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

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) shares gapped down before the market opened on Friday . The stock had previously closed at $13.86, but opened at $13.04. Rigetti Computing shares last traded at $13.93, with a volume of 26,403,746 shares traded.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on RGTI shares. B. Riley raised their price target on 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 reduced their price target on Rigetti Computing from $17.00 to $15.00 and set a "buy" rating on the stock in a research report on Wednesday, May 14th. Alliance Global Partners restated a "buy" rating on shares of Rigetti Computing in a research report on Thursday, March 6th. Finally, Benchmark restated a "buy" rating and set a $14.00 price target on shares of Rigetti Computing in a research report on Thursday, May 15th. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus price target of $14.00.

Rigetti Computing Trading Up 0.5%

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 fifty day simple moving average of $9.62 and a two-hundred day simple moving average of $9.39. The firm has a market cap of $4.09 billion, a PE ratio of -36.95 and a beta of 1.41.

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

Insiders Place Their Bets

In other news, CTO David Rivas sold 351,785 shares of the firm's stock in a transaction that occurred on Tuesday, March 11th. The stock was 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 owns 1,094,738 shares in the company, valued at $8,495,166.88. This trade represents a 24.32% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 1.90% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in RGTI. Signaturefd LLC purchased a new position in shares of Rigetti Computing in the 4th quarter valued at approximately $25,000. GAMMA Investing LLC lifted its stake in shares of Rigetti Computing by 1,813.0% in the 1st quarter. GAMMA Investing LLC now owns 3,233 shares of the company's stock valued at $26,000 after purchasing an additional 3,064 shares during the period. EverSource Wealth Advisors LLC purchased a new position in shares of Rigetti Computing in the 4th quarter valued at approximately $28,000. Center for Financial Planning Inc. purchased a new position in Rigetti Computing during the first quarter valued at $30,000. Finally, Quarry LP purchased a new position in Rigetti Computing during the first quarter valued at $31,000. 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.