Rigetti Computing (NASDAQ:RGTI) Stock Price Down 4.7% – What’s Next?

Rigetti Computing, Inc. (NASDAQ:RGTI) shares fell 4.7% during mid-day trading on Monday . The company traded as low as $7.85 and last traded at $7.93. 4,792,000 shares changed hands during trading, a decline of 90% from the average session volume of 49,003,085 shares. The stock had previously closed at $8.32.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on RGTI. Benchmark reaffirmed a “buy” rating and issued a $14.00 price objective on shares of Rigetti Computing in a research note on Thursday, March 6th. Alliance Global Partners reissued a “buy” rating on shares of Rigetti Computing in a research note on Thursday, March 6th. B. Riley lifted their price target on Rigetti Computing from $8.50 to $15.00 and gave the company a “buy” rating in a report on Friday, February 14th. Finally, 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, March 6th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average 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 stock has a market cap of $2.27 billion, a PE ratio of -20.87 and a beta of 1.41. The firm has a fifty day moving average price of $9.22 and a 200 day moving average price of $7.68.

Rigetti Computing (NASDAQ:RGTI) last issued its quarterly earnings results on Wednesday, March 5th. The company reported ($0.08) earnings per share for the quarter, hitting the consensus estimate of ($0.08). Rigetti Computing had a negative return on equity of 51.56% and a negative net margin of 509.58%. The business had revenue of $2.27 million during the quarter, compared to the consensus estimate of $2.40 million. During the same quarter last year, the company earned ($0.04) earnings per share. Research analysts forecast that Rigetti Computing, Inc. will post -0.34 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Rigetti Computing news, CTO David Rivas sold 351,785 shares of Rigetti Computing stock in a transaction that occurred 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 in the company, valued at approximately $8,495,166.88. The trade was a 24.32 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Corporate insiders own 2.81% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RGTI. Signaturefd LLC acquired a new position in shares of Rigetti Computing in the 4th quarter valued at about $25,000. GAMMA Investing LLC lifted its holdings in Rigetti Computing by 1,813.0% in the first quarter. GAMMA Investing LLC now owns 3,233 shares of the company’s stock valued at $26,000 after acquiring an additional 3,064 shares during the period. EverSource Wealth Advisors LLC purchased a new stake in Rigetti Computing in the 4th quarter worth approximately $28,000. Tucker Asset Management LLC acquired a new stake in shares of Rigetti Computing during the 4th quarter worth approximately $32,000. Finally, Spire Wealth Management purchased a new position in shares of Rigetti Computing during the 4th quarter valued at approximately $46,000. 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.