Rigetti Computing (NASDAQ:RGTI) Stock Price Down 1.1% – What’s Next?

Rigetti Computing, Inc. (NASDAQ:RGTI) shares traded down 1.1% during mid-day trading on Monday . The stock traded as low as $7.68 and last traded at $8.06. 13,872,317 shares were traded during trading, a decline of 71% from the average session volume of 47,306,922 shares. The stock had previously closed at $8.15.

Analysts Set New Price Targets

Several equities analysts have recently commented on RGTI shares. Needham & Company LLC restated a “buy” rating and issued a $17.00 target price on shares of Rigetti Computing in a research report on Thursday, March 6th. Alliance Global Partners restated a “buy” rating on shares of Rigetti Computing in a research report on Thursday, March 6th. Benchmark reiterated a “buy” rating and issued a $14.00 price target on shares of Rigetti Computing in a research note on Thursday, March 6th. Craig Hallum started coverage on Rigetti Computing in a report on Friday, December 20th. They issued a “buy” rating and a $12.00 target price for the company. Finally, B. Riley raised their price objective 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. Five investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $14.50.

Rigetti Computing Price Performance

The business’s fifty day simple moving average is $10.72 and its 200 day simple moving average is $6.81. The firm has a market capitalization of $2.28 billion, a price-to-earnings ratio of -20.99 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.

Rigetti Computing (NASDAQ:RGTI) last issued its 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 return on equity of 51.56% and a negative net margin of 509.58%. The company had revenue of $2.27 million for the quarter, compared to analyst estimates of $2.40 million. During the same period in the prior year, the firm earned ($0.04) earnings per share. On average, research analysts forecast that Rigetti Computing, Inc. will post -0.34 EPS for the current year.

Insider Transactions at Rigetti Computing

In other Rigetti Computing news, CTO David Rivas sold 351,785 shares of the company’s stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $7.76, for a total value 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. This represents a 24.32 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 2.81% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. California State Teachers Retirement System boosted its holdings in shares of Rigetti Computing by 12.7% in the 4th quarter. California State Teachers Retirement System now owns 11,551 shares of the company’s stock worth $176,000 after buying an additional 1,301 shares during the last quarter. Allworth Financial LP increased its stake in shares of 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 during the last quarter. Signaturefd LLC bought a new stake in shares of Rigetti Computing in the 4th quarter worth approximately $25,000. Legal & General Group Plc grew its holdings in Rigetti Computing by 14.9% during the fourth 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 during the period. Finally, EverSource Wealth Advisors LLC purchased a new position in shares of Rigetti Computing during the 4th quarter valued at $28,000. Hedge funds and other institutional investors own 35.38% of the company’s stock.

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.