Rigetti Computing (NASDAQ:RGTI) Shares Down 6.8% - Here's What Happened

Key Points

• Rigetti Computing's shares fell by 6.8% during trading, reaching a low of $43.89, with a significant trading volume of approximately 136.5 million shares, which is an increase of 88% from the average daily volume.
• Analyst ratings vary, with Benchmark raising their price target to $50 while Weiss Ratings maintained a "sell" rating, indicating mixed sentiments about Rigetti's stock performance.
• Rigetti Computing reported a loss of ($0.05) earnings per share for the quarter, slightly exceeding expectations, despite having a negative return on equity and a negative net margin.

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) shares were down 6.8% during trading on Friday . The company traded as low as $43.89 and last traded at $43.92. Approximately 136,481,180 shares traded hands during trading, an increase of 88% from the average daily volume of 72,452,219 shares. The stock had previously closed at $47.11.

Analyst Ratings Changes

A number of analysts have recently commented on RGTI shares. Benchmark lifted their target price on Rigetti Computing from $20.00 to $50.00 and gave the stock a "buy" rating in a research report on Tuesday. Weiss Ratings restated a "sell (e+)" rating on shares of Rigetti Computing in a research report on Wednesday. Industrial Alliance Securities set a $18.00 price target on Rigetti Computing in a research report on Wednesday, July 16th. Alliance Global Partners restated a "buy" rating on shares of Rigetti Computing in a research report on Wednesday, July 16th. Finally, Needham & Company LLC boosted their price target on Rigetti Computing from $15.00 to $18.00 and gave the company a "buy" rating in a research report on Monday, August 4th. Six research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $28.29.

Rigetti Computing Stock Performance

The company has a 50-day simple moving average of $22.03 and a 200-day simple moving average of $15.04. The company has a market cap of $14.24 billion, a price-to-earnings ratio of -57.79 and a beta of 1.60.

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

Insider Buying and Selling at Rigetti Computing

In related news, Director Michael S. Clifton sold 75,000 shares of the company's stock in a transaction that occurred on Friday, September 12th. The stock was sold at an average price of $19.00, for a total value of $1,425,000.00. Following the sale, the director owned 653,766 shares of the company's stock, valued at approximately $12,421,554. This represents a 10.29% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Ray O. Johnson sold 126,295 shares of the company's stock in a transaction that occurred on Friday, September 12th. The shares were sold at an average price of $20.00, for a total value of $2,525,900.00. Following the completion of the sale, the director directly owned 293,461 shares in the company, valued at approximately $5,869,220. The trade was a 30.09% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 457,624 shares of company stock worth $8,498,996. Corporate insiders own 1.90% of the company's stock.

Institutional Investors Weigh In On Rigetti Computing

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. California State Teachers Retirement System lifted its stake in shares of Rigetti Computing by 12.7% during the 4th 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 period. GAMMA Investing LLC lifted its stake in shares of Rigetti Computing by 15,050.9% during the 1st quarter. GAMMA Investing LLC now owns 25,605 shares of the company's stock worth $203,000 after purchasing an additional 25,436 shares during the period. Rhumbline Advisers lifted its stake in shares of Rigetti Computing by 17.0% during the 1st quarter. Rhumbline Advisers now owns 273,818 shares of the company's stock worth $2,169,000 after purchasing an additional 39,743 shares during the period. Wealth Enhancement Advisory Services LLC purchased a new position in shares of Rigetti Computing during the 1st quarter worth $126,000. Finally, Trust Co. of Toledo NA OH purchased a new position in shares of Rigetti Computing during the 1st quarter worth $165,000. Hedge funds and other institutional investors own 35.38% of the company's stock.

About Rigetti Computing

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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