Rigetti Computing (NASDAQ:RGTI) Stock Price Down 0.6% – What’s Next?

Rigetti Computing, Inc. (NASDAQ:RGTI) traded down 0.6% during trading on Friday . The company traded as low as $8.45 and last traded at $8.94. 17,160,952 shares traded hands during mid-day trading, a decline of 63% from the average session volume of 46,490,784 shares. The stock had previously closed at $8.99.

Wall Street Analyst Weigh In

RGTI has been the subject of several analyst reports. Benchmark restated a “buy” rating and issued a $14.00 target price on shares of Rigetti Computing in a research report on Thursday, March 6th. Craig Hallum initiated coverage on shares of Rigetti Computing in a research report on Friday, December 20th. They set a “buy” rating and a $12.00 price objective for the company. B. Riley raised their price objective on shares of Rigetti Computing from $8.50 to $15.00 and gave the company a “buy” rating in a 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, Needham & Company LLC reissued a “buy” rating and set a $17.00 target price on shares of Rigetti Computing in a research note on Thursday, March 6th. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $14.50.

Rigetti Computing Trading Down 2.4 %

The firm has a market cap of $2.51 billion, a price-to-earnings ratio of -23.02 and a beta of 1.36. The firm’s 50-day moving average is $10.75 and its 200-day moving average is $6.38. The company has a current ratio of 4.84, a quick ratio of 4.84 and a debt-to-equity ratio of 0.02.

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

Insider Activity

In other news, CTO David Rivas sold 351,785 shares of the firm’s stock in a transaction that occurred 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 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 sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 2.81% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

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