Rigetti Computing (NASDAQ:RGTI) Shares Gap Down - What's Next?

Key Points

• Rigetti Computing's stock price experienced a gap down opening from $40.06 to $38.81, last trading at $39.56 with a significant trading volume of 24,643,921 shares.
• Analyst ratings show a consensus of Moderate Buy with six analysts rating it as "Buy" and a target price averaging $19.71, while the stock has a P/E ratio of -54.88.
• Insiders sold a total of 457,624 shares valued at $8.5 million over the past three months, indicating notable selling activity among company executives.

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report)'s stock price gapped down prior to trading on Monday . The stock had previously closed at $40.06, but opened at $38.81. Rigetti Computing shares last traded at $39.56, with a volume of 24,643,921 shares changing hands.

Analyst Upgrades and Downgrades

RGTI has been the subject of several research reports. Alliance Global Partners reissued a "buy" rating on shares of Rigetti Computing in a report on Wednesday, July 16th. Cantor Fitzgerald began coverage on Rigetti Computing in a report on Wednesday, July 2nd. They set an "overweight" rating and a $15.00 target price for the company. Williams Trading set a $20.00 price target on shares of Rigetti Computing in a research note on Wednesday, August 13th. Benchmark lifted their price objective on shares of Rigetti Computing from $14.00 to $20.00 and gave the stock a "buy" rating in a research note on Wednesday, August 13th. Finally, Industrial Alliance Securities set a $18.00 target price on shares of Rigetti Computing in a research report on Wednesday, July 16th. Six analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Rigetti Computing currently has an average rating of "Moderate Buy" and an average target price of $19.71.

Rigetti Computing Stock Performance

The stock has a 50 day moving average price of $19.69 and a 200 day moving average price of $14.15. The company has a market capitalization of $13.52 billion, a P/E ratio of -54.88 and a beta of 1.60.

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

Insider Buying and Selling

In other news, Director Thomas J. Iannotti sold 100,000 shares of the business's stock in a transaction on Friday, September 12th. The shares were sold at an average price of $19.50, for a total transaction of $1,950,000.00. Following the completion of the transaction, the director directly owned 14,902 shares in the company, valued at $290,589. The trade was a 87.03% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Michael S. Clifton sold 75,000 shares of the 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 sale, the director owned 653,766 shares in the company, valued at $12,421,554. This trade represents a 10.29% decrease in their position. The disclosure for this sale can be found here. Insiders sold 457,624 shares of company stock valued at $8,498,996 in the last three months. Insiders own 1.90% of the company's stock.

Institutional Trading of Rigetti Computing

A number of large investors have recently modified their holdings of RGTI. Marex Group plc bought a new position in shares of Rigetti Computing in the 2nd quarter worth $87,414,000. UNICOM Systems Inc. lifted its holdings in shares of Rigetti Computing by 1,235.8% in the 1st quarter. UNICOM Systems Inc. now owns 3,806,935 shares of the company's stock worth $30,151,000 after acquiring an additional 3,521,935 shares during the last quarter. Vanguard Group Inc. raised its position in Rigetti Computing by 20.7% in the 1st quarter. Vanguard Group Inc. now owns 14,177,119 shares of the company's stock worth $112,283,000 after purchasing an additional 2,430,758 shares during the period. Ameriprise Financial Inc. purchased a new stake in Rigetti Computing during the second quarter valued at about $21,887,000. Finally, Geode Capital Management LLC grew its stake in shares of Rigetti Computing by 22.9% during the second quarter. Geode Capital Management LLC now owns 6,484,155 shares of the company's stock valued at $76,910,000 after buying an additional 1,206,925 shares during the last quarter. Institutional investors own 35.38% of the company's stock.

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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