Rigetti Computing (NASDAQ:RGTI) Shares Gap Down Following Weak Earnings

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) gapped down before the market opened on Tuesday following a weaker than expected earnings announcement. The stock had previously closed at $11.55, but opened at $10.25. Rigetti Computing shares last traded at $10.54, with a volume of 12,335,765 shares trading hands.

The company reported ($0.08) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.03). The firm had revenue of $1.47 million during the quarter, compared to analyst estimates of $2.55 million. Rigetti Computing had a negative net margin of 509.58% and a negative return on equity of 51.56%.

Analysts Set New Price Targets

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

Insider Activity at Rigetti Computing

In other Rigetti Computing news, CTO David Rivas sold 351,785 shares of the firm's stock in a transaction dated 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 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Company insiders own 1.90% of the company's stock.

Hedge Funds Weigh In On Rigetti Computing

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Caitong International Asset Management Co. Ltd acquired a new stake in Rigetti Computing during the 1st quarter valued at $960,000. Independent Advisor Alliance bought a new position in shares of Rigetti Computing in the first quarter valued at approximately $141,000. Nuveen LLC acquired a new stake in shares of Rigetti Computing in the first quarter worth $6,523,000. Wolverine Asset Management LLC boosted its holdings in shares of Rigetti Computing by 940.8% during the 1st quarter. Wolverine Asset Management LLC now owns 14,987 shares of the company's stock worth $119,000 after buying an additional 13,547 shares during the period. Finally, Savvy Advisors Inc. raised its holdings in Rigetti Computing by 8.4% in the 1st quarter. Savvy Advisors Inc. now owns 28,588 shares of the company's stock worth $226,000 after acquiring an additional 2,224 shares during the period. Institutional investors and hedge funds own 35.38% of the company's stock.

Rigetti Computing Stock Performance

The stock has a market cap of $3.00 billion, a price-to-earnings ratio of -28.11 and a beta of 1.41. The stock's 50-day simple moving average is $9.06 and its two-hundred day simple moving average is $8.63. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.84 and a current ratio of 4.84.

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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