Rigetti Computing (NASDAQ:RGTI) Shares Down 9.9% on Analyst Downgrade

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) were down 9.9% on Wednesday after B. Riley lowered their price target on the stock from $42.00 to $35.00. B. Riley currently has a neutral rating on the stock. Rigetti Computing traded as low as $28.05 and last traded at $28.30. Approximately 49,849,812 shares changed hands during trading, a decline of 33% from the average daily volume of 74,067,672 shares. The stock had previously closed at $31.40.

RGTI has been the topic of a number of other reports. Williams Trading set a $40.00 target price on Rigetti Computing in a research report on Tuesday. Weiss Ratings reissued a “sell (e+)” rating on shares of Rigetti Computing in a research note on Wednesday, October 8th. Needham & Company LLC upped their price objective on shares of Rigetti Computing from $15.00 to $18.00 and gave the stock a “buy” rating in a research report on Monday, August 4th. Benchmark dropped their target price on shares of Rigetti Computing from $50.00 to $40.00 and set a “buy” rating on the stock in a research report on Tuesday. Finally, Alliance Global Partners reiterated a “buy” rating on shares of Rigetti Computing in a report on Tuesday. Five analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $25.43.

Insider Buying and Selling

In other news, CTO David Rivas sold 44,355 shares of the company’s stock in a transaction on Wednesday, August 20th. The stock was sold at an average price of $14.85, for a total value of $658,671.75. Following the transaction, the chief technology officer owned 730,568 shares of the company’s stock, valued at $10,848,934.80. This represents a 5.72% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Thomas J. Iannotti sold 100,000 shares of the firm’s stock in a transaction dated Friday, September 12th. The stock was sold at an average price of $19.50, for a total value of $1,950,000.00. Following the sale, the director directly owned 14,902 shares of the company’s stock, valued at $290,589. The trade was a 87.03% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 454,204 shares of company stock worth $10,300,876 over the last ninety days.

Hedge Funds Weigh In On Rigetti Computing

A number of hedge funds have recently made changes to their positions in the stock. IFP Advisors Inc grew 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 worth $26,000 after purchasing an additional 1,300 shares in the last quarter. Quarry LP acquired a new stake in shares of Rigetti Computing during the first quarter worth about $31,000. Armstrong Advisory Group Inc. grew its stake in Rigetti Computing by 225.4% during the 2nd quarter. Armstrong Advisory Group Inc. now owns 2,974 shares of the company’s stock worth $35,000 after buying an additional 2,060 shares during the last quarter. Clearstead Advisors LLC purchased a new stake in Rigetti Computing in the third quarter valued at approximately $35,000. Finally, Banque Transatlantique SA purchased a new stake in Rigetti Computing in the 1st quarter valued at $42,000. Hedge funds and other institutional investors own 35.38% of the company’s stock.

Rigetti Computing Stock Performance

The company’s 50-day simple moving average is $33.80 and its 200-day simple moving average is $20.48. The company has a market capitalization of $9.17 billion, a PE ratio of -21.77 and a beta of 1.64.

Rigetti Computing (NASDAQ:RGTI) last issued its quarterly earnings results on Monday, November 10th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.05) by $0.02. The firm had revenue of $1.95 million for the quarter, compared to analysts’ expectations of $2.17 million. Rigetti Computing had a negative return on equity of 23.39% and a negative net margin of 4,741.49%.The company’s revenue for the quarter was down 18.1% compared to the same quarter last year. Analysts expect that Rigetti Computing, Inc. will post -0.34 EPS for the current year.

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.