Rigetti Computing (NASDAQ:RGTI) Trading Down 2.9% - What's Next?

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report)'s share price dropped 2.9% during trading on Thursday . The company traded as low as $11.10 and last traded at $11.48. Approximately 13,081,862 shares traded hands during mid-day trading, a decline of 76% from the average daily volume of 55,205,771 shares. The stock had previously closed at $11.82.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on RGTI shares. Needham & Company LLC cut their target price on shares of Rigetti Computing from $17.00 to $15.00 and set a "buy" rating for the company in a research report on Wednesday, May 14th. Alliance Global Partners reaffirmed a "buy" rating on shares of Rigetti Computing in a research report on Thursday, March 6th. Benchmark reaffirmed a "buy" rating and issued a $14.00 target price on shares of Rigetti Computing in a research report on Thursday, May 15th. Finally, B. Riley boosted their price objective on shares of Rigetti Computing from $8.50 to $15.00 and gave the company a "buy" rating in a research report on Friday, February 14th. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has a consensus rating of "Buy" and an average price target of $14.00.

Rigetti Computing Trading Up 7.3%

The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.84 and a current ratio of 4.84. The company's fifty day simple moving average is $10.20 and its 200-day simple moving average is $9.90. The company has a market capitalization of $3.39 billion, a P/E ratio of -30.75 and a beta of 1.50.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last issued its earnings results on Wednesday, March 5th. The company reported ($0.08) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.08). The company had revenue of $2.27 million for the quarter, compared to analysts' expectations of $2.40 million. Rigetti Computing had a negative net margin of 509.58% and a negative return on equity of 51.56%. During the same period in the prior year, the business earned ($0.04) EPS. Research analysts predict that Rigetti Computing, Inc. will post -0.34 earnings per share for the current year.

Insider Buying and Selling

In related news, CTO David Rivas sold 351,785 shares of the business's stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $7.76, for a total transaction of $2,729,851.60. Following the completion of the transaction, the chief technology officer now owns 1,094,738 shares in the company, valued at $8,495,166.88. The trade was a 24.32% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 1.90% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Rigetti Computing

Several hedge funds and other institutional investors have recently modified their holdings of RGTI. Spire Wealth Management purchased a new position in shares of Rigetti Computing in the 4th quarter valued at approximately $46,000. Stephens Inc. AR acquired a new stake in shares of Rigetti Computing in the fourth quarter worth $229,000. Activest Wealth Management acquired a new stake in shares of Rigetti Computing in the fourth quarter worth $52,000. UNICOM Systems Inc. acquired a new stake in shares of Rigetti Computing in the fourth quarter worth $4,349,000. Finally, Pathway Financial Advisers LLC acquired a new stake in shares of Rigetti Computing in the fourth quarter worth $197,000. 35.38% of the stock is owned by hedge funds and other institutional investors.

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.