Rigetti Computing (NASDAQ:RGTI) Stock Price Down 14.3% – What’s Next?

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) were down 14.3% during trading on Monday . The stock traded as low as $7.94 and last traded at $8.02. Approximately 26,594,862 shares were traded during mid-day trading, a decline of 40% from the average daily volume of 44,441,393 shares. The stock had previously closed at $9.35.

Wall Street Analysts Forecast Growth

RGTI has been the topic of several analyst reports. B. Riley boosted their price target on shares of Rigetti Computing from $8.50 to $15.00 and gave the company 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 report on Thursday. Alliance Global Partners reaffirmed a “buy” rating on shares of Rigetti Computing in a report on Thursday. Craig Hallum assumed coverage on Rigetti Computing in a research report on Friday, December 20th. They issued a “buy” rating and a $12.00 price target on the stock. Finally, Benchmark reissued a “buy” rating and set a $14.00 price objective on shares of Rigetti Computing in a report on Thursday. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $14.50.

Rigetti Computing Stock Down 15.4 %

The firm has a fifty day moving average price of $11.94 and a 200 day moving average price of $5.92. The company has a quick ratio of 4.84, a current ratio of 4.84 and a debt-to-equity ratio of 0.02. The company has a market cap of $1.52 billion, a P/E ratio of -20.82 and a beta of 1.36.

Rigetti Computing (NASDAQ:RGTI) last posted its quarterly earnings data on Wednesday, March 5th. The company reported ($0.08) earnings per share 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 quarter in the previous year, the company posted ($0.04) EPS. Equities research analysts forecast that Rigetti Computing, Inc. will post -0.34 earnings per share for the current year.

Institutional Trading of Rigetti Computing

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Mackenzie Financial Corp bought a new position in shares of Rigetti Computing in the 4th quarter valued at about $168,000. Fourth Dimension Wealth LLC bought a new position in Rigetti Computing in the fourth quarter valued at approximately $99,000. Orion Capital Management LLC bought a new position in Rigetti Computing in the fourth quarter valued at approximately $46,000. Soviero Asset Management LP acquired a new stake in Rigetti Computing during the 4th quarter worth $3,205,000. Finally, Squarepoint Ops LLC bought a new stake in shares of Rigetti Computing during the 4th quarter valued at $2,892,000. 35.38% of the stock is currently owned by institutional investors and hedge funds.

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.