Rigetti Computing (NASDAQ:RGTI) Hits New 1-Year Low - What's Next?

Key Points

• Rigetti shares hit a new 52-week low, falling from a prior close of $11.21 to a reported last trade of about $9.98.
• Analyst sentiment is mixed: the stock has an average Hold rating and a $29.56 average price target, while B. Riley cut its target from $35 to $25 but maintained a Buy rating.
• Quarterly results met EPS expectations at a loss of $0.05 per share, while revenue of $5.14 million slightly exceeded forecasts; the company remains unprofitable.

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report)'s stock price reached a new 52-week low on Thursday. The company traded as low as $10.33 and last traded at $9.9810, with a volume of 1,948,051 shares traded. The stock had previously closed at $11.21.

Analyst Ratings Changes

Several equities research analysts recently issued reports on RGTI shares. Jefferies Financial Group restated a "hold" rating and issued a $18.00 target price on shares of Rigetti Computing in a report on Friday, August 7th. Zacks Research upgraded shares of Rigetti Computing from a "strong sell" rating to a "hold" rating in a research note on Tuesday, October 6th. B. Riley Financial dropped their price objective on shares of Rigetti Computing from $35.00 to $25.00 and set a "buy" rating on the stock in a report on Monday. Weiss Ratings upgraded shares of Rigetti Computing from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Wednesday, October 21st. Finally, Rosenblatt Securities reaffirmed a "buy" rating and set a $40.00 target price on shares of Rigetti Computing in a report on Friday, August 7th. Seven analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $29.56.

Rigetti Computing Stock Down 14.3%

The stock has a market capitalization of $3.20 billion, a P/E ratio of -10.68 and a beta of 2.15. The stock's 50 day moving average price is $14.18 and its 200-day moving average price is $17.04.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of ($0.05). Rigetti Computing had a negative net margin of 2,189.54% and a negative return on equity of 17.50%. The business had revenue of $5.14 million during the quarter, compared to analysts' expectations of $5.09 million. Analysts anticipate that Rigetti Computing, Inc. will post -0.27 earnings per share for the current year.

Insider Transactions at Rigetti Computing

In other Rigetti Computing news, CEO Subodh K. Kulkarni sold 120,000 shares of the firm's stock in a transaction that occurred on Wednesday, September 9th. The shares were sold at an average price of $15.68, for a total value of $1,881,600.00. Following the completion of the transaction, the chief executive officer owned 140,411 shares of the company's stock, valued at $2,201,644.48. This trade represents a 46.08% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO David Rivas sold 9,038 shares of the firm's stock in a transaction on Thursday, August 20th. The shares were sold at an average price of $16.79, for a total transaction of $151,748.02. Following the completion of the sale, the chief operating officer owned 316,907 shares in the company, valued at $5,320,868.53. The trade was a 2.77% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 163,689 shares of company stock worth $2,570,890 over the last three months. 1.60% of the stock is owned by insiders.

Institutional Investors Weigh In On Rigetti Computing

Hedge funds and other institutional investors have recently bought and sold shares of the business. Wealth Management Partners LLC lifted its stake in shares of Rigetti Computing by 1.7% during the third quarter. Wealth Management Partners LLC now owns 52,598 shares of the company's stock valued at $828,000 after acquiring an additional 869 shares during the period. Arizona State Retirement System increased its position in Rigetti Computing by 1.1% in the second quarter. Arizona State Retirement System now owns 91,650 shares of the company's stock worth $1,771,000 after purchasing an additional 1,000 shares during the period. EverSource Wealth Advisors LLC raised its holdings in Rigetti Computing by 31.8% during the 1st quarter. EverSource Wealth Advisors LLC now owns 4,651 shares of the company's stock worth $65,000 after purchasing an additional 1,121 shares during the last quarter. Prime Capital Investment Advisors LLC raised its holdings in Rigetti Computing by 10.7% during the 3rd quarter. Prime Capital Investment Advisors LLC now owns 11,654 shares of the company's stock worth $183,000 after purchasing an additional 1,128 shares during the last quarter. Finally, bLong Financial LLC lifted its position in Rigetti Computing by 9.7% during the 3rd quarter. bLong Financial LLC now owns 14,150 shares of the company's stock valued at $223,000 after purchasing an additional 1,250 shares during the period. Institutional investors and hedge funds own 35.38% of the company's stock.

Rigetti Computing Company Profile

Rigetti Computing, Inc is a quantum computing company that develops full-stack quantum computing systems based on superconducting quantum processors. Its technology is designed to support research and commercial applications that may benefit from quantum computing, including optimization, simulation, machine learning and complex data analysis.

The company develops quantum processing units, quantum computers and related control systems, software and cloud services. Its Rigetti Quantum Cloud Services platform provides access to Rigetti quantum systems through the cloud, while its hardware offerings are intended for use by enterprises, government organizations, academic institutions and other research customers.

Founded in 2013 by Chad Rigetti, the company is headquartered in Berkeley, California, and operates its own quantum chip fabrication facility, known as Fab-1.

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