Rigetti Computing (NASDAQ:RGTI) Trading Down 1.9% – What’s Next?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s stock price dropped 1.9% during trading on Thursday . The company traded as low as $8.85 and last traded at $9.01. Approximately 8,882,245 shares were traded during mid-day trading, a decline of 81% from the average daily volume of 47,073,065 shares. The stock had previously closed at $9.18.

Wall Street Analyst Weigh In

RGTI has been the subject of several analyst reports. Craig Hallum initiated 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. Alliance Global Partners reaffirmed a “buy” rating on shares of Rigetti Computing in a research report on Thursday, March 6th. B. Riley increased their price objective on shares of Rigetti Computing from $8.50 to $15.00 and gave the stock a “buy” rating in a research report on Friday, February 14th. Needham & Company LLC restated a “buy” rating and set a $17.00 target price on shares of Rigetti Computing in a report on Thursday, March 6th. Finally, Benchmark reaffirmed a “buy” rating and issued a $14.00 target price 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.com, the stock has a consensus rating of “Buy” and an average target price of $14.50.

Rigetti Computing Trading Down 3.8 %

The firm has a market cap of $2.33 billion, a P/E ratio of -21.45 and a beta of 1.36. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.84 and a current ratio of 4.84. The firm has a fifty day moving average of $10.72 and a 200-day moving average of $6.73.

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 analysts’ consensus estimates of ($0.08). The company had revenue of $2.27 million for the quarter, compared to analysts’ expectations of $2.40 million. Rigetti Computing had a negative return on equity of 51.56% and a negative net margin of 509.58%. During the same period last year, the business posted ($0.04) earnings per share. Equities research analysts forecast that Rigetti Computing, Inc. will post -0.34 earnings per share for the current year.

Insiders Place Their Bets

In other Rigetti Computing news, CTO David Rivas sold 351,785 shares of the business’s stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $7.76, for a total transaction of $2,729,851.60. Following the completion of the transaction, the chief technology officer now owns 1,094,738 shares in the company, valued at approximately $8,495,166.88. The trade was a 24.32 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 2.81% of the stock is owned by insiders.

Institutional Investors Weigh In On Rigetti Computing

Several institutional investors have recently bought and sold shares of the stock. Signaturefd LLC bought a new stake in shares of Rigetti Computing during the 4th quarter worth about $25,000. EverSource Wealth Advisors LLC acquired a new position in shares of Rigetti Computing during the fourth quarter valued at approximately $28,000. Tucker Asset Management LLC bought a new stake in Rigetti Computing during the fourth quarter worth approximately $32,000. Arete Wealth Advisors LLC acquired a new stake in Rigetti Computing in the third quarter worth approximately $45,000. Finally, Spire Wealth Management bought a new position in Rigetti Computing during the 4th quarter valued at $46,000. Institutional investors and hedge funds 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.