Rigetti Computing (NASDAQ:RGTI) Stock Price Down 3.4% - Here's What Happened

Key Points

• Rigetti Computing's stock (NASDAQ:RGTI) fell by 3.4% during mid-day trading, with a last traded price of $16.65 after reaching a low of $16.10.
• Recent analyst reports show a mix of optimism, with B. Riley raising the price target from $15.00 to $19.00 and six analysts giving the stock a consensus rating of "Buy."
• Rigetti reported earnings of ($0.05) per share for the past quarter, exceeding consensus estimates, while the company's net margin stands at a staggering -2,134.92%.

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) dropped 3.4% during mid-day trading on Thursday . The company traded as low as $16.10 and last traded at $16.65. Approximately 22,817,723 shares changed hands during trading, a decline of 68% from the average daily volume of 70,920,922 shares. The stock had previously closed at $17.24.

Analyst Ratings Changes

RGTI has been the topic of a number of recent analyst reports. B. Riley raised their price target on shares of Rigetti Computing from $15.00 to $19.00 and gave the company a "buy" rating in a report on Wednesday, July 23rd. Williams Trading set a $20.00 price target on shares of Rigetti Computing in a report on Wednesday. Alliance Global Partners reaffirmed a "buy" rating on shares of Rigetti Computing in a report on Wednesday, July 16th. Cantor Fitzgerald assumed coverage on shares of Rigetti Computing in a report on Wednesday, July 2nd. They issued an "overweight" rating and a $15.00 price objective on the stock. Finally, Benchmark reissued a "buy" rating and issued a $20.00 price objective (up previously from $14.00) on shares of Rigetti Computing in a report on Wednesday. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and an average price target of $17.43.

Rigetti Computing Price Performance

The stock has a market cap of $4.75 billion, a price-to-earnings ratio of -21.53 and a beta of 1.44. The company's fifty day moving average price is $13.58 and its 200-day moving average price is $11.44.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last posted its quarterly earnings data on Tuesday, August 12th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.06) by $0.01. Rigetti Computing had a negative net margin of 2,134.92% and a negative return on equity of 48.19%. The firm had revenue of $1,801 billion for the quarter, compared to the consensus estimate of $1.87 million. On average, sell-side analysts forecast that Rigetti Computing, Inc. will post -0.34 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Michael S. Clifton sold 25,000 shares of the stock in a transaction on Wednesday, July 16th. The stock was sold at an average price of $15.00, for a total value of $375,000.00. Following the completion of the transaction, the director directly owned 853,766 shares of the company's stock, valued at approximately $12,806,490. This represents a 2.84% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Ray O. Johnson sold 40,420 shares of the firm's stock in a transaction on Wednesday, July 16th. The stock was sold at an average price of $15.00, for a total value of $606,300.00. Following the completion of the sale, the director directly owned 419,756 shares of the company's stock, valued at $6,296,340. This trade represents a 8.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.90% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Harel Insurance Investments & Financial Services Ltd. lifted its position in Rigetti Computing by 20.0% during the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 6,000 shares of the company's stock worth $71,000 after buying an additional 1,000 shares during the period. IFP Advisors Inc lifted its position in Rigetti Computing by 146.1% during the second quarter. IFP Advisors Inc now owns 2,190 shares of the company's stock worth $26,000 after buying an additional 1,300 shares during the period. California State Teachers Retirement System grew its stake in shares of Rigetti Computing by 12.7% in the fourth quarter. California State Teachers Retirement System now owns 11,551 shares of the company's stock valued at $176,000 after buying an additional 1,301 shares in the last quarter. Stratos Wealth Partners LTD. lifted its holdings in shares of Rigetti Computing by 9.8% in the 2nd quarter. Stratos Wealth Partners LTD. now owns 15,048 shares of the company's stock worth $178,000 after purchasing an additional 1,342 shares during the last quarter. Finally, Center for Financial Planning Inc. raised its stake in shares of Rigetti Computing by 35.5% in the 2nd quarter. Center for Financial Planning Inc. now owns 5,137 shares of the company's stock worth $61,000 after buying an additional 1,345 shares in the last quarter. Institutional investors and hedge funds 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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