Rigetti Computing (NASDAQ:RGTI) Shares Down 7.9% – What’s Next?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s stock price was down 7.9% during trading on Thursday . The stock traded as low as $34.20 and last traded at $34.36. Approximately 46,322,234 shares traded hands during trading, a decline of 38% from the average daily volume of 74,527,695 shares. The stock had previously closed at $37.29.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the stock. Needham & Company LLC increased their price objective 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. Industrial Alliance Securities set a $18.00 target price on shares of Rigetti Computing in a report on Wednesday, July 16th. B. Riley reiterated a “neutral” rating and issued a $42.00 price objective (up from $35.00) on shares of Rigetti Computing in a report on Monday. Alliance Global Partners reissued a “buy” rating on shares of Rigetti Computing in a research note on Wednesday, July 16th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Rigetti Computing in a research report on Wednesday, October 8th. Five equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $29.29.

Rigetti Computing Trading Down 7.9%

The company has a market cap of $11.14 billion, a price-to-earnings ratio of -45.21 and a beta of 1.64. The firm’s 50-day moving average price is $32.44 and its 200 day moving average price is $19.72.

Rigetti Computing (NASDAQ:RGTI) last issued its earnings results on Tuesday, August 12th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.01. Rigetti Computing had a negative return on equity of 29.05% and a negative net margin of 2,134.92%.The company had revenue of $1.80 million for the quarter, compared to analysts’ expectations of $1.87 million. Analysts forecast that Rigetti Computing, Inc. will post -0.34 earnings per share for the current fiscal year.

Insider Activity

In other Rigetti Computing news, Director Thomas J. Iannotti sold 100,000 shares of Rigetti Computing stock in a transaction dated Friday, September 12th. The stock was sold at an average price of $19.50, for a total transaction of $1,950,000.00. Following the completion of the transaction, the director owned 14,902 shares of the company’s stock, valued at $290,589. The trade was a 87.03% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Helene Gail Sandford sold 62,000 shares of Rigetti Computing stock in a transaction dated Friday, October 17th. The shares were sold at an average price of $44.89, for a total value of $2,783,180.00. Following the transaction, the director directly owned 120,371 shares of the company’s stock, valued at $5,403,454.19. The trade was a 34.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 454,204 shares of company stock worth $10,300,876. 1.90% of the stock is owned by insiders.

Institutional Trading of Rigetti Computing

Hedge funds have recently bought and sold shares of the company. GAMMA Investing LLC lifted its position in Rigetti Computing by 1,813.0% in the 1st quarter. GAMMA Investing LLC now owns 3,233 shares of the company’s stock worth $26,000 after buying an additional 3,064 shares during the last quarter. IFP Advisors Inc increased its stake in shares of Rigetti Computing by 146.1% during the second quarter. IFP Advisors Inc now owns 2,190 shares of the company’s stock valued at $26,000 after buying an additional 1,300 shares during the period. Quarry LP purchased a new stake in Rigetti Computing in the first quarter worth $31,000. Armstrong Advisory Group Inc. grew its stake 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 during the period. Finally, Park Square Financial Group LLC purchased a new stake in Rigetti Computing in the first quarter worth $40,000. 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.