volume of 48,545,167 shares. The stock had previously closed at $8.86.

Analysts Set New Price Targets

Several research firms have recently issued reports on RGTI. B. Riley upped their price objective on 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 reaffirmed a “buy” rating and issued a $17.00 target price on shares of Rigetti Computing in a report on Thursday, March 6th. Benchmark reiterated a “buy” rating and issued a $14.00 price objective on shares of Rigetti Computing in a research report on Thursday, March 6th. Alliance Global Partners reiterated a “buy” rating on shares of Rigetti Computing in a research report on Thursday, March 6th. Finally, Craig Hallum assumed coverage on shares of Rigetti Computing in a research note on Friday, December 20th. They set a “buy” rating and a $12.00 price target on the stock. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Rigetti Computing presently has an average rating of “Buy” and a consensus price target of $14.50.

Rigetti Computing Stock Performance

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 firm has a market capitalization of $2.46 billion, a PE ratio of -22.60 and a beta of 1.41. The stock’s 50 day moving average price is $9.54 and its two-hundred day moving average price is $7.46.

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 company had revenue of $2.27 million during 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 period in the previous year, the firm posted ($0.04) earnings per share. On average, equities analysts expect that Rigetti Computing, Inc. will post -0.34 earnings per share for the current year.

Insider Buying and Selling

In other news, CTO David Rivas sold 351,785 shares of the 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 transaction, the chief technology officer now directly owns 1,094,738 shares in the company, valued at $8,495,166.88. This represents a 24.32 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 2.81% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Rigetti Computing

A number of large investors have recently bought and sold shares of RGTI. Signaturefd LLC acquired a new stake in shares of Rigetti Computing during the 4th quarter worth $25,000. GAMMA Investing LLC increased its stake in Rigetti Computing by 1,813.0% during the first quarter. GAMMA Investing LLC now owns 3,233 shares of the company’s stock worth $26,000 after acquiring an additional 3,064 shares during the last quarter. EverSource Wealth Advisors LLC purchased a new position in shares of Rigetti Computing in the 4th quarter worth about $28,000. Tucker Asset Management LLC purchased a new stake in shares of Rigetti Computing during the 4th quarter worth about $32,000. Finally, Spire Wealth Management acquired a new stake in Rigetti Computing during the 4th quarter worth approximately $46,000. Hedge funds and other institutional investors own 35.38% of the company’s stock.

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.