Rigetti Computing (NASDAQ:RGTI) Shares Gap Down – Here’s Why

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) gapped down before the market opened on Tuesday . The stock had previously closed at $26.57, but opened at $25.49. Rigetti Computing shares last traded at $25.3380, with a volume of 8,993,323 shares.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the company. Weiss Ratings restated a “sell (e+)” rating on shares of Rigetti Computing in a research report on Wednesday, October 8th. Williams Trading set a $40.00 target price on shares of Rigetti Computing in a research report on Tuesday, November 11th. Alliance Global Partners reaffirmed a “buy” rating on shares of Rigetti Computing in a research note on Tuesday, November 11th. B. Riley dropped their price objective on Rigetti Computing from $42.00 to $35.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 12th. Finally, 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 report on Tuesday, November 11th. Five research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Rigetti Computing currently has an average rating of “Moderate Buy” and a consensus price target of $25.43.

Rigetti Computing Stock Performance

The stock has a market cap of $8.44 billion, a PE ratio of -19.67 and a beta of 1.64. The firm has a fifty day moving average price of $35.59 and a 200 day moving average price of $21.62.

Rigetti Computing (NASDAQ:RGTI) last announced its 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. Rigetti Computing had a negative return on equity of 21.98% and a negative net margin of 4,741.49%.The company had revenue of $1.95 million for the quarter, compared to analyst estimates of $2.17 million. The firm’s quarterly revenue was down 18.1% compared to the same quarter last year. On average, equities research analysts forecast that Rigetti Computing, Inc. will post -0.34 earnings per share for the current year.

Insider Activity at Rigetti Computing

In other Rigetti Computing news, Director Helene Gail Sandford sold 62,000 shares of Rigetti Computing stock in a transaction dated Friday, October 17th. The stock was sold at an average price of $44.89, for a total transaction of $2,783,180.00. Following the completion of the sale, the director owned 120,371 shares of the company’s stock, valued at approximately $5,403,454.19. The trade was a 34.00% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Thomas J. Iannotti sold 100,000 shares of the firm’s stock in a transaction that occurred on 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 transaction, the director directly owned 14,902 shares of the company’s stock, valued at $290,589. This represents 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 405,930 shares of company stock worth $9,584,046 in the last quarter. 1.90% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Rigetti Computing

Several hedge funds have recently added to or reduced their stakes in the business. Rothschild Investment LLC raised its stake in shares of Rigetti Computing by 26.1% during the 3rd quarter. Rothschild Investment LLC now owns 1,665 shares of the company’s stock valued at $50,000 after buying an additional 345 shares during the last quarter. Trust Co. of Toledo NA OH grew its holdings in Rigetti Computing by 1.7% during the third quarter. Trust Co. of Toledo NA OH now owns 21,178 shares of the company’s stock worth $631,000 after acquiring an additional 357 shares during the period. Prospera Financial Services Inc raised its position in Rigetti Computing by 1.0% during the third quarter. Prospera Financial Services Inc now owns 41,789 shares of the company’s stock valued at $1,245,000 after acquiring an additional 419 shares in the last quarter. MAI Capital Management raised its position in Rigetti Computing by 17.7% during the third quarter. MAI Capital Management now owns 3,763 shares of the company’s stock valued at $112,000 after acquiring an additional 566 shares in the last quarter. Finally, GAMMA Investing LLC lifted 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 valued at $86,000 after acquiring an additional 587 shares during the period. 35.38% of the stock is owned by hedge funds and other institutional investors.

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.