Rigetti Computing (NASDAQ:RGTI) Shares Down 1.9% – Here’s What Happened

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) fell 1.9% on Thursday . The stock traded as low as $8.85 and last traded at $9.01. 8,882,245 shares traded hands during trading, a decline of 81% from the average session volume of 47,073,065 shares. The stock had previously closed at $9.18.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. Needham & Company LLC restated a “buy” rating and set a $17.00 price objective on shares of Rigetti Computing in a research report on Thursday, March 6th. Benchmark restated a “buy” rating and issued a $14.00 target price on shares of Rigetti Computing in a report on Thursday, March 6th. Alliance Global Partners reiterated a “buy” rating on shares of Rigetti Computing in a report on Thursday, March 6th. Craig Hallum initiated coverage on Rigetti Computing in a research note on Friday, December 20th. They set a “buy” rating and a $12.00 target price for the company. Finally, 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 note on Friday, February 14th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $14.50.

Rigetti Computing Price Performance

The firm has a market cap of $2.33 billion, a price-to-earnings ratio of -21.45 and a beta of 1.36. 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 stock has a 50-day moving average price of $10.72 and a 200 day moving average price of $6.73.

Rigetti Computing (NASDAQ:RGTI) last released its quarterly earnings results on Wednesday, March 5th. The company reported ($0.08) EPS for the quarter, meeting the consensus estimate of ($0.08). The firm had revenue of $2.27 million during the quarter, compared to the consensus estimate 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 prior year, the firm earned ($0.04) EPS. As a group, equities research analysts forecast that Rigetti Computing, Inc. will post -0.34 earnings per share for the current fiscal year.

Insider Activity

In related news, CTO David Rivas sold 351,785 shares of the business’s stock in a transaction dated 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 sale, the chief technology officer now 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 2.81% of the company’s stock.

Institutional Investors Weigh In On Rigetti Computing

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. California State Teachers Retirement System grew its stake in Rigetti Computing by 12.7% in the 4th 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 during the last quarter. Allworth Financial LP increased its position in Rigetti Computing by 14.9% during the 4th quarter. Allworth Financial LP now owns 11,604 shares of the company’s stock worth $161,000 after purchasing an additional 1,504 shares in the last quarter. Signaturefd LLC acquired a new position in Rigetti Computing in the 4th quarter valued at about $25,000. Legal & General Group Plc lifted its holdings in Rigetti Computing by 14.9% in the 4th quarter. Legal & General Group Plc now owns 14,051 shares of the company’s stock valued at $214,000 after purchasing an additional 1,817 shares in the last quarter. Finally, EverSource Wealth Advisors LLC acquired a new stake in shares of Rigetti Computing during the 4th quarter worth about $28,000. 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.