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

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) dropped 1.3% during mid-day trading on Tuesday . The company traded as low as $11.97 and last traded at $12.10. Approximately 20,197,315 shares traded hands during trading, a decline of 63% from the average daily volume of 54,975,468 shares. The stock had previously closed at $12.26.

Wall Street Analysts Forecast Growth

RGTI has been the topic of a number of recent research reports. Alliance Global Partners restated a "buy" rating on shares of Rigetti Computing in a research report on Thursday, March 6th. Benchmark restated a "buy" rating and set a $14.00 price objective on shares of Rigetti Computing in a research report on Thursday, May 15th. B. Riley upped their price objective on Rigetti Computing from $8.50 to $15.00 and gave the company a "buy" rating in a research report on Friday, February 14th. Finally, Needham & Company LLC decreased their price objective on Rigetti Computing from $17.00 to $15.00 and set a "buy" rating on the stock in a research report on Wednesday, May 14th. Five investment analysts have rated the stock with a buy rating, According to MarketBeat.com, Rigetti Computing currently has an average rating of "Buy" and an average target price of $14.00.

Rigetti Computing Stock Performance

The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84. The firm has a fifty day moving average price of $10.14 and a two-hundred day moving average price of $9.83. The stock has a market capitalization of $3.43 billion, a PE ratio of -31.10 and a beta of 1.41.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last issued its quarterly earnings results on Wednesday, March 5th. The company reported ($0.08) earnings per share for the quarter, hitting the consensus estimate of ($0.08). Rigetti Computing had a negative return on equity of 51.56% and a negative net margin of 509.58%. The firm had revenue of $2.27 million for the quarter, compared to the consensus estimate of $2.40 million. During the same period in the prior year, the business posted ($0.04) earnings per share. Research analysts expect that Rigetti Computing, Inc. will post -0.34 EPS for the current year.

Insider Transactions at Rigetti Computing

In other Rigetti Computing news, CTO David Rivas sold 351,785 shares of the firm's stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $7.76, for a total transaction of $2,729,851.60. Following the transaction, the chief technology officer now directly owns 1,094,738 shares in the company, valued at $8,495,166.88. This trade represents a 24.32% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 1.90% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its holdings in Rigetti Computing by 20.7% during the 1st quarter. Vanguard Group Inc. now owns 14,177,119 shares of the company's stock worth $112,283,000 after purchasing an additional 2,430,758 shares during the period. Invesco Ltd. increased its holdings in shares of Rigetti Computing by 7,367.2% in the 4th quarter. Invesco Ltd. now owns 4,580,317 shares of the company's stock valued at $69,896,000 after acquiring an additional 4,518,978 shares during the period. Geode Capital Management LLC increased its holdings in shares of Rigetti Computing by 6.3% in the 4th quarter. Geode Capital Management LLC now owns 3,850,220 shares of the company's stock valued at $58,767,000 after acquiring an additional 228,391 shares during the period. UNICOM Systems Inc. increased its holdings in shares of Rigetti Computing by 1,235.8% in the 1st quarter. UNICOM Systems Inc. now owns 3,806,935 shares of the company's stock valued at $30,151,000 after acquiring an additional 3,521,935 shares during the period. Finally, Penserra Capital Management LLC increased its holdings in shares of Rigetti Computing by 41.0% in the 1st quarter. Penserra Capital Management LLC now owns 2,215,671 shares of the company's stock valued at $17,548,000 after acquiring an additional 644,455 shares during the period. 35.38% of the stock is currently owned by hedge funds and other institutional investors.

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.