Rigetti Computing (NASDAQ:RGTI) Shares Down 4.1% - Here's What Happened

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report)'s stock price dropped 4.1% during trading on Tuesday . The company traded as low as $9.20 and last traded at $9.31. Approximately 6,633,531 shares changed hands during mid-day trading, a decline of 87% from the average daily volume of 49,867,331 shares. The stock had previously closed at $9.70.

Analyst Ratings Changes

A number of research analysts recently commented on the company. B. Riley increased their target price on Rigetti Computing from $8.50 to $15.00 and gave the company a "buy" rating in a research note on Friday, February 14th. Needham & Company LLC restated a "buy" rating and issued a $17.00 target price on shares of Rigetti Computing in a research report on Thursday, March 6th. Benchmark reaffirmed a "buy" rating and issued a $14.00 target price on shares of Rigetti Computing in a research note on Thursday, March 6th. Finally, Alliance Global Partners restated a "buy" rating on shares of Rigetti Computing in a report on Thursday, March 6th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat, Rigetti Computing has an average rating of "Buy" and a consensus target price of $14.50.

Rigetti Computing Trading Up 8.4 %

The company has a current ratio of 4.84, a quick ratio of 4.84 and a debt-to-equity ratio of 0.02. The firm has a market cap of $2.87 billion, a PE ratio of -26.54 and a beta of 1.41. The firm has a fifty day simple moving average of $8.89 and a two-hundred day simple moving average of $8.33.

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

Insider Activity at Rigetti Computing

In other news, CTO David Rivas sold 351,785 shares of Rigetti Computing stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $7.76, for a total value of $2,729,851.60. Following the completion of the sale, the chief technology officer now directly owns 1,094,738 shares in the company, valued at $8,495,166.88. The trade was a 24.32 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 2.81% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Rigetti Computing

A number of hedge funds have recently added to or reduced their stakes in RGTI. California State Teachers Retirement System boosted its position in Rigetti Computing by 12.7% in the fourth quarter. California State Teachers Retirement System now owns 11,551 shares of the company's stock worth $176,000 after purchasing an additional 1,301 shares during the last quarter. Allworth Financial LP grew its position in Rigetti Computing by 14.9% during the fourth quarter. Allworth Financial LP now owns 11,604 shares of the company's stock valued at $161,000 after buying an additional 1,504 shares during the period. Signaturefd LLC purchased a new stake in Rigetti Computing during the fourth quarter valued at approximately $25,000. Amalgamated Bank raised its position in Rigetti Computing by 33.1% in the first quarter. Amalgamated Bank now owns 6,516 shares of the company's stock worth $52,000 after acquiring an additional 1,622 shares during the period. Finally, Legal & General Group Plc increased its position in Rigetti Computing by 14.9% in the fourth quarter. Legal & General Group Plc now owns 14,051 shares of the company's stock worth $214,000 after buying an additional 1,817 shares in the last quarter. 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.