Rigetti Computing (NASDAQ:RGTI) Trading Down 1.9% – Here’s Why

Rigetti Computing, Inc. (NASDAQ:RGTI) traded down 1.9% during trading on Friday . The stock traded as low as $38.70 and last traded at $38.84. 87,014,719 shares were traded during trading, an increase of 16% from the average session volume of 75,052,102 shares. The stock had previously closed at $39.60.

Analyst Ratings Changes

Several research analysts have commented on the stock. Industrial Alliance Securities set a $18.00 price objective on shares of Rigetti Computing in a research note on Wednesday, July 16th. Benchmark boosted their target price on shares of Rigetti Computing from $20.00 to $50.00 and gave the company a “buy” rating in a research note on Tuesday, October 7th. Weiss Ratings reissued a “sell (e+)” rating on shares of Rigetti Computing in a research note on Saturday. B. Riley boosted their target price on shares of Rigetti Computing from $19.00 to $35.00 and gave the company a “buy” rating in a research note on Monday, September 22nd. Finally, Needham & Company LLC boosted their target price on shares of Rigetti Computing from $15.00 to $18.00 and gave the company a “buy” rating in a research note on Monday, August 4th. Six equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $28.29.

Rigetti Computing Price Performance

The firm has a fifty day moving average of $28.55 and a two-hundred day moving average of $17.95. The stock has a market capitalization of $12.59 billion, a P/E ratio of -51.11 and a beta of 1.60.

Rigetti Computing (NASDAQ:RGTI) last released its quarterly earnings data on Tuesday, August 12th. The company reported ($0.05) earnings per share for the quarter, beating the consensus estimate of ($0.06) by $0.01. The firm had revenue of $1.80 million during the quarter, compared to the consensus estimate of $1.87 million. Rigetti Computing had a negative return on equity of 29.05% and a negative net margin of 2,134.92%. As a group, sell-side analysts forecast that Rigetti Computing, Inc. will post -0.34 EPS for the current fiscal year.

Insider Transactions at Rigetti Computing

In related news, CFO Jeffrey A. Bertelsen sold 3,919 shares of Rigetti Computing stock in a transaction dated Wednesday, August 20th. The stock was sold at an average price of $14.84, for a total value of $58,157.96. Following the completion of the sale, the chief financial officer directly owned 183,581 shares in the company, valued at $2,724,342.04. The trade was a 2.09% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Michael S. Clifton sold 75,000 shares of Rigetti Computing stock in a transaction dated Friday, September 12th. The shares were sold at an average price of $19.00, for a total value of $1,425,000.00. Following the completion of the sale, the director owned 653,766 shares of the company’s stock, valued at $12,421,554. The trade was a 10.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 454,204 shares of company stock valued at $10,300,876 over the last three months. 1.90% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Rigetti Computing

Large investors have recently added to or reduced their stakes in the company. Spire Wealth Management raised its holdings in Rigetti Computing by 2,400.0% in the third quarter. Spire Wealth Management now owns 1,875 shares of the company’s stock worth $56,000 after purchasing an additional 1,800 shares in the last quarter. IFP Advisors Inc raised its holdings in Rigetti Computing by 146.1% in the second quarter. IFP Advisors Inc now owns 2,190 shares of the company’s stock worth $26,000 after purchasing an additional 1,300 shares in the last quarter. Tripletail Wealth Management LLC bought a new position in Rigetti Computing in the third quarter worth about $77,000. GAMMA Investing LLC raised its holdings in Rigetti Computing by 25.6% in the third quarter. GAMMA Investing LLC now owns 2,878 shares of the company’s stock worth $86,000 after purchasing an additional 587 shares in the last quarter. Finally, Armstrong Advisory Group Inc. raised its holdings in Rigetti Computing by 225.4% in the second quarter. Armstrong Advisory Group Inc. now owns 2,974 shares of the company’s stock worth $35,000 after purchasing an additional 2,060 shares in the last quarter. 35.38% of the stock is currently 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.