Rigetti Computing (NASDAQ:RGTI) Shares Gap Down - What's Next?

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report)'s stock price gapped down before the market opened on Tuesday . The stock had previously closed at $9.78, but opened at $9.56. Rigetti Computing shares last traded at $9.73, with a volume of 7,482,710 shares traded.

Analyst Ratings Changes

A number of brokerages have recently issued reports on RGTI. Craig Hallum initiated coverage on shares of Rigetti Computing in a report on Friday, December 20th. They issued a "buy" rating and a $12.00 price target for the company. B. Riley increased their target price 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. Benchmark restated a "buy" rating and issued a $14.00 price target on shares of Rigetti Computing in a report on Thursday, March 6th. Alliance Global Partners reaffirmed a "buy" rating on shares of Rigetti Computing in a research note on Thursday, March 6th. Finally, Needham & Company LLC reiterated a "buy" rating and set a $17.00 target price on shares of Rigetti Computing in a research report on Thursday, March 6th. Five research analysts have rated the stock with a buy rating, According to MarketBeat.com, Rigetti Computing presently has an average rating of "Buy" and a consensus price target of $14.50.

Rigetti Computing Stock Performance

The company has a current ratio of 4.84, a quick ratio of 4.84 and a debt-to-equity ratio of 0.02. The firm has a market capitalization of $2.25 billion, a PE ratio of -21.02 and a beta of 1.36. The stock's 50 day moving average price is $10.76 and its two-hundred day moving average price is $6.68.

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Rigetti Computing (NASDAQ:RGTI - Get Free Report) last released 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 company 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 business posted ($0.04) earnings per share. On average, equities analysts expect that Rigetti Computing, Inc. will post -0.34 earnings per share for the current year.

Insider Activity at Rigetti Computing

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 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. The trade was a 24.32 % decrease in their position. 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 corporate insiders.

Institutional Trading of Rigetti Computing

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. California State Teachers Retirement System grew its holdings in Rigetti Computing by 12.7% in the fourth 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 period. Allworth Financial LP boosted its holdings in shares of Rigetti Computing by 14.9% in the 4th quarter. Allworth Financial LP now owns 11,604 shares of the company's stock valued at $161,000 after purchasing an additional 1,504 shares during the last quarter. Signaturefd LLC purchased a new stake in shares of Rigetti Computing during the 4th quarter valued at $25,000. Legal & General Group Plc grew its stake in shares of Rigetti Computing by 14.9% during the 4th quarter. Legal & General Group Plc now owns 14,051 shares of the company's stock valued at $214,000 after buying an additional 1,817 shares during the period. Finally, EverSource Wealth Advisors LLC acquired a new stake in shares of Rigetti Computing during the 4th quarter worth $28,000. Hedge funds and other institutional investors own 35.38% of the company's stock.

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.