Rigetti Computing (NASDAQ:RGTI) Shares Down 4% – What’s Next?

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) dropped 4% on Thursday . The stock traded as low as $7.91 and last traded at $8.15. Approximately 11,641,892 shares changed hands during trading, a decline of 75% from the average daily volume of 47,495,205 shares. The stock had previously closed at $8.49.

Analysts Set New Price Targets

RGTI has been the subject of several recent analyst reports. Alliance Global Partners restated a “buy” rating on shares of Rigetti Computing in a research report on Thursday, March 6th. Needham & Company LLC restated a “buy” rating and set a $17.00 price target on shares of Rigetti Computing in a report on Thursday, March 6th. Benchmark reaffirmed a “buy” rating and set a $14.00 price target on shares of Rigetti Computing in a research report on Thursday, March 6th. B. Riley increased their price objective on Rigetti Computing from $8.50 to $15.00 and gave the stock a “buy” rating in a research report on Friday, February 14th. Finally, Craig Hallum started coverage on Rigetti Computing in a research report on Friday, December 20th. They issued a “buy” rating and a $12.00 target price on the stock. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $14.50.

Rigetti Computing Stock Performance

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 firm’s fifty day moving average price is $10.23 and its 200 day moving average price is $6.98. The stock has a market capitalization of $2.14 billion, a price-to-earnings ratio of -19.74 and a beta of 1.36.

Rigetti Computing (NASDAQ:RGTI) last announced its earnings results on Wednesday, March 5th. The company reported ($0.08) EPS for the quarter, meeting analysts’ consensus estimates of ($0.08). The company had revenue of $2.27 million during the quarter, compared to analysts’ expectations 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 last year, the business posted ($0.04) EPS. Analysts forecast that Rigetti Computing, Inc. will post -0.34 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CTO David Rivas sold 351,785 shares of the business’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 in the company, valued at approximately $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 accessible through the SEC website. Insiders own 2.81% of the company’s stock.

Institutional Investors Weigh In On Rigetti Computing

Several hedge funds and other institutional investors have recently made changes to their positions in RGTI. Vanguard Group Inc. boosted its holdings in shares of Rigetti Computing by 81.7% in the 4th quarter. Vanguard Group Inc. now owns 11,746,361 shares of the company’s stock valued at $179,249,000 after buying an additional 5,280,128 shares in the last quarter. Invesco Ltd. lifted its position in Rigetti Computing by 7,367.2% in the fourth quarter. Invesco Ltd. now owns 4,580,317 shares of the company’s stock valued at $69,896,000 after acquiring an additional 4,518,978 shares during the last quarter. JPMorgan Chase & Co. boosted its stake 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 in the last quarter. Nuveen Asset Management LLC grew its holdings in shares of Rigetti Computing by 418.6% during the fourth quarter. Nuveen Asset Management LLC now owns 999,617 shares of the company’s stock worth $15,254,000 after purchasing an additional 806,878 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in shares of Rigetti Computing by 20.6% during the third quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company’s stock worth $2,837,000 after purchasing an additional 617,506 shares in the last quarter. 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.