Rigetti Computing (NASDAQ:RGTI) Shares Down 1.5% - Here's Why

Key Points

• Rigetti Computing's stock price fell 1.5% during mid-day trading, closing at $43.23 after hitting a low of $41.46, with trading volume significantly higher than average.
• Analysts have mixed ratings on the stock, with a target price ranging from $15.00 to $50.00, resulting in an average rating of "Moderate Buy" and an average target price of $28.29.
• Insider transactions revealed significant sales, with directors selling a total of 100,000 shares, indicating a 10% decrease in their ownership stakes.

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report)'s stock price traded down 1.5% during mid-day trading on Wednesday . The company traded as low as $41.46 and last traded at $43.23. 165,845,159 shares were traded during mid-day trading, an increase of 132% from the average session volume of 71,612,734 shares. The stock had previously closed at $43.91.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on RGTI. Williams Trading set a $50.00 target price on Rigetti Computing in a research report on Tuesday. Needham & Company LLC upped their price objective on shares of Rigetti Computing from $15.00 to $18.00 and gave the stock a "buy" rating in a report on Monday, August 4th. Cantor Fitzgerald assumed coverage on Rigetti Computing in a research note on Wednesday, July 2nd. They set an "overweight" rating and a $15.00 target price for the company. Weiss Ratings reissued a "sell (e+)" rating on shares of Rigetti Computing in a research report on Wednesday. Finally, Benchmark increased their price objective on Rigetti Computing from $20.00 to $50.00 and gave the company a "buy" rating in a research report on Tuesday. Six analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Rigetti Computing presently has an average rating of "Moderate Buy" and an average target price of $28.29.

Rigetti Computing Trading Down 1.5%

The company has a market capitalization of $14.01 billion, a P/E ratio of -56.88 and a beta of 1.60. The business's fifty day moving average price is $20.80 and its 200 day moving average price is $14.59.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last announced its quarterly earnings results on Tuesday, August 12th. The company reported ($0.05) EPS for the quarter, topping analysts' consensus estimates of ($0.06) by $0.01. The firm had revenue of $1.80 million during the quarter, compared to analysts' expectations of $1.87 million. Rigetti Computing had a negative net margin of 2,134.92% and a negative return on equity of 29.05%. Equities research analysts anticipate that Rigetti Computing, Inc. will post -0.34 EPS for the current year.

Insider Activity at Rigetti Computing

In other news, Director Michael S. Clifton sold 75,000 shares of Rigetti Computing stock in a transaction that occurred on Friday, September 12th. The shares were sold at an average price of $19.00, for a total value of $1,425,000.00. Following the completion of the transaction, the director owned 653,766 shares in the company, valued at approximately $12,421,554. The trade was a 10.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Helene Gail Sandford sold 25,000 shares of Rigetti Computing stock in a transaction that occurred on Friday, September 12th. The shares were sold at an average price of $18.54, for a total transaction of $463,500.00. Following the completion of the transaction, the director owned 200,006 shares of the company's stock, valued at $3,708,111.24. This trade represents a 11.11% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 457,624 shares of company stock valued at $8,498,996.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in RGTI. GAMMA Investing LLC raised its stake in shares of Rigetti Computing by 1,813.0% in the first quarter. GAMMA Investing LLC now owns 3,233 shares of the company's stock worth $26,000 after acquiring an additional 3,064 shares during the last quarter. IFP Advisors Inc raised its position in shares of Rigetti Computing by 146.1% during the second quarter. IFP Advisors Inc now owns 2,190 shares of the company's stock worth $26,000 after acquiring an additional 1,300 shares during the last quarter. Center for Financial Planning Inc. bought a new stake in shares of Rigetti Computing during the first quarter worth $30,000. Quarry LP bought a new stake in shares of Rigetti Computing during the first quarter worth $31,000. Finally, Armstrong Advisory Group Inc. raised its position in shares of Rigetti Computing by 225.4% during the second quarter. Armstrong Advisory Group Inc. now owns 2,974 shares of the company's stock worth $35,000 after acquiring an additional 2,060 shares during the last quarter. 35.38% of the stock is owned by 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.

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