Rigetti Computing (NASDAQ:RGTI) Shares Down 5.4% – Here’s Why

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) were down 5.4% during mid-day trading on Friday . The company traded as low as $7.78 and last traded at $8.02. Approximately 12,685,142 shares were traded during trading, a decline of 73% from the average daily volume of 47,175,693 shares. The stock had previously closed at $8.47.

Analysts Set New Price Targets

Several equities analysts recently weighed in 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 objective for the company. Benchmark reiterated a “buy” rating and set a $14.00 price target on shares of Rigetti Computing in a report on Thursday, March 6th. Alliance Global Partners restated a “buy” rating on shares of Rigetti Computing in a research note on Thursday, March 6th. Needham & Company LLC reiterated a “buy” rating and set a $17.00 target price on shares of Rigetti Computing in a research note on Thursday, March 6th. Finally, B. Riley raised their price target on shares of Rigetti Computing from $8.50 to $15.00 and gave the stock a “buy” rating in a research report on Friday, February 14th. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Rigetti Computing currently has an average rating of “Buy” and a consensus price target of $14.50.

Rigetti Computing Price Performance

The company has a market cap of $2.28 billion, a price-to-earnings ratio of -20.99 and a beta of 1.36. 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 company has a fifty day moving average price of $10.76 and a two-hundred day moving average price of $6.68.

Rigetti Computing (NASDAQ:RGTI) last posted its quarterly earnings results on Wednesday, March 5th. The company reported ($0.08) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.08). Rigetti Computing had a negative net margin of 509.58% and a negative return on equity of 51.56%. The firm had revenue of $2.27 million for the quarter, compared to the consensus estimate of $2.40 million. During the same quarter in the previous year, the company earned ($0.04) earnings per share. As a group, equities research analysts anticipate that Rigetti Computing, Inc. will post -0.34 EPS for the current fiscal year.

Insider Activity at Rigetti Computing

In related news, CTO David Rivas sold 351,785 shares of the business’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 sale, the chief technology officer now owns 1,094,738 shares of the company’s stock, valued at $8,495,166.88. The trade was a 24.32 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.81% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. increased its position in shares of Rigetti Computing by 81.7% during the 4th quarter. Vanguard Group Inc. now owns 11,746,361 shares of the company’s stock worth $179,249,000 after purchasing an additional 5,280,128 shares in the last quarter. Invesco Ltd. increased its holdings in shares of Rigetti Computing by 7,367.2% during the fourth quarter. Invesco Ltd. now owns 4,580,317 shares of the company’s stock worth $69,896,000 after buying an additional 4,518,978 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Rigetti Computing by 3,295.7% during the fourth quarter. JPMorgan Chase & Co. now owns 2,117,563 shares of the company’s stock worth $32,314,000 after buying an additional 2,055,203 shares in the last quarter. Nuveen Asset Management LLC raised its stake in shares of Rigetti Computing by 418.6% in the fourth quarter. Nuveen Asset Management LLC now owns 999,617 shares of the company’s stock valued at $15,254,000 after acquiring an additional 806,878 shares during the last quarter. Finally, Geode Capital Management LLC boosted its holdings in shares of Rigetti Computing by 20.6% in the 3rd quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company’s stock worth $2,837,000 after acquiring an additional 617,506 shares in the last quarter. 35.38% of the stock is owned by institutional investors.

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.