Rigetti Computing (NASDAQ:RGTI) Trading Down 2% – What’s Next?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price fell 2% during trading on Tuesday . The stock traded as low as $9.52 and last traded at $9.58. 14,366,690 shares were traded during trading, a decline of 87% from the average session volume of 114,176,984 shares. The stock had previously closed at $9.78.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Needham & Company LLC reiterated a “buy” rating and issued a $17.00 price objective on shares of Rigetti Computing in a research report on Thursday, March 6th. Alliance Global Partners reaffirmed a “buy” rating on shares of Rigetti Computing in a report on Thursday, March 6th. B. Riley boosted their price target 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. Craig Hallum started coverage on shares of Rigetti Computing in a research report on Friday, December 20th. They issued a “buy” rating and a $12.00 price objective for the company. Finally, Benchmark reaffirmed a “buy” rating and issued a $14.00 price objective on shares of Rigetti Computing in a report on Thursday, March 6th. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $14.50.

Rigetti Computing Stock Up 0.4 %

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 has a market capitalization of $2.81 billion, a PE ratio of -26.12 and a beta of 1.36. The firm’s 50-day simple moving average is $10.83 and its 200 day simple moving average is $6.58.

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

Insider Transactions 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 completion of the transaction, the chief technology officer now directly 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 position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 2.81% of the company’s stock.

Institutional Trading of Rigetti Computing

Large investors have recently bought and sold shares of the company. California State Teachers Retirement System boosted its position in shares of Rigetti Computing by 12.7% in the 4th quarter. California State Teachers Retirement System now owns 11,551 shares of the company’s stock worth $176,000 after buying an additional 1,301 shares in the last quarter. Allworth Financial LP raised its position in Rigetti Computing by 14.9% during the fourth quarter. Allworth Financial LP now owns 11,604 shares of the company’s stock worth $161,000 after acquiring an additional 1,504 shares during the last quarter. Signaturefd LLC purchased a new stake in shares of Rigetti Computing in the fourth quarter valued at about $25,000. Legal & General Group Plc grew its position in shares of Rigetti Computing by 14.9% in the fourth quarter. Legal & General Group Plc now owns 14,051 shares of the company’s stock valued at $214,000 after purchasing an additional 1,817 shares during the last quarter. Finally, EverSource Wealth Advisors LLC purchased a new position in shares of Rigetti Computing during the 4th quarter worth approximately $28,000. Institutional investors and hedge funds own 35.38% of the company’s stock.

Rigetti Computing Company Profile

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.