Rigetti Computing (NASDAQ:RGTI) Stock Price Down 4.7% – Here’s Why

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price fell 4.7% on Tuesday . The company traded as low as $9.90 and last traded at $10.63. 27,479,807 shares were traded during mid-day trading, a decline of 40% from the average session volume of 45,911,947 shares. The stock had previously closed at $11.16.

Wall Street Analyst Weigh In

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

Rigetti Computing Trading Down 4.2 %

The business’s 50-day moving average price is $10.94 and its 200-day moving average price is $6.27. The firm has a market capitalization of $3.06 billion, a PE ratio of -28.47 and a beta of 1.36. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84.

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

Insider Buying and Selling at Rigetti Computing

In related news, CTO David Rivas sold 351,785 shares of Rigetti Computing stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $7.76, for a total value of $2,729,851.60. Following the transaction, the chief technology officer now directly owns 1,094,738 shares in the company, valued at $8,495,166.88. This trade represents a 24.32 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 2.81% of the stock is owned by company insiders.

Institutional Trading of Rigetti Computing

Hedge funds have recently made changes to their positions in the company. Silverleafe Capital Partners LLC purchased a new position in Rigetti Computing during the fourth quarter worth about $554,000. State Street Corp increased its position in Rigetti Computing by 12.9% during the 3rd quarter. State Street Corp now owns 2,715,223 shares of the company’s stock worth $2,126,000 after purchasing an additional 309,831 shares during the period. Charles Schwab Investment Management Inc. raised its stake in shares of Rigetti Computing by 14.4% during the 3rd 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 in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Rigetti Computing by 20.6% in 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 during the period. Finally, Veracity Capital LLC purchased a new stake in shares of Rigetti Computing in the fourth quarter valued at approximately $410,000. Institutional investors and hedge funds 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.