Rigetti Computing (NASDAQ:RGTI) Shares Down 0.6% – What’s Next?

Rigetti Computing, Inc. (NASDAQ:RGTI) dropped 0.6% during mid-day trading on Thursday . The company traded as low as $8.14 and last traded at $8.20. Approximately 4,400,740 shares changed hands during trading, a decline of 91% from the average daily volume of 48,613,073 shares. The stock had previously closed at $8.25.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Alliance Global Partners reaffirmed a “buy” rating on shares of Rigetti Computing in a research report 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 report on Thursday, March 6th. 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 research report on Friday, February 14th. Benchmark reaffirmed a “buy” rating and issued a $14.00 price objective on shares of Rigetti Computing in a report on Thursday, March 6th. Finally, Craig Hallum initiated coverage on shares of Rigetti Computing in a report on Friday, December 20th. They set a “buy” rating and a $12.00 target price on the stock. Five analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $14.50.

Rigetti Computing Trading Up 0.8 %

The firm’s 50 day moving average is $9.22 and its 200 day moving average is $7.58. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84. The company has a market cap of $2.38 billion, a PE ratio of -21.89 and a beta of 1.41.

Rigetti Computing (NASDAQ:RGTI) last released its quarterly earnings results on Wednesday, March 5th. The company reported ($0.08) EPS for the quarter, meeting 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 during the quarter, compared to analyst estimates of $2.40 million. During the same period in the previous year, the business earned ($0.04) EPS. On average, equities analysts anticipate that Rigetti Computing, Inc. will post -0.34 earnings per share for the current year.

Insider Buying and Selling at Rigetti Computing

In other news, CTO David Rivas sold 351,785 shares of Rigetti Computing 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 sale, the chief technology officer now directly owns 1,094,738 shares of the company’s stock, valued at approximately $8,495,166.88. The trade was a 24.32 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 2.81% of the company’s stock.

Institutional Investors Weigh In On Rigetti Computing

A number of hedge funds have recently made changes to their positions in RGTI. Janney Montgomery Scott LLC purchased a new stake in Rigetti Computing during the 1st quarter valued at $206,000. Trust Co. of Toledo NA OH bought a new position in shares of Rigetti Computing during the first quarter valued at approximately $165,000. Wealth Enhancement Advisory Services LLC purchased a new position in shares of Rigetti Computing during the first quarter valued at approximately $126,000. GAMMA Investing LLC grew its stake in shares of Rigetti Computing by 1,813.0% in the 1st quarter. GAMMA Investing LLC now owns 3,233 shares of the company’s stock worth $26,000 after buying an additional 3,064 shares during the last quarter. Finally, Toth Financial Advisory Corp bought a new position in Rigetti Computing during the 1st quarter valued at approximately $273,000. 35.38% of the stock is currently 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.