Rigetti Computing (NASDAQ:RGTI) Trading Down 1.9% - Here's What Happened

Key Points

• Rigetti Computing's shares fell by 1.9%, trading between $38.70 and $38.84, with a notable increase in trading volume of 16% compared to average session volume.
• Several brokerages have set price targets for Rigetti, with B. Riley increasing its target to $35.00 and Benchmark raising it to $50.00, while six analysts rate the stock as a "Buy."
• The company reported a quarterly EPS of ($0.05), beating estimates but had revenue of $1.80 million, below the $1.87 million expected, indicating ongoing financial challenges.

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) fell 1.9% during trading on Friday . The company traded as low as $38.70 and last traded at $38.84. 87,014,719 shares were traded during mid-day trading, an increase of 16% from the average session volume of 75,052,102 shares. The stock had previously closed at $39.60.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on RGTI. B. Riley lifted their price objective on Rigetti Computing from $19.00 to $35.00 and gave the stock a "buy" rating in a research report on Monday, September 22nd. Benchmark boosted their target price on Rigetti Computing from $20.00 to $50.00 and gave the stock a "buy" rating in a research report on Tuesday, October 7th. Cantor Fitzgerald began coverage on Rigetti Computing in a research note on Wednesday, July 2nd. They issued an "overweight" rating and a $15.00 price target for the company. Williams Trading set a $50.00 price objective on shares of Rigetti Computing in a research note on Tuesday, October 7th. Finally, Weiss Ratings reissued a "sell (e+)" rating on shares of Rigetti Computing in a research note on Wednesday, October 8th. Six equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $28.29.

Rigetti Computing Trading Down 1.9%

The firm's 50 day moving average is $28.11 and its two-hundred day moving average is $17.67. The firm has a market cap of $12.59 billion, a P/E ratio of -51.11 and a beta of 1.60.

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 (EPS) for the quarter, beating the consensus estimate of ($0.06) by $0.01. Rigetti Computing had a negative return on equity of 29.05% and a negative net margin of 2,134.92%.The business had revenue of $1.80 million during the quarter, compared to analyst estimates of $1.87 million. Analysts predict that Rigetti Computing, Inc. will post -0.34 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CTO David Rivas sold 44,355 shares of the business's stock in a transaction that occurred on Wednesday, August 20th. The stock was sold at an average price of $14.85, for a total value of $658,671.75. Following the completion of the transaction, the chief technology officer directly owned 730,568 shares in the company, valued at approximately $10,848,934.80. The trade was a 5.72% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Thomas J. Iannotti sold 100,000 shares of the business's stock in a transaction that occurred on Friday, September 12th. The shares were sold at an average price of $19.50, for a total value of $1,950,000.00. Following the completion of the transaction, the director owned 14,902 shares of the company's stock, valued at $290,589. This represents a 87.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 454,204 shares of company stock worth $10,300,876 in the last three months. 1.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Rigetti Computing

Several institutional investors and hedge funds have recently modified their holdings of the business. GAMMA Investing LLC lifted its stake in Rigetti Computing by 1,813.0% in the 1st quarter. GAMMA Investing LLC now owns 3,233 shares of the company's stock valued at $26,000 after acquiring an additional 3,064 shares in the last quarter. IFP Advisors Inc lifted 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 acquiring an additional 1,300 shares in the last quarter. Quarry LP bought a new stake in Rigetti Computing in the 1st quarter valued at approximately $31,000. Armstrong Advisory Group Inc. lifted its stake in Rigetti Computing by 225.4% in the 2nd quarter. Armstrong Advisory Group Inc. now owns 2,974 shares of the company's stock valued at $35,000 after acquiring an additional 2,060 shares in the last quarter. Finally, Park Square Financial Group LLC bought a new stake in Rigetti Computing in the 1st quarter valued at approximately $40,000. 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.

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.