Rigetti Computing (NASDAQ:RGTI) Shares Down 3.1% – What’s Next?

Rigetti Computing, Inc. (NASDAQ:RGTI) traded down 3.1% during trading on Thursday. The company traded as low as $13.74 and last traded at $14.14. Approximately 17,036,942 shares traded hands during trading, a decline of 42% from the average daily volume of 29,564,396 shares. The stock had previously closed at $14.59.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on RGTI. Benchmark assumed coverage on shares of Rigetti Computing in a report on Monday, July 27th. They issued a “buy” rating and a $25.00 target price for the company. Wedbush began coverage on Rigetti Computing in a research report on Monday, August 3rd. They issued an “outperform” rating and a $40.00 target price on the stock. Zacks Research raised Rigetti Computing from a “strong sell” rating to a “hold” rating in a research report on Tuesday. Weiss Ratings lowered Rigetti Computing from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Thursday, September 17th. Finally, Jefferies Financial Group restated a “hold” rating and issued a $18.00 price objective on shares of Rigetti Computing in a report on Friday, August 7th. Seven investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Rigetti Computing has an average rating of “Hold” and an average price target of $30.67.

Rigetti Computing Stock Down 0.8%

The firm’s 50 day moving average price is $16.16 and its two-hundred day moving average price is $17.46. The firm has a market capitalization of $4.68 billion, a PE ratio of -15.59 and a beta of 2.02.

Rigetti Computing (NASDAQ:RGTI) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.05). The firm had revenue of $5.14 million for the quarter, compared to the consensus estimate of $5.09 million. Rigetti Computing had a negative net margin of 2,189.54% and a negative return on equity of 17.50%. On average, sell-side analysts anticipate that Rigetti Computing, Inc. will post -0.27 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Subodh Kulkarni sold 120,000 shares of Rigetti Computing stock in a transaction dated Wednesday, September 9th. The stock was sold at an average price of $15.68, for a total transaction of $1,881,600.00. Following the sale, the chief executive officer directly owned 140,411 shares of the company’s stock, valued at approximately $2,201,644.48. The trade was a 46.08% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Jeffrey Bertelsen sold 25,000 shares of the business’s stock in a transaction dated Thursday, September 3rd. The stock was sold at an average price of $15.00, for a total value of $375,000.00. Following the completion of the transaction, the chief financial officer owned 168,067 shares in the company, valued at approximately $2,521,005. This trade represents a 12.95% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 163,689 shares of company stock valued at $2,570,890 in the last three months. 1.60% of the stock is owned by insiders.

Hedge Funds Weigh In On Rigetti Computing

A number of institutional investors have recently made changes to their positions in the business. GAMMA Investing LLC increased its stake in shares of Rigetti Computing by 44.6% in the third quarter. GAMMA Investing LLC now owns 4,379 shares of the company’s stock worth $69,000 after buying an additional 1,351 shares during the last quarter. Burr Financial Services LLC bought a new position in Rigetti Computing during the 3rd quarter valued at $6,181,000. Sequoia Financial Advisors LLC raised its stake in shares of Rigetti Computing by 5.2% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 65,906 shares of the company’s stock valued at $1,273,000 after purchasing an additional 3,283 shares in the last quarter. Tidal Investments LLC bought a new position in shares of Rigetti Computing during the second quarter worth about $365,000. Finally, NewEdge Advisors LLC raised its stake in Rigetti Computing by 16.8% during the second quarter. NewEdge Advisors LLC now owns 76,752 shares of the company’s stock valued at $1,483,000 after buying an additional 11,058 shares in the last quarter. 35.38% of the stock is owned by institutional investors and hedge funds.

About Rigetti Computing

Rigetti Computing, Inc is a quantum computing company that develops full-stack quantum computing systems based on superconducting qubit technology. The company designs and manufactures quantum processors, develops the software and control systems used to operate them, and provides access to its quantum computing capabilities through cloud-based services.

Rigetti’s products and services include its quantum processing units (QPUs), quantum-classical computing infrastructure, and the Rigetti Quantum Cloud Services platform.