Rigetti Computing (NASDAQ:RGTI) Trading Down 1.7% – Here’s What Happened

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price fell 1.7% on Monday . The company traded as low as $10.65 and last traded at $11.03. 50,684,902 shares traded hands during trading, an increase of 11% from the average session volume of 45,823,638 shares. The stock had previously closed at $11.22.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the company. Craig Hallum assumed coverage on Rigetti Computing in a research note on Friday, December 20th. They issued a “buy” rating and a $12.00 target price for the company. B. Riley increased 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 restated a “buy” rating and issued a $17.00 target price on shares of Rigetti Computing in a research note on Thursday, March 6th. Benchmark reissued a “buy” rating and issued a $14.00 price objective on shares of Rigetti Computing in a report on Thursday, March 6th. Finally, Alliance Global Partners reaffirmed a “buy” rating on shares of Rigetti Computing in a report on Thursday, March 6th. Five investment analysts have rated the stock with a buy rating, According to MarketBeat, Rigetti Computing currently has a consensus rating of “Buy” and an average price target of $14.50.

Rigetti Computing Stock Performance

The company has a quick ratio of 4.84, a current ratio of 4.84 and a debt-to-equity ratio of 0.02. The firm has a market capitalization of $3.14 billion, a PE ratio of -28.88 and a beta of 1.36. The firm’s 50-day moving average price is $11.11 and its two-hundred day moving average price is $6.20.

Rigetti Computing (NASDAQ:RGTI) last announced its quarterly earnings data on Wednesday, March 5th. The company reported ($0.08) EPS for the quarter, meeting analysts’ consensus estimates of ($0.08). The firm had revenue of $2.27 million for the quarter, compared to the consensus estimate of $2.40 million. Rigetti Computing had a negative net margin of 509.58% and a negative return on equity of 51.56%. During the same period in the previous year, the firm posted ($0.04) earnings per share. As a group, research analysts predict that Rigetti Computing, Inc. will post -0.34 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CTO David Rivas sold 351,785 shares of the company’s stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $7.76, for a total transaction of $2,729,851.60. Following the completion of the sale, the chief technology officer now directly owns 1,094,738 shares of the company’s stock, valued at approximately $8,495,166.88. This represents a 24.32 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 2.81% of the company’s stock.

Institutional Trading of Rigetti Computing

Several hedge funds have recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. lifted its holdings in shares of Rigetti Computing by 14.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,149,934 shares of the company’s stock worth $901,000 after buying an additional 144,742 shares during the last quarter. Penserra Capital Management LLC lifted its stake in Rigetti Computing by 9.8% during the third quarter. Penserra Capital Management LLC now owns 4,553,633 shares of the company’s stock worth $3,565,000 after purchasing an additional 407,389 shares during the period. State Street Corp boosted its holdings in Rigetti Computing by 12.9% during the third quarter. State Street Corp now owns 2,715,223 shares of the company’s stock valued at $2,126,000 after purchasing an additional 309,831 shares in the last quarter. Jane Street Group LLC grew its stake in shares of Rigetti Computing by 23.8% in the 3rd quarter. Jane Street Group LLC now owns 244,496 shares of the company’s stock valued at $191,000 after purchasing an additional 47,013 shares during the period. Finally, Barclays PLC raised its holdings in shares of Rigetti Computing by 275.6% in the 3rd quarter. Barclays PLC now owns 185,959 shares of the company’s stock worth $145,000 after buying an additional 136,443 shares in the last quarter. Institutional investors own 35.38% of the company’s stock.

About Rigetti Computing

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.