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

Key Points

• Rigetti Computing shares gapped down from a previous closing price of $47.97 to open at $44.66, last trading at $44.78 with a high volume of 43,956,441 shares.
• Analyst reports show a mixed sentiment, with six analysts rating RGTI as "Buy" and one as "Sell," resulting in a consensus target price of $28.29.
• Insider trading saw significant sales, with directors selling a total of 392,204 shares valued at approximately $7.5 million over the last quarter.

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) shares gapped down prior to trading on Friday . The stock had previously closed at $47.97, but opened at $44.66. Rigetti Computing shares last traded at $44.78, with a volume of 43,956,441 shares.

Analyst Upgrades and Downgrades

RGTI has been the topic of several analyst reports. Benchmark lifted their price target on shares of Rigetti Computing from $20.00 to $50.00 and gave the company a "buy" rating in a report on Tuesday, October 7th. Williams Trading set a $50.00 price objective on shares of Rigetti Computing in a research report on Tuesday, October 7th. Cantor Fitzgerald started coverage on shares of Rigetti Computing in a research report on Wednesday, July 2nd. They set an "overweight" rating and a $15.00 price objective on the stock. Needham & Company LLC lifted their price objective on shares of Rigetti Computing from $15.00 to $18.00 and gave the company a "buy" rating in a research report on Monday, August 4th. Finally, Weiss Ratings restated a "sell (e+)" rating on shares of Rigetti Computing in a research report on Wednesday, October 8th. Six research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $28.29.

Rigetti Computing Stock Down 3.8%

The stock has a market capitalization of $14.96 billion, a PE ratio of -60.69 and a beta of 1.60. The stock's 50 day moving average price is $25.66 and its 200-day moving average price is $16.53.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last issued its earnings results on Tuesday, August 12th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.06) by $0.01. The firm had revenue of $1.80 million during the quarter, compared to analyst estimates of $1.87 million. Rigetti Computing had a negative net margin of 2,134.92% and a negative return on equity of 29.05%. As a group, sell-side analysts predict that Rigetti Computing, Inc. will post -0.34 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Helene Gail Sandford sold 17,635 shares of the company's stock in a transaction dated Friday, September 19th. The shares were sold at an average price of $24.75, for a total value of $436,466.25. Following the completion of the sale, the director directly owned 182,371 shares of the company's stock, valued at $4,513,682.25. This represents a 8.82% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Ray O. Johnson sold 126,295 shares of the company's stock in a transaction dated Friday, September 12th. The stock was sold at an average price of $20.00, for a total transaction of $2,525,900.00. Following the completion of the sale, the director directly owned 293,461 shares of the company's stock, valued at approximately $5,869,220. This trade represents a 30.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 392,204 shares of company stock valued at $7,517,696 over the last quarter. 1.90% of the stock is owned by company insiders.

Hedge Funds Weigh In On Rigetti Computing

A number of large investors have recently added to or reduced their stakes in RGTI. Trust Co. of Toledo NA OH raised its holdings in shares of Rigetti Computing by 1.7% during the third quarter. Trust Co. of Toledo NA OH now owns 21,178 shares of the company's stock valued at $631,000 after acquiring an additional 357 shares during the last quarter. GAMMA Investing LLC grew its position in shares of Rigetti Computing by 25.6% in the third quarter. GAMMA Investing LLC now owns 2,878 shares of the company's stock valued at $86,000 after purchasing an additional 587 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. grew its position in shares of Rigetti Computing by 20.0% in the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 6,000 shares of the company's stock valued at $71,000 after purchasing an additional 1,000 shares in the last quarter. IFP Advisors Inc grew its position in shares of Rigetti Computing by 146.1% in the second quarter. IFP Advisors Inc now owns 2,190 shares of the company's stock valued at $26,000 after purchasing an additional 1,300 shares in the last quarter. Finally, Stratos Wealth Partners LTD. grew its position in shares of Rigetti Computing by 9.8% in the second quarter. Stratos Wealth Partners LTD. now owns 15,048 shares of the company's stock valued at $178,000 after purchasing an additional 1,342 shares in the last quarter. 35.38% of the stock is currently owned by institutional investors.

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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