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

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) gapped down prior to trading on Friday . The stock had previously closed at $13.15, but opened at $12.50. Rigetti Computing shares last traded at $12.08, with a volume of 7,431,699 shares trading hands.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the stock. Alliance Global Partners reiterated a "buy" rating on shares of Rigetti Computing in a research note on Thursday, March 6th. B. Riley lifted their price target on shares of Rigetti Computing from $8.50 to $15.00 and gave the company a "buy" rating in a research report on Friday, February 14th. Needham & Company LLC dropped their target price on shares of Rigetti Computing from $17.00 to $15.00 and set a "buy" rating on the stock in a research report on Wednesday, May 14th. Finally, Benchmark reaffirmed a "buy" rating and set a $14.00 target price 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, the company presently has an average rating of "Buy" and an average target price of $14.00.

Rigetti Computing Price Performance

The stock has a market cap of $3.53 billion, a P/E ratio of -32.00 and a beta of 1.41. 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 company's fifty day simple moving average is $9.94 and its 200-day simple moving average is $9.67.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last issued its earnings results on Wednesday, March 5th. The company reported ($0.08) EPS for the quarter, meeting the consensus estimate of ($0.08). Rigetti Computing had a negative net margin of 509.58% and a negative return on equity of 51.56%. The company had revenue of $2.27 million for the quarter, compared to the consensus estimate of $2.40 million. During the same quarter in the previous year, the company earned ($0.04) EPS. As a group, sell-side analysts forecast that Rigetti Computing, Inc. will post -0.34 EPS for the current year.

Insider Buying and Selling

In other Rigetti Computing news, CTO David Rivas sold 351,785 shares of the business's stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $7.76, for a total transaction of $2,729,851.60. Following the completion of the sale, the chief technology officer now directly owns 1,094,738 shares of the company's stock, valued at approximately $8,495,166.88. The trade was a 24.32% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 1.90% of the stock is owned by corporate insiders.

Institutional Trading of Rigetti Computing

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Signaturefd LLC bought a new stake in shares of Rigetti Computing in the 4th quarter valued at about $25,000. GAMMA Investing LLC boosted its position in Rigetti Computing by 1,813.0% during the 1st quarter. GAMMA Investing LLC now owns 3,233 shares of the company's stock worth $26,000 after acquiring an additional 3,064 shares during the last quarter. EverSource Wealth Advisors LLC acquired a new position in Rigetti Computing during the 4th quarter worth approximately $28,000. Center for Financial Planning Inc. acquired a new position in Rigetti Computing during the 1st quarter worth approximately $30,000. Finally, Quarry LP acquired a new stake in shares of Rigetti Computing in the 1st quarter valued at approximately $31,000. 35.38% of the stock is 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.