Rigetti Computing (NASDAQ:RGTI) Shares Down 3.4% – Here’s What Happened

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price traded down 3.4% on Wednesday . The company traded as low as $9.90 and last traded at $9.92. 20,434,672 shares changed hands during trading, a decline of 56% from the average session volume of 46,130,573 shares. The stock had previously closed at $10.26.

Wall Street Analysts Forecast Growth

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

Rigetti Computing Trading Down 3.3 %

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 $2.48 billion, a P/E ratio of -22.62 and a beta of 1.36. The stock has a fifty day moving average of $10.75 and a 200 day moving average of $6.38.

Rigetti Computing (NASDAQ:RGTI) last released its earnings results on Wednesday, March 5th. The company reported ($0.08) earnings per share (EPS) for the quarter, hitting 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 company had revenue of $2.27 million during the quarter, compared to analyst estimates of $2.40 million. During the same period in the prior year, the firm posted ($0.04) EPS. As a group, equities research analysts anticipate that Rigetti Computing, Inc. will post -0.34 EPS for the current fiscal year.

Insider Activity

In related news, CTO David Rivas sold 351,785 shares of Rigetti Computing stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $7.76, for a total transaction of $2,729,851.60. Following the sale, the chief technology officer now owns 1,094,738 shares of the company’s stock, valued at approximately $8,495,166.88. This trade represents a 24.32 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 2.81% of the company’s stock.

Institutional Investors Weigh In On Rigetti Computing

A number of institutional investors have recently added to or reduced their stakes in RGTI. Charles Schwab Investment Management Inc. boosted its position in shares of Rigetti Computing by 14.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,149,934 shares of the company’s stock worth $901,000 after acquiring an additional 144,742 shares during the last quarter. Penserra Capital Management LLC lifted its stake in Rigetti Computing by 9.8% in the 3rd quarter. Penserra Capital Management LLC now owns 4,553,633 shares of the company’s stock worth $3,565,000 after purchasing an additional 407,389 shares in the last quarter. State Street Corp boosted its holdings in shares of Rigetti Computing by 12.9% during the 3rd 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 last quarter. Jane Street Group LLC boosted its holdings in shares of Rigetti Computing by 23.8% during the 3rd quarter. Jane Street Group LLC now owns 244,496 shares of the company’s stock valued at $191,000 after purchasing an additional 47,013 shares during the last quarter. Finally, Barclays PLC grew its position in shares of Rigetti Computing by 275.6% during the third quarter. Barclays PLC now owns 185,959 shares of the company’s stock valued at $145,000 after purchasing an additional 136,443 shares in the last quarter. 35.38% of the stock is owned by hedge funds and other institutional investors.

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.