Rigetti Computing (NASDAQ:RGTI) Stock Price Down 6.5% – What’s Next?

Rigetti Computing, Inc. (NASDAQ:RGTI) fell 6.5% during mid-day trading on Friday . The stock traded as low as $8.91 and last traded at $8.80. 12,516,491 shares changed hands during trading, a decline of 74% from the average session volume of 48,408,929 shares. The stock had previously closed at $9.42.

Analysts Set New Price Targets

Several research firms have weighed in on RGTI. Needham & Company LLC reiterated a “buy” rating and issued a $17.00 price target on shares of Rigetti Computing in a research report on Thursday, March 6th. Benchmark reiterated a “buy” rating and set a $14.00 target price on shares of Rigetti Computing in a research report on Thursday, March 6th. B. Riley upped their price target on Rigetti Computing from $8.50 to $15.00 and gave the stock a “buy” rating in a research report on Friday, February 14th. Alliance Global Partners reaffirmed a “buy” rating on shares of Rigetti Computing in a research report on Thursday, March 6th. Finally, Craig Hallum assumed coverage on shares of Rigetti Computing in a report on Friday, December 20th. They issued a “buy” rating and a $12.00 target price for the company. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $14.50.

Rigetti Computing Trading Down 3.4 %

The firm has a market capitalization of $2.60 billion, a P/E ratio of -23.95 and a beta of 1.41. 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 stock has a fifty day simple moving average of $9.64 and a 200 day simple moving average of $7.36.

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

Insider Activity 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. 2.81% of the stock is currently owned by corporate insiders.

Institutional Trading of Rigetti Computing

A number of large investors have recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. grew its holdings in shares of Rigetti Computing by 14.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,149,934 shares of the company’s stock valued at $901,000 after purchasing an additional 144,742 shares in the last quarter. State Street Corp grew its stake in shares of Rigetti Computing by 12.9% in the 3rd quarter. State Street Corp now owns 2,715,223 shares of the company’s stock worth $2,126,000 after buying 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 worth $191,000 after buying an additional 47,013 shares in the last quarter. Barclays PLC increased 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 during the last quarter. Finally, Geode Capital Management LLC raised its position in shares of Rigetti Computing by 20.6% during the 3rd quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company’s stock valued at $2,837,000 after buying an additional 617,506 shares in the last quarter. Institutional investors own 35.38% of the company’s stock.

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.