Rigetti Computing (NASDAQ:RGTI) Shares Down 3.9% – Here’s Why

Rigetti Computing, Inc. (NASDAQ:RGTI) shares were down 3.9% during trading on Thursday . The company traded as low as $9.30 and last traded at $9.52. Approximately 19,759,188 shares were traded during mid-day trading, a decline of 57% from the average daily volume of 46,271,920 shares. The stock had previously closed at $9.91.

Wall Street Analysts Forecast Growth

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

Rigetti Computing Stock Performance

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 firm has a market cap of $2.59 billion, a P/E ratio of -23.87 and a beta of 1.36. The company’s 50 day moving average is $10.75 and its 200 day moving average is $6.44.

Rigetti Computing (NASDAQ:RGTI) last announced its quarterly 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 the consensus estimate of $2.40 million. During the same period in the prior year, the business earned ($0.04) earnings per share. As a group, equities analysts predict that Rigetti Computing, Inc. will post -0.34 earnings per share for the current fiscal year.

Insider Buying and Selling at Rigetti Computing

In other news, CTO David Rivas sold 351,785 shares of the firm’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 of the company’s stock, valued at approximately $8,495,166.88. This trade represents a 24.32 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 2.81% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Signaturefd LLC bought a new position in shares of Rigetti Computing during the fourth quarter worth about $25,000. EverSource Wealth Advisors LLC bought a new stake in shares of Rigetti Computing during the 4th quarter valued at about $28,000. Tucker Asset Management LLC acquired a new stake in Rigetti Computing during the fourth quarter worth approximately $32,000. Spire Wealth Management bought a new stake in Rigetti Computing in the fourth quarter worth approximately $46,000. Finally, Orion Capital Management LLC acquired a new position in Rigetti Computing in the fourth quarter valued at approximately $46,000. 35.38% of the stock is owned by institutional investors and hedge funds.

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.