Rigetti Computing (NASDAQ:RGTI) Stock Price Down 3%

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) was down 3% during trading on Wednesday . The company traded as low as $1.28 and last traded at $1.31. Approximately 1,349,173 shares were traded during mid-day trading, a decline of 80% from the average daily volume of 6,589,973 shares. The stock had previously closed at $1.35.

Analysts Set New Price Targets

A number of equities analysts have issued reports on RGTI shares. Alliance Global Partners started coverage on shares of Rigetti Computing in a research report on Friday, March 1st. They set a "buy" rating and a $3.50 target price for the company. Needham & Company LLC restated a "buy" rating and set a $3.00 price objective on shares of Rigetti Computing in a research report on Friday, March 15th.

Rigetti Computing Trading Down 6.7 %

The business has a 50-day moving average of $1.59 and a 200 day moving average of $1.29. The stock has a market cap of $200.19 million, a PE ratio of -2.16 and a beta of 2.43. The company has a debt-to-equity ratio of 0.09, a quick ratio of 3.71 and a current ratio of 3.71.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last issued its quarterly earnings results on Thursday, March 14th. The company reported ($0.09) EPS for the quarter. The firm had revenue of $3.38 million for the quarter. Rigetti Computing had a negative return on equity of 59.51% and a negative net margin of 625.42%. Equities research analysts predict that Rigetti Computing, Inc. will post -0.33 EPS for the current fiscal year.

Insiders Place Their Bets

In other Rigetti Computing news, General Counsel Richard Danis sold 46,326 shares of the business's stock in a transaction on Monday, March 18th. The stock was sold at an average price of $1.97, for a total value of $91,262.22. Following the completion of the transaction, the general counsel now directly owns 1,052,141 shares in the company, valued at approximately $2,072,717.77. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Rigetti Computing news, General Counsel Richard Danis sold 46,326 shares of the firm's stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $1.97, for a total value of $91,262.22. Following the sale, the general counsel now directly owns 1,052,141 shares of the company's stock, valued at approximately $2,072,717.77. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Alissa Fitzgerald sold 20,000 shares of the company's stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $1.28, for a total transaction of $25,600.00. Following the transaction, the director now directly owns 140,810 shares of the company's stock, valued at approximately $180,236.80. The disclosure for this sale can be found here. In the last three months, insiders sold 115,599 shares of company stock valued at $194,030. Company insiders own 2.60% of the company's stock.

Hedge Funds Weigh In On Rigetti Computing

Institutional investors and hedge funds have recently bought and sold shares of the stock. American Assets Investment Management LLC grew its stake in shares of Rigetti Computing by 1,657.8% during the 3rd quarter. American Assets Investment Management LLC now owns 8,789,169 shares of the company's stock valued at $11,690,000 after buying an additional 8,289,169 shares during the period. BlackRock Inc. boosted its holdings in Rigetti Computing by 7.9% in the first quarter. BlackRock Inc. now owns 4,662,924 shares of the company's stock valued at $3,373,000 after acquiring an additional 340,583 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Rigetti Computing by 5.0% in the fourth quarter. Vanguard Group Inc. now owns 4,432,090 shares of the company's stock valued at $4,365,000 after acquiring an additional 212,646 shares during the last quarter. Penserra Capital Management LLC grew its position in Rigetti Computing by 9.0% during the third quarter. Penserra Capital Management LLC now owns 2,118,751 shares of the company's stock valued at $2,817,000 after acquiring an additional 174,408 shares during the period. Finally, Geode Capital Management LLC increased its stake in Rigetti Computing by 1.8% during the first quarter. Geode Capital Management LLC now owns 1,462,922 shares of the company's stock worth $1,058,000 after acquiring an additional 25,721 shares during the last quarter. 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.