Rigetti Computing (NASDAQ:RGTI) Trading Down 1.7% – Here’s Why

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) dropped 1.7% on Monday . The company traded as low as $10.65 and last traded at $11.03. Approximately 50,684,902 shares were traded during trading, an increase of 11% from the average daily volume of 45,823,638 shares. The stock had previously closed at $11.22.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on RGTI. Needham & Company LLC reaffirmed a “buy” rating and issued a $17.00 price objective on shares of Rigetti Computing in a research report on Thursday, March 6th. Benchmark reiterated a “buy” rating and issued a $14.00 price objective on shares of Rigetti Computing in a research note on Thursday, March 6th. Alliance Global Partners reiterated a “buy” rating on shares of Rigetti Computing in a research report on Thursday, March 6th. B. Riley increased their price target 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 began coverage on shares of Rigetti Computing in a research report on Friday, December 20th. They set a “buy” rating and a $12.00 price objective for the company. Five analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $14.50.

Rigetti Computing Stock Performance

The stock has a 50-day moving average price of $11.11 and a 200 day moving average price of $6.20. The firm has a market capitalization of $3.14 billion, a price-to-earnings ratio of -28.88 and a beta of 1.36. The company has a quick ratio of 4.84, a current ratio of 4.84 and a debt-to-equity ratio of 0.02.

Rigetti Computing (NASDAQ:RGTI) last announced its quarterly earnings data on Wednesday, March 5th. The company reported ($0.08) earnings per share for the quarter, meeting 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 net margin of 509.58% and a negative return on equity of 51.56%. During the same period last year, the business earned ($0.04) EPS. On average, analysts forecast that Rigetti Computing, Inc. will post -0.34 EPS for the current year.

Insider Activity

In other news, CTO David Rivas sold 351,785 shares of Rigetti Computing stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $7.76, for a total value of $2,729,851.60. Following the transaction, the chief technology officer now directly 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 position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 2.81% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. Signaturefd LLC purchased a new position in Rigetti Computing during the 4th quarter valued at about $25,000. EverSource Wealth Advisors LLC purchased a new position in Rigetti Computing during the fourth quarter worth $28,000. Tucker Asset Management LLC acquired a new position in shares of Rigetti Computing in the fourth quarter worth $32,000. Spire Wealth Management purchased a new stake in shares of Rigetti Computing in the fourth quarter valued at $46,000. Finally, Orion Capital Management LLC purchased a new stake in Rigetti Computing during the 4th quarter worth about $46,000. 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.