Rigetti Computing (NASDAQ:RGTI) Stock Price Down 7.2% - What's Next?

Key Points

• Rigetti Computing shares fell 7.2% to $52.29, with trading volume down 62% from its average, indicating a significant market reaction.
• B. Riley raised the stock's price objective from $19.00 to $35.00 and rated it as a "buy", while the average price target across analysts is $28.29.
• Insider trading activity showed that directors significantly reduced their holdings, selling a total of 392,204 shares worth over $7.5 million in the last three months.

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) shares fell 7.2% on Thursday . The company traded as low as $50.90 and last traded at $52.29. 28,001,362 shares changed hands during trading, a decline of 62% from the average session volume of 73,431,539 shares. The stock had previously closed at $56.34.

Wall Street Analyst Weigh In

Several brokerages have weighed in on RGTI. 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, September 22nd. Industrial Alliance Securities set a $18.00 price objective on shares of Rigetti Computing in a report on Wednesday, July 16th. Cantor Fitzgerald began coverage on shares of Rigetti Computing in a report on Wednesday, July 2nd. They set an "overweight" rating and a $15.00 price objective for the company. Williams Trading set a $50.00 price objective on shares of Rigetti Computing in a report on Tuesday, October 7th. Finally, Benchmark raised their price target on shares of Rigetti Computing from $20.00 to $50.00 and gave the stock a "buy" rating in a research report on Tuesday, October 7th. Six investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $28.29.

Rigetti Computing Trading Down 14.6%

The stock has a market capitalization of $15.59 billion, a P/E ratio of -63.19 and a beta of 1.60. The company's 50-day moving average is $25.01 and its two-hundred day moving average is $16.25.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last issued its quarterly earnings data on Tuesday, August 12th. The company reported ($0.05) earnings per share for the quarter, beating the consensus estimate of ($0.06) by $0.01. The firm 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 expect that Rigetti Computing, Inc. will post -0.34 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Thomas J. Iannotti sold 100,000 shares of Rigetti Computing stock in a transaction that occurred on Friday, September 12th. The shares were sold at an average price of $19.50, for a total value of $1,950,000.00. Following the transaction, the director owned 14,902 shares of the company's stock, valued at $290,589. The trade was a 87.03% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Michael S. Clifton sold 75,000 shares of the business's stock in a transaction that occurred on Friday, September 12th. The shares were sold at an average price of $19.00, for a total transaction of $1,425,000.00. Following the sale, the director owned 653,766 shares in the company, valued at $12,421,554. This represents a 10.29% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 392,204 shares of company stock worth $7,517,696. 1.90% of the stock is owned by insiders.

Institutional Investors Weigh In On Rigetti Computing

Large investors have recently made changes to their positions in the company. Marex Group plc purchased a new position in Rigetti Computing during the second quarter valued at approximately $87,414,000. UNICOM Systems Inc. lifted its stake in shares of Rigetti Computing by 1,235.8% in the first quarter. UNICOM Systems Inc. now owns 3,806,935 shares of the company's stock worth $30,151,000 after buying an additional 3,521,935 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of Rigetti Computing by 20.7% in the first quarter. Vanguard Group Inc. now owns 14,177,119 shares of the company's stock worth $112,283,000 after buying an additional 2,430,758 shares during the last quarter. Ameriprise Financial Inc. acquired a new position in Rigetti Computing during the 2nd quarter valued at $21,887,000. Finally, Geode Capital Management LLC raised its stake in Rigetti Computing by 22.9% during the 2nd quarter. Geode Capital Management LLC now owns 6,484,155 shares of the company's stock valued at $76,910,000 after purchasing an additional 1,206,925 shares during the last quarter. Institutional investors and hedge funds 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.