Rigetti Computing (NASDAQ:RGTI) Stock Price Down 1.9% - What's Next?

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) shares traded down 1.9% on Monday . The company traded as low as $9.21 and last traded at $9.19. 17,294,282 shares changed hands during trading, a decline of 65% from the average session volume of 49,443,147 shares. The stock had previously closed at $9.37.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. Benchmark reiterated a "buy" rating and issued a $14.00 price target on shares of Rigetti Computing in a research note on Thursday, March 6th. Needham & Company LLC reissued a "buy" rating and set a $17.00 target price on shares of Rigetti Computing in a research note on Thursday, March 6th. B. Riley boosted their price target on Rigetti Computing from $8.50 to $15.00 and gave the stock a "buy" rating in a report on Friday, February 14th. Finally, Alliance Global Partners reaffirmed a "buy" rating on shares of Rigetti Computing in a report 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 an average price target of $14.50.

Rigetti Computing Stock Down 0.8 %

The company has a market capitalization of $2.66 billion, a PE ratio of -24.30 and a beta of 1.41. The business has a 50-day moving average of $8.94 and a 200 day moving average of $7.96. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last posted its earnings results on Wednesday, March 5th. The company reported ($0.08) earnings per share for the quarter, meeting analysts' consensus estimates of ($0.08). Rigetti Computing had a negative net margin of 509.58% and a negative return on equity of 51.56%. The firm had revenue of $2.27 million during the quarter, compared to analyst estimates of $2.40 million. During the same period last year, the firm posted ($0.04) earnings per share. Equities research analysts predict that Rigetti Computing, Inc. will post -0.34 earnings per share 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 dated 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 completion of the sale, the chief technology officer now owns 1,094,738 shares in the company, valued at approximately $8,495,166.88. This trade represents a 24.32 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.81% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. State Street Corp raised its stake in shares of Rigetti Computing by 12.9% during the third quarter. State Street Corp now owns 2,715,223 shares of the company's stock valued at $2,126,000 after acquiring an additional 309,831 shares in the last quarter. Jane Street Group LLC raised its position in Rigetti Computing by 23.8% during the 3rd quarter. Jane Street Group LLC now owns 244,496 shares of the company's stock valued at $191,000 after purchasing an additional 47,013 shares in the last quarter. Barclays PLC lifted its holdings in shares of Rigetti Computing by 275.6% in the 3rd quarter. Barclays PLC now owns 185,959 shares of the company's stock worth $145,000 after buying an additional 136,443 shares during the period. Geode Capital Management LLC grew its position in shares of Rigetti Computing by 20.6% during the 3rd quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company's stock worth $2,837,000 after buying an additional 617,506 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its holdings in Rigetti Computing by 3.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 62,360 shares of the company's stock worth $49,000 after acquiring an additional 2,045 shares in the last quarter. 35.38% of the stock is currently owned by institutional investors.

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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