Rigetti Computing (NASDAQ:RGTI) Stock Price Down 6.3%

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) traded down 6.3% during trading on Friday . The stock traded as low as $1.16 and last traded at $1.17. 1,537,128 shares changed hands during mid-day trading, a decline of 77% from the average session volume of 6,549,164 shares. The stock had previously closed at $1.25.

Wall Street Analysts Forecast Growth

RGTI has been the subject of several analyst reports. Needham & Company LLC restated a "buy" rating and set a $3.00 price target on shares of Rigetti Computing in a report on Friday, March 15th. Alliance Global Partners started coverage on Rigetti Computing in a research note on Friday, March 1st. They set a "buy" rating and a $3.50 target price for the company.

Rigetti Computing Price Performance

The business's fifty day simple moving average is $1.59 and its 200 day simple moving average is $1.29. The firm has a market capitalization of $187.48 million, a price-to-earnings ratio of -2.02 and a beta of 2.43. The company has a debt-to-equity ratio of 0.09, a current ratio of 3.71 and a quick ratio of 3.71.

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

Insider Buying and Selling at Rigetti Computing

In related news, Director Alissa Fitzgerald sold 20,000 shares of Rigetti Computing stock in a transaction on Thursday, February 1st. The shares were sold at an average price of $1.28, for a total value of $25,600.00. Following the completion of the sale, the director now owns 140,810 shares of the company's stock, valued at approximately $180,236.80. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Rigetti Computing news, General Counsel Richard Danis sold 46,326 shares of the business's stock in a transaction that occurred 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 completion of 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 Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Alissa Fitzgerald sold 20,000 shares of the stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $1.28, for a total value of $25,600.00. Following the completion of the sale, the director now directly owns 140,810 shares of the company's stock, valued at $180,236.80. The disclosure for this sale can be found here. Over the last quarter, insiders sold 115,599 shares of company stock valued at $194,030. Company insiders own 2.60% of the company's stock.

Institutional Inflows and Outflows

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