Rigetti Computing (NASDAQ:RGTI) Stock Price Down 5.4% - Here's Why

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) dropped 5.4% on Friday . The company traded as low as $7.78 and last traded at $8.02. Approximately 12,685,142 shares changed hands during mid-day trading, a decline of 73% from the average daily volume of 47,175,693 shares. The stock had previously closed at $8.47.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. B. Riley upped their target price on Rigetti Computing from $8.50 to $15.00 and gave the company a "buy" rating in a report on Friday, February 14th. Alliance Global Partners reiterated a "buy" rating on shares of Rigetti Computing in a report on Thursday, March 6th. Benchmark reaffirmed a "buy" rating and issued a $14.00 price target on shares of Rigetti Computing in a research note on Thursday, March 6th. Needham & Company LLC reaffirmed a "buy" rating and issued a $17.00 target price on shares of Rigetti Computing in a research report on Thursday, March 6th. Finally, Craig Hallum started coverage on shares of Rigetti Computing in a research report on Friday, December 20th. They set a "buy" rating and a $12.00 price target for the company. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus target price of $14.50.

Rigetti Computing Stock Down 2.8 %

The company has a market capitalization of $2.26 billion, a PE ratio of -20.84 and a beta of 1.36. The company's 50-day moving average is $10.72 and its 200 day moving average is $6.81. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.84 and a current ratio of 4.84.

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Rigetti Computing (NASDAQ:RGTI - Get Free Report) last posted its earnings results on Wednesday, March 5th. The company reported ($0.08) earnings per share (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 business had revenue of $2.27 million for the quarter, compared to analysts' expectations of $2.40 million. During the same quarter in the prior year, the business earned ($0.04) EPS. As a group, analysts anticipate that Rigetti Computing, Inc. will post -0.34 EPS for the current year.

Insiders Place Their Bets

In other Rigetti Computing news, CTO David Rivas sold 351,785 shares of the stock in a transaction that occurred on 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 transaction, the chief technology officer now directly owns 1,094,738 shares in the company, valued at approximately $8,495,166.88. This trade represents a 24.32 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.81% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Rigetti Computing

A number of institutional investors have recently bought and sold shares of the stock. Charles Schwab Investment Management Inc. lifted its position in shares of Rigetti Computing by 14.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,149,934 shares of the company's stock valued at $901,000 after buying an additional 144,742 shares in the last quarter. State Street Corp lifted its holdings in Rigetti Computing by 12.9% during the third quarter. State Street Corp now owns 2,715,223 shares of the company's stock valued at $2,126,000 after purchasing an additional 309,831 shares in the last quarter. Jane Street Group LLC boosted its position in shares of Rigetti Computing by 23.8% in the third quarter. Jane Street Group LLC now owns 244,496 shares of the company's stock worth $191,000 after purchasing an additional 47,013 shares during the period. Barclays PLC increased its stake in shares of Rigetti Computing by 275.6% in the third quarter. Barclays PLC now owns 185,959 shares of the company's stock worth $145,000 after purchasing an additional 136,443 shares in the last quarter. Finally, Geode Capital Management LLC increased its stake in shares of Rigetti Computing by 20.6% in the third quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company's stock worth $2,837,000 after purchasing an additional 617,506 shares in the last quarter. 35.38% of the stock is owned by institutional investors.

Rigetti Computing Company Profile

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.