Rigetti Computing (NASDAQ:RGTI) Trading Down 1.7% - Here's What Happened

Key Points

• Rigetti Computing's stock price fell by 1.7% to $16.31, with trading volume dropping significantly to approximately 25.56 million shares, well below its average of 68.86 million shares.
• Equities analysts have a positive outlook on Rigetti, with multiple firms assigning a "buy" rating and setting target prices ranging from $15.00 to $20.00.
• Insider transactions indicate some selling activity, with CFO Jeffrey A. Bertelsen and Director Michael S. Clifton reducing their holdings in the company.

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report)'s stock price dropped 1.7% during trading on Friday . The stock traded as low as $16.12 and last traded at $16.31. Approximately 25,563,877 shares were traded during mid-day trading, a decline of 63% from the average daily volume of 68,862,969 shares. The stock had previously closed at $16.58.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the company. Alliance Global Partners reaffirmed a "buy" rating on shares of Rigetti Computing in a report on Wednesday, July 16th. B. Riley increased their target price on shares of Rigetti Computing from $15.00 to $19.00 and gave the stock a "buy" rating in a research note on Wednesday, July 23rd. Cantor Fitzgerald started coverage on shares of Rigetti Computing in a research note on Wednesday, July 2nd. They set an "overweight" rating and a $15.00 target price for the company. Benchmark raised their price objective 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. Finally, Williams Trading set a $20.00 price objective on shares of Rigetti Computing in a research report on Wednesday, August 13th. Six investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company has an average rating of "Buy" and an average price target of $17.43.

Rigetti Computing Trading Down 1.4%

The stock's 50 day moving average price is $14.48 and its two-hundred day moving average price is $11.63. The firm has a market capitalization of $5.30 billion, a PE ratio of -21.49 and a beta of 1.44.

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, topping analysts' consensus estimates of ($0.06) by $0.01. Rigetti Computing had a negative net margin of 2,134.92% and a negative return on equity of 29.05%. The business had revenue of $1.80 million during the quarter, compared to analysts' expectations of $1.87 million. Analysts expect that Rigetti Computing, Inc. will post -0.34 earnings per share for the current year.

Insider Buying and Selling at Rigetti Computing

In related news, CFO Jeffrey A. Bertelsen sold 3,919 shares of the stock in a transaction that occurred on Wednesday, August 20th. The shares were sold at an average price of $14.84, for a total transaction of $58,157.96. Following the completion of the sale, the chief financial officer directly owned 183,581 shares of the company's stock, valued at $2,724,342.04. This represents a 2.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Michael S. Clifton sold 25,000 shares of the stock in a transaction that occurred on Wednesday, July 16th. The shares were sold at an average price of $15.00, for a total transaction of $375,000.00. Following the sale, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold 113,694 shares of company stock valued at $1,698,130 in the last ninety days. Company insiders own 1.90% of the company's stock.

Institutional Investors Weigh In On Rigetti Computing

Several hedge funds have recently made changes to their positions in the company. Harel Insurance Investments & Financial Services Ltd. lifted its position in shares of Rigetti Computing by 20.0% in the 2nd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 6,000 shares of the company's stock valued at $71,000 after acquiring an additional 1,000 shares in the last quarter. IFP Advisors Inc increased its stake in Rigetti Computing by 146.1% in the 2nd quarter. IFP Advisors Inc now owns 2,190 shares of the company's stock valued at $26,000 after buying an additional 1,300 shares during the period. California State Teachers Retirement System increased its stake in Rigetti Computing by 12.7% in the 4th 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 during the period. Stratos Wealth Partners LTD. increased its stake in Rigetti Computing by 9.8% in the 2nd quarter. Stratos Wealth Partners LTD. now owns 15,048 shares of the company's stock valued at $178,000 after buying an additional 1,342 shares during the period. Finally, Center for Financial Planning Inc. increased its stake in Rigetti Computing by 35.5% in the 2nd quarter. Center for Financial Planning Inc. now owns 5,137 shares of the company's stock valued at $61,000 after buying an additional 1,345 shares during the period. Hedge funds and other institutional investors 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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