Rigetti Computing (NASDAQ:RGTI) Stock Price Down 2.9% - Here's Why

Key Points

• Rigetti Computing's stock price decreased by 2.9%, closing at $31.18 after dropping from a previous close of $32.10, amidst increased trading volume.
• Equities analysts have positive forecasts for Rigetti, with an average price target of $19.71 and multiple firms rating the stock as a "buy."
• Recent insider transactions include a significant sale of 126,295 shares by Director Ray O. Johnson, indicating ongoing adjustments in company stakes by insiders.

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) dropped 2.9% during mid-day trading on Friday . The company traded as low as $30.74 and last traded at $31.18. Approximately 99,748,451 shares were traded during trading, an increase of 44% from the average daily volume of 69,334,195 shares. The stock had previously closed at $32.10.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on RGTI shares. Industrial Alliance Securities set a $18.00 target price on shares of Rigetti Computing in a research note on Wednesday, July 16th. Benchmark boosted their price target on shares of Rigetti Computing from $14.00 to $20.00 and gave the company a "buy" rating in a research report on Wednesday, August 13th. B. Riley raised their price objective on shares of Rigetti Computing from $19.00 to $35.00 and gave the stock a "buy" rating in a report on Monday. Needham & Company LLC boosted their target price on Rigetti Computing from $15.00 to $18.00 and gave the stock a "buy" rating in a report on Monday, August 4th. Finally, Cantor Fitzgerald assumed coverage on Rigetti Computing in a report on Wednesday, July 2nd. They set an "overweight" rating and a $15.00 price target for the company. Six analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus price target of $19.71.

Rigetti Computing Stock Down 2.9%

The firm has a fifty day moving average of $17.69 and a 200-day moving average of $13.14. The firm has a market cap of $10.11 billion, a P/E ratio of -41.03 and a beta of 1.44.

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

Insider Transactions at Rigetti Computing

In other Rigetti Computing news, Director Ray O. Johnson sold 126,295 shares of Rigetti Computing stock in a transaction on Friday, September 12th. The shares were sold at an average price of $20.00, for a total transaction of $2,525,900.00. Following the completion of the sale, the director owned 293,461 shares of the company's stock, valued at approximately $5,869,220. The trade was a 30.09% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO David Rivas sold 44,355 shares of the company's stock in a transaction on Wednesday, August 20th. The shares were sold at an average price of $14.85, for a total transaction of $658,671.75. Following the sale, the chief technology officer owned 730,568 shares of the company's stock, valued at $10,848,934.80. The trade was a 5.72% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 457,624 shares of company stock valued at $8,498,996. 1.90% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Rigetti Computing

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Rhumbline Advisers increased its stake in shares of Rigetti Computing by 17.0% in the 1st quarter. Rhumbline Advisers now owns 273,818 shares of the company's stock valued at $2,169,000 after acquiring an additional 39,743 shares during the last quarter. Janney Montgomery Scott LLC acquired a new stake in shares of Rigetti Computing in the 1st quarter valued at approximately $206,000. Amalgamated Bank boosted its stake in Rigetti Computing by 33.1% during the 1st quarter. Amalgamated Bank now owns 6,516 shares of the company's stock worth $52,000 after acquiring an additional 1,622 shares during the last quarter. Wealth Enhancement Advisory Services LLC acquired a new position in Rigetti Computing during the first quarter valued at approximately $126,000. Finally, Allspring Global Investments Holdings LLC bought a new stake in Rigetti Computing in the first quarter valued at approximately $178,000. 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.

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