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

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) were down 4% on Wednesday . The company traded as low as $8.18 and last traded at $8.28. Approximately 5,068,518 shares were traded during trading, a decline of 90% from the average daily volume of 48,583,226 shares. The stock had previously closed at $8.62.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. B. Riley boosted their target price on shares of Rigetti Computing from $8.50 to $15.00 and gave the stock a “buy” rating in a report on Friday, February 14th. Craig Hallum started coverage on shares of Rigetti Computing in a research report on Friday, December 20th. They set a “buy” rating and a $12.00 target price for the company. Benchmark reaffirmed a “buy” rating and issued a $14.00 price target on shares of Rigetti Computing in a report on Thursday, March 6th. Alliance Global Partners reiterated a “buy” rating on shares of Rigetti Computing in a research note on Thursday, March 6th. Finally, Needham & Company LLC restated a “buy” rating and set a $17.00 price target on shares of Rigetti Computing in a research note on Thursday, March 6th. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Rigetti Computing presently has a consensus rating of “Buy” and a consensus price target of $14.50.

Rigetti Computing Stock Down 6.4 %

The company has a quick ratio of 4.84, a current ratio of 4.84 and a debt-to-equity ratio of 0.02. The company’s 50 day moving average price is $9.44 and its 200 day moving average price is $7.47. The firm has a market capitalization of $2.31 billion, a price-to-earnings ratio of -21.24 and a beta of 1.41.

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

Insider Buying and Selling at Rigetti Computing

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 directly owns 1,094,738 shares in the company, valued at $8,495,166.88. The trade was a 24.32 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 2.81% of the company’s stock.

Hedge Funds Weigh In On Rigetti Computing

Several institutional investors and hedge funds have recently modified their holdings of the stock. Charles Schwab Investment Management Inc. lifted its holdings in Rigetti Computing by 14.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,149,934 shares of the company’s stock valued at $901,000 after acquiring an additional 144,742 shares during the period. State Street Corp grew its holdings in Rigetti Computing by 12.9% in the third quarter. State Street Corp now owns 2,715,223 shares of the company’s stock valued at $2,126,000 after purchasing an additional 309,831 shares during the period. Jane Street Group LLC increased its position in shares of Rigetti Computing by 23.8% in the third quarter. Jane Street Group LLC now owns 244,496 shares of the company’s stock valued at $191,000 after buying an additional 47,013 shares in the last quarter. Barclays PLC raised its stake in shares of Rigetti Computing by 275.6% during the 3rd quarter. Barclays PLC now owns 185,959 shares of the company’s stock worth $145,000 after buying an additional 136,443 shares during the period. Finally, Geode Capital Management LLC lifted its position in shares of Rigetti Computing by 20.6% during the 3rd quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company’s stock valued at $2,837,000 after buying an additional 617,506 shares in the last quarter. Institutional investors and hedge funds 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.