Rigetti Computing (NASDAQ:RGTI) Trading Down 4% - What's Next?

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) shares fell 4% on Wednesday . The stock traded as low as $8.18 and last traded at $8.28. 5,068,518 shares were traded during mid-day trading, a decline of 90% from the average session volume of 48,583,226 shares. The stock had previously closed at $8.62.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on RGTI shares. Alliance Global Partners restated a "buy" rating on shares of Rigetti Computing in a research note on Thursday, March 6th. B. Riley lifted their price objective on shares of Rigetti Computing from $8.50 to $15.00 and gave the company a "buy" rating in a research note on Friday, February 14th. Benchmark reaffirmed a "buy" rating and issued a $14.00 price target on shares of Rigetti Computing in a report on Thursday, March 6th. Finally, Needham & Company LLC reiterated a "buy" rating and set a $17.00 price objective on shares of Rigetti Computing in a research note on Thursday, March 6th. Five equities research 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 $14.50.

Rigetti Computing Stock Performance

The stock has a market capitalization of $2.38 billion, a P/E ratio of -21.89 and a beta of 1.41. The company's fifty day simple moving average is $9.22 and its 200 day simple moving average is $7.63. The company has a current ratio of 4.84, a quick ratio of 4.84 and a debt-to-equity ratio of 0.02.

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

Insider Transactions at Rigetti Computing

In other Rigetti Computing news, CTO David Rivas sold 351,785 shares of Rigetti Computing stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $7.76, for a total transaction of $2,729,851.60. Following the completion of the sale, the chief technology officer now owns 1,094,738 shares of the company's stock, valued at $8,495,166.88. The trade was a 24.32 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 2.81% of the company's stock.

Institutional Trading of Rigetti Computing

Hedge funds and other institutional investors have recently bought and sold shares of the company. Janney Montgomery Scott LLC bought a new stake in shares of Rigetti Computing in the 1st quarter worth approximately $206,000. Trust Co. of Toledo NA OH bought a new position in shares of Rigetti Computing during the first quarter valued at about $165,000. Wealth Enhancement Advisory Services LLC purchased a new position in shares of Rigetti Computing in the first quarter worth about $126,000. GAMMA Investing LLC lifted its stake in shares of 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 during the last quarter. Finally, Toth Financial Advisory Corp purchased a new stake in Rigetti Computing during the 1st quarter valued at about $273,000. Hedge funds and other institutional investors own 35.38% of the company's stock.

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.