Rigetti Computing (NASDAQ:RGTI) Shares Down 4.7% - What's Next?

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) fell 4.7% on Monday . The stock traded as low as $7.85 and last traded at $7.93. 4,792,000 shares were traded during mid-day trading, a decline of 90% from the average session volume of 49,003,085 shares. The stock had previously closed at $8.32.

Analyst Ratings Changes

Several equities analysts have commented on RGTI shares. Benchmark reissued a "buy" rating and set a $14.00 target price on shares of Rigetti Computing in a research note on Thursday, March 6th. B. Riley raised their price objective on shares of Rigetti Computing from $8.50 to $15.00 and gave the company a "buy" rating in a research note on Friday, February 14th. Alliance Global Partners reissued a "buy" rating on shares of Rigetti Computing in a report on Thursday, March 6th. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $17.00 price target on shares of Rigetti Computing in a research note on Thursday, March 6th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has a consensus rating of "Buy" and an average price target of $14.50.

Rigetti Computing Stock Performance

The company's 50-day moving average price is $8.94 and its two-hundred day moving average price is $7.86. The company has a market cap of $2.68 billion, a P/E ratio of -24.66 and a beta of 1.41. The company has a current ratio of 4.84, a quick ratio of 4.84 and a debt-to-equity ratio of 0.02.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last issued its earnings results on Wednesday, March 5th. The company reported ($0.08) earnings per share for the quarter, hitting analysts' consensus estimates of ($0.08). The firm had revenue of $2.27 million during the quarter, compared to analysts' expectations 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 last year, the firm posted ($0.04) earnings per share. As a group, equities analysts forecast that Rigetti Computing, Inc. will post -0.34 earnings per share for the current year.

Insider Buying and Selling

In related news, CTO David Rivas sold 351,785 shares of the stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $7.76, for a total value of $2,729,851.60. Following the completion of the transaction, the chief technology officer now owns 1,094,738 shares in the company, valued at $8,495,166.88. This trade represents a 24.32 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 2.81% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in RGTI. JNBA Financial Advisors purchased a new stake in shares of Rigetti Computing in the 1st quarter valued at approximately $40,000. Amalgamated Bank boosted its position in shares of Rigetti Computing by 33.1% in the first quarter. Amalgamated Bank now owns 6,516 shares of the company's stock worth $52,000 after buying an additional 1,622 shares during the period. KBC Group NV purchased a new position in shares of Rigetti Computing during the first quarter valued at $74,000. McGuire Investment Group LLC purchased a new position in shares of Rigetti Computing during the first quarter valued at $143,000. Finally, Allspring Global Investments Holdings LLC acquired a new position in Rigetti Computing during the first quarter valued at $178,000. 35.38% of the stock is currently owned by institutional investors and hedge funds.

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.