Rigetti Computing (NASDAQ:RGTI) Trading Down 1.4% – What’s Next?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price was down 1.4% during mid-day trading on Monday . The stock traded as low as $11.82 and last traded at $11.94. Approximately 11,639,380 shares changed hands during mid-day trading, a decline of 79% from the average daily volume of 55,036,236 shares. The stock had previously closed at $12.11.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Benchmark reaffirmed a “buy” rating and issued a $14.00 price objective on shares of Rigetti Computing in a research note on Thursday, May 15th. B. Riley lifted their price objective on shares of Rigetti Computing from $8.50 to $15.00 and gave the company a “buy” rating in a research note on Friday, February 14th. Needham & Company LLC decreased their price target on shares of Rigetti Computing from $17.00 to $15.00 and set a “buy” rating for the company in a research note on Wednesday, May 14th. Finally, Alliance Global Partners reissued a “buy” rating on shares of Rigetti Computing in a research report on Thursday, March 6th. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $14.00.

Rigetti Computing Price Performance

The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84. The business has a 50 day moving average of $10.07 and a 200 day moving average of $9.82. The company has a market cap of $3.46 billion, a PE ratio of -31.64 and a beta of 1.41.

Rigetti Computing (NASDAQ:RGTI) last posted its 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). Rigetti Computing had a negative net margin of 509.58% and a negative return on equity of 51.56%. The business had revenue of $2.27 million for the quarter, compared to analysts’ expectations of $2.40 million. During the same quarter in the prior year, the business earned ($0.04) EPS. As a group, research analysts predict that Rigetti Computing, Inc. will post -0.34 EPS for the current year.

Insider Buying and Selling at Rigetti Computing

In related news, CTO David Rivas sold 351,785 shares of the business’s stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $7.76, for a total value of $2,729,851.60. Following the sale, the chief technology officer now directly owns 1,094,738 shares in the company, valued at approximately $8,495,166.88. The trade was a 24.32% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 1.90% of the company’s stock.

Hedge Funds Weigh In On Rigetti Computing

Large investors have recently made changes to their positions in the company. JPMorgan Chase & Co. grew its holdings in shares of Rigetti Computing by 3.4% in the third quarter. JPMorgan Chase & Co. now owns 62,360 shares of the company’s stock worth $49,000 after purchasing an additional 2,045 shares during the last quarter. Spire Wealth Management bought a new stake in shares of Rigetti Computing during the fourth quarter valued at approximately $46,000. Stephens Inc. AR bought a new stake in shares of Rigetti Computing in the fourth quarter valued at about $229,000. Activest Wealth Management purchased a new position in Rigetti Computing during the 4th quarter worth $52,000. Finally, UNICOM Systems Inc. purchased a new position in shares of Rigetti Computing in the fourth quarter worth about $4,349,000. 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.