Rigetti Computing (NASDAQ:RGTI) Stock Price Down 3.5% – Here’s Why

Rigetti Computing, Inc. (NASDAQ:RGTI)’s stock price dropped 3.5% during mid-day trading on Wednesday . The company traded as low as $9.55 and last traded at $9.48. Approximately 22,144,306 shares traded hands during mid-day trading, a decline of 53% from the average daily volume of 46,959,070 shares. The stock had previously closed at $9.82.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. Craig Hallum initiated coverage on Rigetti Computing in a research report on Friday, December 20th. They set a “buy” rating and a $12.00 price target for the company. B. Riley upped 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. Needham & Company LLC reissued a “buy” rating and issued a $17.00 price target on shares of Rigetti Computing in a research note on Thursday, March 6th. Benchmark restated a “buy” rating and set a $14.00 price target on shares of Rigetti Computing in a research report on Thursday, March 6th. Finally, Alliance Global Partners reiterated a “buy” rating on shares of Rigetti Computing in a report on Thursday, March 6th. Five analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $14.50.

Rigetti Computing Stock Performance

The firm has a fifty day moving average price of $10.76 and a 200 day moving average price of $6.68. 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 has a market cap of $2.33 billion, a PE ratio of -21.45 and a beta of 1.36.

Rigetti Computing (NASDAQ:RGTI) last released its quarterly earnings data on Wednesday, March 5th. The company reported ($0.08) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.08). The firm had revenue of $2.27 million during the quarter, compared to analysts’ expectations 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) earnings per share. As a group, equities research analysts expect that Rigetti Computing, Inc. will post -0.34 earnings per share for the current fiscal year.

Insider Activity

In related news, CTO David Rivas sold 351,785 shares of the firm’s stock in a transaction dated 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 completion of the sale, the chief technology officer now directly 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 hyperlink. Corporate insiders own 2.81% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of RGTI. Wellington Management Group LLP acquired a new position in shares of Rigetti Computing in the 4th quarter worth approximately $2,876,000. California State Teachers Retirement System lifted its stake in Rigetti Computing by 12.7% during the fourth quarter. California State Teachers Retirement System now owns 11,551 shares of the company’s stock worth $176,000 after purchasing an additional 1,301 shares in the last quarter. Mackenzie Financial Corp purchased a new position in shares of Rigetti Computing during the fourth quarter worth $168,000. Fourth Dimension Wealth LLC purchased a new position in shares of Rigetti Computing during the fourth quarter worth $99,000. Finally, Orion Capital Management LLC acquired a new stake in shares of Rigetti Computing in the fourth quarter valued at $46,000. Hedge funds and other institutional investors 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.