Rigetti Computing (NASDAQ:RGTI) Trading Down 3.4% – What’s Next?

Rigetti Computing, Inc. (NASDAQ:RGTI) dropped 3.4% on Wednesday . The company traded as low as $9.90 and last traded at $9.92. Approximately 20,434,672 shares were traded during mid-day trading, a decline of 56% from the average daily volume of 46,130,573 shares. The stock had previously closed at $10.26.

Analysts Set New Price Targets

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

Rigetti Computing Stock Down 4.0 %

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 50 day moving average of $10.78 and a 200 day moving average of $6.34. The firm has a market cap of $2.82 billion, a price-to-earnings ratio of -25.91 and a beta of 1.36.

Rigetti Computing (NASDAQ:RGTI) last released its quarterly earnings data on Wednesday, March 5th. The company reported ($0.08) earnings per share for the quarter, meeting the consensus estimate of ($0.08). The company had revenue of $2.27 million during the quarter, compared to analyst estimates 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 quarter in the previous year, the business posted ($0.04) EPS. As a group, sell-side analysts predict that Rigetti Computing, Inc. will post -0.34 earnings per share for the current year.

Insider Transactions at Rigetti Computing

In other news, CTO David Rivas sold 351,785 shares of the company’s stock in a transaction that occurred 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 transaction, the chief technology officer now directly owns 1,094,738 shares of the company’s stock, valued at $8,495,166.88. This represents a 24.32 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 2.81% of the company’s stock.

Institutional Trading of Rigetti Computing

Hedge funds and other institutional investors have recently bought and sold shares of the business. Signaturefd LLC acquired a new position in shares of Rigetti Computing during the fourth quarter valued at about $25,000. EverSource Wealth Advisors LLC bought a new position in Rigetti Computing in the 4th quarter valued at about $28,000. Tucker Asset Management LLC acquired a new position in Rigetti Computing during the 4th quarter valued at about $32,000. Arete Wealth Advisors LLC bought a new stake in Rigetti Computing during the 3rd quarter worth approximately $45,000. Finally, Spire Wealth Management bought a new position in shares of Rigetti Computing in the fourth quarter valued at approximately $46,000. 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.