Rigetti Computing (NASDAQ:RGTI) Stock Price Down 2.9% – What’s Next?

Rigetti Computing, Inc. (NASDAQ:RGTI) shares dropped 2.9% during mid-day trading on Thursday . The stock traded as low as $11.10 and last traded at $11.48. Approximately 13,081,862 shares changed hands during mid-day trading, a decline of 76% from the average daily volume of 55,205,771 shares. The stock had previously closed at $11.82.

Analyst Upgrades and Downgrades

RGTI has been the subject of several recent analyst reports. Alliance Global Partners reaffirmed a “buy” rating on shares of Rigetti Computing in a research report on Thursday, March 6th. Benchmark reaffirmed a “buy” rating and issued a $14.00 price target on shares of Rigetti Computing in a research report on Thursday, May 15th. B. Riley lifted 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, Needham & Company LLC decreased their target price on Rigetti Computing from $17.00 to $15.00 and set a “buy” rating for the company in a research report on Wednesday, May 14th. Five analysts have rated the stock with a buy rating, According to MarketBeat, Rigetti Computing currently has an average rating of “Buy” and an average price target of $14.00.

Rigetti Computing Stock Up 3.6%

The stock has a market cap of $3.27 billion, a PE ratio of -29.68 and a beta of 1.50. 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’s 50-day moving average price is $10.27 and its 200 day moving average price is $9.96.

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). The company had revenue of $2.27 million during 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 in the prior year, the firm posted ($0.04) EPS. As a group, analysts forecast 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 the firm’s stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $7.76, for a total value of $2,729,851.60. Following the completion of the sale, the chief technology officer now directly owns 1,094,738 shares in the company, valued at $8,495,166.88. This trade represents a 24.32% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 1.90% of the company’s stock.

Institutional Trading of Rigetti Computing

A number of hedge funds and other institutional investors have recently bought and sold shares of RGTI. California State Teachers Retirement System raised its holdings in shares of Rigetti Computing by 12.7% in the fourth quarter. California State Teachers Retirement System now owns 11,551 shares of the company’s stock valued at $176,000 after acquiring an additional 1,301 shares in the last quarter. US Bancorp DE raised its holdings in shares of Rigetti Computing by 29.4% in the first quarter. US Bancorp DE now owns 6,248 shares of the company’s stock valued at $49,000 after acquiring an additional 1,420 shares in the last quarter. Allworth Financial LP raised its holdings in shares of Rigetti Computing by 14.9% in the fourth quarter. Allworth Financial LP now owns 11,604 shares of the company’s stock valued at $161,000 after acquiring an additional 1,504 shares in the last quarter. Signaturefd LLC bought a new stake in shares of Rigetti Computing in the fourth quarter valued at about $25,000. Finally, Amalgamated Bank raised its holdings in shares of Rigetti Computing by 33.1% in the first quarter. Amalgamated Bank now owns 6,516 shares of the company’s stock valued at $52,000 after acquiring an additional 1,622 shares in the last quarter. Hedge funds and other institutional investors 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.