Rigetti Computing (NASDAQ:RGTI) Trading Down 2.5%

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) traded down 2.5% during trading on Tuesday . The stock traded as low as $1.34 and last traded at $1.36. 785,866 shares traded hands during mid-day trading, a decline of 87% from the average session volume of 6,054,858 shares. The stock had previously closed at $1.39.

Analyst Upgrades and Downgrades

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

Rigetti Computing Stock Performance

The stock's fifty day simple moving average is $1.53 and its two-hundred day simple moving average is $1.28. The company has a market cap of $204.96 million, a price-to-earnings ratio of -2.22 and a beta of 2.45. 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 earnings results on Thursday, March 14th. The company reported ($0.09) earnings per share for the quarter. The firm had revenue of $3.38 million during the quarter. Rigetti Computing had a negative net margin of 625.42% and a negative return on equity of 59.51%. Equities research analysts anticipate that Rigetti Computing, Inc. will post -0.33 EPS for the current year.

Insider Buying and Selling

In other Rigetti Computing news, General Counsel Richard Danis sold 46,326 shares of Rigetti Computing stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $1.97, for a total transaction of $91,262.22. Following the transaction, the general counsel now directly owns 1,052,141 shares of the company's stock, valued at $2,072,717.77. The sale was disclosed in a filing with the SEC, which is available at this link. In the last quarter, insiders sold 75,599 shares of company stock valued at $142,830. 2.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Orion Portfolio Solutions LLC bought a new stake in Rigetti Computing in the third quarter valued at $25,000. Gitterman Wealth Management LLC bought a new stake in Rigetti Computing in the 3rd quarter valued at about $27,000. Chesapeake Capital Corp IL acquired a new position in Rigetti Computing during the 4th quarter valued at about $47,000. Procyon Advisors LLC acquired a new stake in shares of Rigetti Computing in the fourth quarter valued at approximately $65,000. Finally, Brighton Jones LLC raised its holdings in shares of Rigetti Computing by 100.0% during the fourth quarter. Brighton Jones LLC now owns 123,532 shares of the company's stock valued at $122,000 after buying an additional 61,766 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.