Rigetti Computing (NASDAQ:RGTI) Stock Price Down 1.3% - Here's Why

Key Points

• Rigetti Computing shares fell 1.3% to approximately $15.74, with trading volume down 57% from the average session. The company has a $5.25 billion market capitalization and its stock remains below its 200-day moving average.
• Analyst sentiment is mixed: the consensus rating is “Hold” across 13 analysts, with an average price target of $30.67. Recent ratings range from “strong sell” and “sell” to “buy” and “outperform,” with targets as high as $40.
• Rigetti met quarterly EPS expectations at a loss of $0.05 and reported $5.14 million in revenue, slightly above estimates. Insiders sold shares primarily to cover tax obligations, while hedge funds and institutional investors own 35.38% of the stock.

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) traded down 1.3% during mid-day trading on Tuesday. The stock traded as low as $15.73 and last traded at $15.74. 12,970,991 shares traded hands during trading, a decline of 57% from the average session volume of 30,145,973 shares. The stock had previously closed at $15.95.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the company. Zacks Research cut Rigetti Computing from a "hold" rating to a "strong sell" rating in a research report on Wednesday, August 19th. Weiss Ratings downgraded shares of Rigetti Computing from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Thursday, September 17th. Jefferies Financial Group reissued a "hold" rating and issued a $18.00 price objective on shares of Rigetti Computing in a research note on Friday, August 7th. Benchmark initiated coverage on shares of Rigetti Computing in a research note on Monday, July 27th. They set a "buy" rating and a $25.00 price objective on the stock. Finally, Wedbush began coverage on Rigetti Computing in a research report on Monday, August 3rd. They set an "outperform" rating and a $40.00 target price on the stock. Seven research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $30.67.

Rigetti Computing Trading Down 1.3%

The company has a market cap of $5.25 billion, a price-to-earnings ratio of -17.49 and a beta of 2.00. The stock's fifty day simple moving average is $16.11 and its 200 day simple moving average is $17.52.

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

Insiders Place Their Bets

In other news, COO David Rivas sold 9,038 shares of the firm's stock in a transaction dated Thursday, August 20th. The stock was 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 directly owned 316,907 shares in the company, valued at $5,320,868.53. This trade represents a 2.77% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO Andrew Bestwick sold 5,791 shares of the stock in a transaction on Thursday, August 20th. The stock was sold at an average price of $16.81, for a total transaction of $97,346.71. Following the sale, the chief technology officer directly owned 1,036,121 shares in the company, valued at $17,417,194.01. This trade represents a 0.56% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders sold 163,689 shares of company stock valued at $2,570,890. Corporate insiders own 1.60% of the company's stock.

Hedge Funds Weigh In On Rigetti Computing

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Global Retirement Partners LLC lifted its position in Rigetti Computing by 10.2% during the fourth quarter. Global Retirement Partners LLC now owns 6,656 shares of the company's stock valued at $147,000 after purchasing an additional 615 shares during the period. Main Management ETF Advisors LLC raised its holdings in Rigetti Computing by 1.0% during the fourth quarter. Main Management ETF Advisors LLC now owns 64,206 shares of the company's stock valued at $1,422,000 after acquiring an additional 656 shares during the period. WealthPLAN Partners LLC boosted its stake in shares of Rigetti Computing by 1.0% in the fourth quarter. WealthPLAN Partners LLC now owns 72,500 shares of the company's stock worth $1,606,000 after acquiring an additional 723 shares during the period. Tradition Wealth Management LLC boosted its stake in shares of Rigetti Computing by 5.6% in the fourth quarter. Tradition Wealth Management LLC now owns 15,644 shares of the company's stock worth $347,000 after acquiring an additional 823 shares during the period. Finally, Manchester Capital Management LLC grew its position in shares of Rigetti Computing by 12.0% during the fourth quarter. Manchester Capital Management LLC now owns 8,558 shares of the company's stock worth $190,000 after purchasing an additional 920 shares in the last quarter. 35.38% of the stock is currently owned by hedge funds and other institutional investors.

About Rigetti Computing

Rigetti Computing, Inc is a quantum computing company that develops full-stack quantum computing systems based on superconducting qubit technology. The company designs and manufactures quantum processors, develops the software needed to program and operate them, and provides access to its systems through cloud-based services.

Rigetti's offerings include its quantum processing units and integrated quantum computing systems, as well as the Rigetti Quantum Cloud Services platform. Through cloud access and partnerships, organizations can experiment with quantum algorithms and explore potential applications in areas such as optimization, simulation, machine learning and other computationally intensive fields.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.