Rigetti Computing (NASDAQ:RGTI) Stock Price Down 9.8% After Earnings Miss

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report)'s stock price traded down 9.8% on Tuesday following a weaker than expected earnings announcement. The stock traded as low as $10.11 and last traded at $10.42. 38,153,065 shares changed hands during mid-day trading, a decline of 55% from the average session volume of 84,073,703 shares. The stock had previously closed at $11.55.

The company reported ($0.08) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.05) by ($0.03). The company had revenue of $1.47 million for the quarter, compared to the consensus estimate of $2.55 million. Rigetti Computing had a negative net margin of 509.58% and a negative return on equity of 51.56%.

Analysts Set New Price Targets

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

Insider Activity

In other news, CTO David Rivas sold 351,785 shares of the firm's 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 sale, the chief technology officer now directly owns 1,094,738 shares in the company, valued at approximately $8,495,166.88. This trade represents a 24.32% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 1.90% of the stock is currently owned by corporate insiders.

Institutional Trading of Rigetti Computing

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RGTI. California State Teachers Retirement System lifted its holdings in shares of Rigetti Computing by 12.7% during the 4th quarter. California State Teachers Retirement System now owns 11,551 shares of the company's stock valued at $176,000 after purchasing an additional 1,301 shares in the last quarter. US Bancorp DE grew its holdings in Rigetti Computing by 29.4% in the 1st quarter. US Bancorp DE now owns 6,248 shares of the company's stock valued at $49,000 after buying an additional 1,420 shares in the last quarter. Allworth Financial LP lifted its position in shares of Rigetti Computing by 14.9% during the 4th quarter. Allworth Financial LP now owns 11,604 shares of the company's stock valued at $161,000 after acquiring an additional 1,504 shares during the period. Signaturefd LLC bought a new stake in shares of Rigetti Computing during the 4th quarter worth $25,000. Finally, Amalgamated Bank lifted its position in shares of 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 buying an additional 1,622 shares during the last quarter. 35.38% of the stock is currently owned by institutional investors and hedge funds.

Rigetti Computing Stock Down 10.4%

The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84. The stock has a market capitalization of $2.96 billion, a P/E ratio of -27.24 and a beta of 1.41. The firm has a 50-day simple moving average of $9.06 and a 200 day simple moving average of $8.63.

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.

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.