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

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price was down 0.6% during mid-day trading on Thursday . The company traded as low as $8.14 and last traded at $8.20. Approximately 4,400,740 shares were traded during trading, a decline of 91% from the average daily volume of 48,613,073 shares. The stock had previously closed at $8.25.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Benchmark reissued a “buy” rating and issued a $14.00 price target on shares of Rigetti Computing in a research report on Thursday, March 6th. B. Riley boosted 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. Craig Hallum assumed coverage on Rigetti Computing in a research report on Friday, December 20th. They issued a “buy” rating and a $12.00 price target on the stock. Alliance Global Partners restated a “buy” rating on shares of Rigetti Computing in a research note on Thursday, March 6th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $17.00 price target on shares of Rigetti Computing in a research report on Thursday, March 6th. Five analysts have rated the stock with a buy rating, According to MarketBeat, Rigetti Computing has an average rating of “Buy” and an average price target of $14.50.

Rigetti Computing Trading Up 0.7 %

The business has a 50-day moving average price of $9.35 and a 200-day moving average price of $7.48. 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 firm has a market capitalization of $2.37 billion, a P/E ratio of -21.80 and a beta of 1.41.

Rigetti Computing (NASDAQ:RGTI) last announced 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). The firm had revenue of $2.27 million for the quarter, compared to analyst estimates of $2.40 million. Rigetti Computing had a negative net margin of 509.58% and a negative return on equity of 51.56%. During the same quarter in the previous year, the firm posted ($0.04) EPS. Analysts anticipate that Rigetti Computing, Inc. will post -0.34 earnings per share for the current year.

Insider Buying and Selling

In other Rigetti Computing news, CTO David Rivas sold 351,785 shares of Rigetti Computing stock in a transaction 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 of the company’s stock, valued at approximately $8,495,166.88. This trade represents a 24.32 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 2.81% of the company’s stock.

Institutional Investors Weigh In On Rigetti Computing

A number of hedge funds have recently made changes to their positions in the company. California State Teachers Retirement System grew its stake in Rigetti Computing by 12.7% during the fourth quarter. California State Teachers Retirement System now owns 11,551 shares of the company’s stock worth $176,000 after buying an additional 1,301 shares during the last quarter. Allworth Financial LP grew its position in Rigetti Computing by 14.9% during the 4th quarter. Allworth Financial LP now owns 11,604 shares of the company’s stock worth $161,000 after acquiring an additional 1,504 shares during the last quarter. Signaturefd LLC acquired a new stake in Rigetti Computing during the 4th quarter valued at $25,000. Legal & General Group Plc increased its holdings in Rigetti Computing by 14.9% during the 4th quarter. Legal & General Group Plc now owns 14,051 shares of the company’s stock valued at $214,000 after purchasing an additional 1,817 shares in the last quarter. Finally, EverSource Wealth Advisors LLC bought a new position in Rigetti Computing in the 4th quarter valued at $28,000. Institutional investors and hedge funds own 35.38% of the company’s stock.

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.