Rigetti Computing (NASDAQ:RGTI) Shares Down 4.6% - Here's Why

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) shares dropped 4.6% during trading on Thursday . The company traded as low as $13.41 and last traded at $13.51. Approximately 23,258,772 shares traded hands during trading, a decline of 57% from the average daily volume of 54,520,798 shares. The stock had previously closed at $14.16.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the company. Needham & Company LLC decreased their price target 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. Alliance Global Partners reiterated a "buy" rating on shares of Rigetti Computing in a research note on Thursday, March 6th. Benchmark restated a "buy" rating and issued a $14.00 price target on shares of Rigetti Computing in a 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 stock a "buy" rating in a research note on Friday, February 14th. Five research analysts have rated the stock with a buy rating, According to MarketBeat.com, Rigetti Computing presently has an average rating of "Buy" and a consensus target price of $14.00.

Rigetti Computing Trading Down 7.5%

The stock has a 50-day simple moving average of $9.94 and a 200 day simple moving average of $9.67. The company has a current ratio of 4.84, a quick ratio of 4.84 and a debt-to-equity ratio of 0.02. The company has a market cap of $3.53 billion, a price-to-earnings ratio of -32.00 and a beta of 1.41.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last released its earnings results on Wednesday, March 5th. The company reported ($0.08) EPS for the quarter, hitting analysts' consensus estimates of ($0.08). The firm had revenue of $2.27 million during the quarter, compared to the consensus estimate 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 quarter in the previous year, the company posted ($0.04) earnings per share. As a group, equities research analysts predict that Rigetti Computing, Inc. will post -0.34 EPS for the current fiscal year.

Insider Buying and Selling at Rigetti Computing

In related news, CTO David Rivas sold 351,785 shares of the firm's stock in a transaction 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 of the company's stock, valued at $8,495,166.88. This trade represents 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. Company insiders own 1.90% of the company's stock.

Institutional Investors Weigh In On Rigetti Computing

Hedge funds have recently added to or reduced their stakes in the business. Steward Partners Investment Advisory LLC acquired a new position in shares of Rigetti Computing in the 4th quarter valued at about $83,000. Stephens Inc. AR purchased a new position in Rigetti Computing during the fourth quarter valued at approximately $229,000. JPMorgan Chase & Co. lifted its holdings in Rigetti Computing by 3,295.7% in the fourth quarter. JPMorgan Chase & Co. now owns 2,117,563 shares of the company's stock valued at $32,314,000 after acquiring an additional 2,055,203 shares during the period. The Manufacturers Life Insurance Company purchased a new stake in Rigetti Computing in the 4th quarter worth approximately $848,000. Finally, Jones Financial Companies Lllp purchased a new stake in Rigetti Computing in the 4th quarter worth approximately $50,000. 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.