Rigetti Computing (NASDAQ:RGTI) Trading Down 4%

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) shares traded down 4% during trading on Thursday . The stock traded as low as $1.14 and last traded at $1.21. 3,819,051 shares were traded during mid-day trading, a decline of 42% from the average session volume of 6,590,423 shares. The stock had previously closed at $1.26.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Alliance Global Partners assumed coverage on Rigetti Computing in a report on Friday, March 1st. They issued a "buy" rating and a $3.50 target price on the stock. Needham & Company LLC reissued a "buy" rating and issued a $3.00 target price on shares of Rigetti Computing in a report on Friday, March 15th.

Rigetti Computing Stock Down 0.8 %

The firm has a fifty day moving average price of $1.60 and a 200 day moving average price of $1.29. The company has a current ratio of 3.71, a quick ratio of 3.71 and a debt-to-equity ratio of 0.09. The firm has a market capitalization of $198.60 million, a price-to-earnings ratio of -2.09 and a beta of 2.43.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last posted its quarterly earnings data on Thursday, March 14th. The company reported ($0.09) earnings per share (EPS) for the quarter. Rigetti Computing had a negative return on equity of 59.51% and a negative net margin of 625.42%. The firm had revenue of $3.38 million for the quarter. Sell-side analysts anticipate 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 company's stock in a transaction on Monday, March 18th. The stock was sold at an average price of $1.97, for a total transaction of $91,262.22. Following the transaction, the general counsel now owns 1,052,141 shares of the company's stock, valued at approximately $2,072,717.77. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, Director Alissa Fitzgerald sold 20,000 shares of the stock in a transaction on Tuesday, January 30th. The stock was sold at an average price of $1.28, for a total value of $25,600.00. Following the transaction, the director now owns 140,810 shares of the company's stock, valued at approximately $180,236.80. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, General Counsel Richard Danis sold 46,326 shares of the stock in a transaction on Monday, March 18th. The shares were 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 disclosure for this sale can be found here. In the last quarter, insiders have sold 115,599 shares of company stock valued at $194,030. 2.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in RGTI. Millennium Management LLC acquired a new position in shares of Rigetti Computing in the 4th quarter valued at $25,000. Deutsche Bank AG lifted its stake in shares of Rigetti Computing by 160.1% in the 4th quarter. Deutsche Bank AG now owns 33,861 shares of the company's stock valued at $25,000 after purchasing an additional 20,842 shares during the period. Orion Portfolio Solutions LLC acquired a new position in shares of Rigetti Computing in the 3rd quarter valued at $25,000. Penserra Capital Management LLC acquired a new position in shares of Rigetti Computing in the 1st quarter valued at $26,000. Finally, Gitterman Wealth Management LLC bought a new stake in shares of Rigetti Computing in the 3rd quarter valued at $27,000. 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.