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

Key Points

• Rigetti Computing's shares gapped down from a previous close of $28.52 to open at $26.33, with recent trading around $27.93 and a volume of 30,777,858 shares.
• Despite the drop in share price, Rigetti has an average analyst rating of "Buy" with several analysts adjusting their price targets, including a notable increase from $19.00 to $35.00 by B. Riley.
• Insider transactions indicate significant selling activity, with Director Michael S. Clifton selling 75,000 shares for about $1.43 million, resulting in a 10.29% decrease in his ownership of the stock.

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report)'s share price gapped down prior to trading on Monday . The stock had previously closed at $28.52, but opened at $26.33. Rigetti Computing shares last traded at $27.93, with a volume of 30,777,858 shares changing hands.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the stock. Alliance Global Partners restated a "buy" rating on shares of Rigetti Computing in a research note on Wednesday, July 16th. Industrial Alliance Securities set a $18.00 price objective on shares of Rigetti Computing in a research report on Wednesday, July 16th. Williams Trading set a $20.00 price target on shares of Rigetti Computing in a research report on Wednesday, August 13th. B. Riley lifted their price objective on shares of Rigetti Computing from $19.00 to $35.00 and gave the stock a "buy" rating in a research note on Monday. Finally, Needham & Company LLC lifted their price objective on shares of Rigetti Computing from $15.00 to $18.00 and gave the stock a "buy" rating in a research note on Monday, August 4th. Six investment analysts have rated the stock with a Buy rating, According to MarketBeat, Rigetti Computing currently has an average rating of "Buy" and an average price target of $19.71.

Rigetti Computing Stock Up 1.0%

The business has a fifty day simple moving average of $16.41 and a 200-day simple moving average of $12.58. The firm has a market cap of $9.33 billion, a P/E ratio of -37.74 and a beta of 1.44.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last announced 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 business 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%. On average, sell-side analysts anticipate that Rigetti Computing, Inc. will post -0.34 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Michael S. Clifton sold 75,000 shares of the business's stock in a transaction 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 completion of the transaction, the director directly owned 653,766 shares of the company's stock, valued at approximately $12,421,554. The trade was a 10.29% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Jeffrey A. Bertelsen sold 3,919 shares of the stock in a transaction dated Wednesday, August 20th. The shares were sold at an average price of $14.84, for a total value of $58,157.96. Following the completion of the transaction, the chief financial officer directly owned 183,581 shares in the company, valued at $2,724,342.04. This represents a 2.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 439,989 shares of company stock worth $8,062,530.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. BNP Paribas Financial Markets acquired a new stake in shares of Rigetti Computing during the fourth quarter worth about $316,000. Bank of America Corp DE lifted its stake in Rigetti Computing by 536.3% in the 4th quarter. Bank of America Corp DE now owns 505,070 shares of the company's stock valued at $7,707,000 after buying an additional 425,689 shares in the last quarter. Cetera Investment Advisers raised its holdings in Rigetti Computing by 118.8% in the 4th quarter. Cetera Investment Advisers now owns 42,456 shares of the company's stock valued at $648,000 after acquiring an additional 23,056 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Rigetti Computing by 14.1% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 89,639 shares of the company's stock worth $1,368,000 after buying an additional 11,087 shares during the period. Finally, Nuveen Asset Management LLC raised its position in Rigetti Computing by 418.6% in the fourth quarter. Nuveen Asset Management LLC now owns 999,617 shares of the company's stock valued at $15,254,000 after purchasing an additional 806,878 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.

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