Rigetti Computing (NASDAQ:RGTI) Stock Price Down 0.5% Following Analyst Downgrade

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) traded down 0.5% during trading on Thursday after Needham & Company LLC lowered their price target on the stock from $17.00 to $15.00. Needham & Company LLC currently has a buy rating on the stock. Rigetti Computing traded as low as $11.18 and last traded at $11.59. 28,948,631 shares traded hands during mid-day trading, a decline of 44% from the average session volume of 51,716,023 shares. The stock had previously closed at $11.64.

Several other equities research analysts have also recently issued reports on the stock. B. Riley lifted their price objective on shares of Rigetti Computing from $8.50 to $15.00 and gave the stock a "buy" rating in a research report on Friday, February 14th. Alliance Global Partners reiterated a "buy" rating on shares of Rigetti Computing in a research note on Thursday, March 6th. Finally, Benchmark reiterated a "buy" rating and set a $14.00 price target on shares of Rigetti Computing in a research note on Thursday, March 6th. Five research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of $14.00.

Insider Buying and Selling

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

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Signaturefd LLC acquired a new position in shares of Rigetti Computing during the fourth quarter worth about $25,000. EverSource Wealth Advisors LLC acquired a new position in shares of Rigetti Computing during the fourth quarter worth about $28,000. Tucker Asset Management LLC acquired a new position in shares of Rigetti Computing during the fourth quarter worth about $32,000. Spire Wealth Management acquired a new position in shares of Rigetti Computing during the fourth quarter worth about $46,000. Finally, Orion Capital Management LLC acquired a new position in shares of Rigetti Computing during the fourth quarter worth about $46,000. 35.38% of the stock is currently owned by institutional investors and hedge funds.

Rigetti Computing Trading Up 0.4%

The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84. The business's 50 day moving average price is $9.14 and its 200-day moving average price is $8.66. The firm has a market capitalization of $3.34 billion, a price-to-earnings ratio of -30.79 and a beta of 1.41.

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

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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