Rigetti Computing (NASDAQ:RGTI) Reaches New 52-Week Low - Here's What Happened

Key Points

• Rigetti Computing shares hit a new 52-week low, falling to $11.11 from a previous close of $12.06, while trading below both the 50-day and 200-day moving averages.
• Analysts have a mixed outlook: the stock carries a consensus “Hold” rating and a $30.67 price target, despite several Buy ratings and targets as high as $40.
• The company reported quarterly revenue of $5.14 million and an adjusted loss of $0.05 per share, while insiders sold 163,689 shares worth approximately $2.57 million over the past 90 days.

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) hit a new 52-week low during trading on Friday. The company traded as low as $11.11 and last traded at $11.1050, with a volume of 4,663,897 shares changing hands. The stock had previously closed at $12.06.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Rosenblatt Securities reissued a "buy" rating and set a $40.00 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. Wedbush assumed coverage on shares of Rigetti Computing in a research note on Monday, August 3rd. They issued an "outperform" rating and a $40.00 price target on the stock. Benchmark initiated coverage on shares of Rigetti Computing in a research report on Monday, July 27th. They set a "buy" rating and a $25.00 price target on the stock. Finally, Jefferies Financial Group reiterated a "hold" rating and issued a $18.00 price objective on shares of Rigetti Computing in a research note on Friday, August 7th. Seven equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $30.67.

Rigetti Computing Stock Performance

The stock has a market capitalization of $3.62 billion, a price-to-earnings ratio of -12.05 and a beta of 2.02. The company has a fifty day simple moving average of $14.64 and a two-hundred day simple moving average of $17.32.

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

Insider Activity

In related news, CEO Subodh K. Kulkarni sold 120,000 shares of the stock in a transaction that occurred on Wednesday, September 9th. The shares were sold at an average price of $15.68, for a total transaction of $1,881,600.00. Following the sale, the chief executive officer owned 140,411 shares in the company, valued at approximately $2,201,644.48. This trade represents a 46.08% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Jeffrey A. Bertelsen sold 25,000 shares of the business's stock in a transaction on Thursday, September 3rd. The stock was sold at an average price of $15.00, for a total value of $375,000.00. Following the transaction, the chief financial officer directly owned 168,067 shares of the company's stock, valued at $2,521,005. This trade represents a 12.95% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 163,689 shares of company stock valued at $2,570,890 in the last 90 days. 1.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Rigetti Computing

Hedge funds have recently modified their holdings of the company. Burr Financial Services LLC acquired a new stake in Rigetti Computing in the third quarter worth $6,181,000. Bank of New York Mellon Corp increased its stake in Rigetti Computing by 15.5% in the first quarter. Bank of New York Mellon Corp now owns 1,297,462 shares of the company's stock valued at $18,216,000 after purchasing an additional 174,126 shares in the last quarter. Encore Global Management LP acquired a new position in shares of Rigetti Computing during the first quarter valued at about $1,685,000. SG Americas Securities LLC raised its holdings in shares of Rigetti Computing by 197.2% during the first quarter. SG Americas Securities LLC now owns 169,203 shares of the company's stock valued at $2,376,000 after purchasing an additional 112,265 shares during the period. Finally, Granahan Investment Management LLC boosted its position in shares of Rigetti Computing by 47.7% during the 1st quarter. Granahan Investment Management LLC now owns 326,721 shares of the company's stock worth $4,587,000 after purchasing an additional 105,494 shares in the last quarter. 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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