Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) shares dropped 3.5% during trading on Wednesday . The company traded as low as $9.55 and last traded at $9.48. Approximately 22,144,306 shares traded hands during mid-day trading, a decline of 53% from the average daily volume of 46,959,070 shares. The stock had previously closed at $9.82.
Wall Street Analyst Weigh In
Several equities research analysts have issued reports on RGTI shares. Craig Hallum began coverage on shares of Rigetti Computing in a research report on Friday, December 20th. They set a "buy" rating and a $12.00 price objective for the company. B. Riley boosted their price target on Rigetti Computing from $8.50 to $15.00 and gave the company a "buy" rating in a research note on Friday, February 14th. Benchmark reiterated a "buy" rating and set a $14.00 price objective on shares of Rigetti Computing in a research report on Thursday, March 6th. Needham & Company LLC reissued a "buy" rating and issued a $17.00 target price on shares of Rigetti Computing in a research report on Thursday, March 6th. Finally, Alliance Global Partners restated a "buy" rating on shares of Rigetti Computing in a research note on Thursday, March 6th. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has a consensus rating of "Buy" and an average price target of $14.50.
Read Our Latest Analysis on RGTI
Rigetti Computing Stock Down 3.8 %
The company has a market cap of $2.33 billion, a P/E ratio of -21.45 and a beta of 1.36. The stock has a 50-day moving average of $10.72 and a 200 day moving average of $6.73. 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 - Get Free Report) last released its earnings results on Wednesday, March 5th. The company reported ($0.08) EPS for the quarter, meeting the consensus estimate 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 analyst estimates of $2.40 million. During the same period last year, the firm earned ($0.04) EPS. Research analysts anticipate that Rigetti Computing, Inc. will post -0.34 earnings per share for the current year.
Insiders Place Their Bets
In other 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 transaction of $2,729,851.60. Following the completion of the transaction, 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 2.81% of the company's stock.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently bought and sold shares of the business. Wellington Management Group LLP acquired a new stake in shares of Rigetti Computing in the 4th quarter valued at approximately $2,876,000. California State Teachers Retirement System lifted 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 purchasing an additional 1,301 shares during the last quarter. Mackenzie Financial Corp acquired a new stake in Rigetti Computing in the fourth quarter valued at approximately $168,000. Fourth Dimension Wealth LLC acquired a new position in shares of Rigetti Computing during the fourth quarter worth $99,000. Finally, Orion Capital Management LLC bought a new position in shares of Rigetti Computing in the 4th quarter valued at $46,000. Institutional investors own 35.38% of the company's stock.
About Rigetti Computing
(
Get Free Report)
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.
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