Rigetti Computing (NASDAQ:RGTI) Trading Down 3.5% - Here's What Happened

Key Points

• Rigetti Computing's stock (NASDAQ:RGTI) experienced a decline of 3.5% on Friday, trading as low as $14.48 and closing at $14.59, with trading volume significantly down to 13,625,826 shares.
• Analysts have a generally positive outlook on Rigetti, with six analysts rating the stock as a "Buy" and setting a consensus price target of $17.43, while individual price targets range as high as $20.00.
• Rigetti's recent quarterly earnings report showed a small beat of analysts' expectations, reporting a loss of $0.05 per share against a forecast of $0.06, despite revenue falling short of expectations at $1.80 million.

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) shares were down 3.5% on Friday . The stock traded as low as $14.48 and last traded at $14.59. Approximately 13,625,826 shares were traded during trading, a decline of 80% from the average daily volume of 68,121,773 shares. The stock had previously closed at $15.12.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on RGTI shares. Needham & Company LLC raised their price objective on shares of Rigetti Computing from $15.00 to $18.00 and gave the company a "buy" rating in a research report on Monday, August 4th. Benchmark raised their price objective on shares of Rigetti Computing from $14.00 to $20.00 and gave the stock a "buy" rating in a research note on Wednesday, August 13th. Williams Trading set a $20.00 target price on shares of Rigetti Computing in a research note on Wednesday, August 13th. Cantor Fitzgerald initiated coverage on Rigetti Computing in a research report on Wednesday, July 2nd. They issued an "overweight" rating and a $15.00 price objective for the company. Finally, Industrial Alliance Securities set a $18.00 price objective on shares of Rigetti Computing in a research note on Wednesday, July 16th. Six analysts have rated the stock with a Buy rating, Based on data from MarketBeat, Rigetti Computing presently has an average rating of "Buy" and a consensus price target of $17.43.

Rigetti Computing Trading Down 0.1%

The business's 50-day moving average is $14.93 and its two-hundred day moving average is $11.77. The firm has a market cap of $4.89 billion, a P/E ratio of -19.87 and a beta of 1.44.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last announced its quarterly earnings data on Tuesday, August 12th. The company reported ($0.05) earnings per share for the quarter, beating 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 the consensus estimate of $1.87 million. On average, analysts anticipate that Rigetti Computing, Inc. will post -0.34 earnings per share for the current year.

Insider Activity

In other Rigetti Computing news, CTO David Rivas sold 44,355 shares of the company's stock in a transaction dated Wednesday, August 20th. The shares were 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 owned 730,568 shares in the company, valued at approximately $10,848,934.80. This represents a 5.72% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Ray O. Johnson sold 40,420 shares of the company's stock in a transaction dated Wednesday, July 16th. The stock was sold at an average price of $15.00, for a total transaction of $606,300.00. Following the completion of the transaction, the director owned 419,756 shares of the company's stock, valued at approximately $6,296,340. This trade represents a 8.78% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 113,694 shares of company stock worth $1,698,130 in the last quarter. Company insiders own 1.90% of the company's stock.

Institutional Trading of Rigetti Computing

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its position in shares of Rigetti Computing by 20.7% in the 1st quarter. Vanguard Group Inc. now owns 14,177,119 shares of the company's stock valued at $112,283,000 after acquiring an additional 2,430,758 shares in the last quarter. State Street Corp grew its stake in Rigetti Computing by 12.0% in the 2nd quarter. State Street Corp now owns 8,853,006 shares of the company's stock valued at $104,997,000 after buying an additional 946,850 shares during the last quarter. Marex Group plc bought a new stake in Rigetti Computing in the 2nd quarter valued at $87,414,000. Geode Capital Management LLC lifted its holdings in shares of Rigetti Computing by 22.9% during the 2nd quarter. Geode Capital Management LLC now owns 6,484,155 shares of the company's stock worth $76,910,000 after acquiring an additional 1,206,925 shares during the period. Finally, UNICOM Systems Inc. increased its position in shares of Rigetti Computing by 1,235.8% during the 1st quarter. UNICOM Systems Inc. now owns 3,806,935 shares of the company's stock worth $30,151,000 after purchasing an additional 3,521,935 shares in the last quarter. 35.38% of the stock is 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.

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