Rigetti Computing (NASDAQ:RGTI) Shares Down 2.7% - Here's What Happened

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) dropped 2.7% on Wednesday . The company traded as low as $11.50 and last traded at $11.59. Approximately 30,102,347 shares were traded during trading, a decline of 43% from the average daily volume of 52,752,162 shares. The stock had previously closed at $11.92.

Analyst Ratings Changes

Several analysts have recently issued reports on RGTI shares. Alliance Global Partners reaffirmed 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 target on shares of Rigetti Computing in a research report on Thursday, May 15th. B. Riley increased their price target on Rigetti Computing from $8.50 to $15.00 and gave the company a "buy" rating in a research note on Friday, February 14th. Finally, Needham & Company LLC reduced their price objective on Rigetti Computing from $17.00 to $15.00 and set a "buy" rating for the company in a research note on Wednesday, May 14th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Rigetti Computing currently has an average rating of "Buy" and a consensus target price of $14.00.

Rigetti Computing Price Performance

The stock has a market capitalization of $4.07 billion, a price-to-earnings ratio of -36.89 and a beta of 1.41. The company has a 50 day moving average of $9.53 and a 200 day moving average of $9.25. The company has a quick ratio of 4.84, a current ratio of 4.84 and a debt-to-equity ratio of 0.02.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last posted its quarterly earnings results on Wednesday, March 5th. The company reported ($0.08) earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of ($0.08). Rigetti Computing had a negative return on equity of 51.56% and a negative net margin of 509.58%. The firm had revenue of $2.27 million during the quarter, compared to the consensus estimate of $2.40 million. During the same quarter in the previous year, the business earned ($0.04) earnings per share. As a group, equities research analysts forecast that Rigetti Computing, Inc. will post -0.34 EPS for the current fiscal year.

Insider Activity at Rigetti Computing

In related news, CTO David Rivas sold 351,785 shares of the firm's stock in a transaction that occurred 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 sale, the chief technology officer now owns 1,094,738 shares of the company's stock, valued at approximately $8,495,166.88. This trade represents a 24.32% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 1.90% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Rigetti Computing

Several hedge funds have recently modified their holdings of the company. California State Teachers Retirement System boosted its stake 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 worth $176,000 after acquiring an additional 1,301 shares in the last quarter. US Bancorp DE boosted its stake in shares of Rigetti Computing by 29.4% during the 1st quarter. US Bancorp DE now owns 6,248 shares of the company's stock worth $49,000 after acquiring an additional 1,420 shares in the last quarter. Allworth Financial LP boosted its stake 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 worth $161,000 after acquiring an additional 1,504 shares in the last quarter. Signaturefd LLC bought a new stake in shares of Rigetti Computing during the 4th quarter worth $25,000. Finally, Amalgamated Bank boosted its stake 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 acquiring an additional 1,622 shares in the last quarter. 35.38% of the stock is currently owned by institutional investors and hedge funds.

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.