Rigetti Computing (NASDAQ:RGTI) Shares Down 1.1% - Here's Why

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) traded down 1.1% during trading on Monday . The company 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.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on RGTI. Benchmark reaffirmed a "buy" rating and set 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 research report on Thursday, March 6th. Craig Hallum initiated coverage on Rigetti Computing in a research report on Friday, December 20th. They set a "buy" rating and a $12.00 target price on the stock. B. Riley upped their price target on Rigetti Computing from $8.50 to $15.00 and gave the stock a "buy" rating in a report on Friday, February 14th. Finally, Needham & Company LLC reissued a "buy" rating and issued a $17.00 price objective on shares of Rigetti Computing in a report on Thursday, March 6th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has a consensus rating of "Buy" and a consensus target price of $14.50.

Rigetti Computing Trading Down 1.4 %

The firm has a market cap of $2.23 billion, a price-to-earnings ratio of -20.55 and a beta of 1.36. The company's 50-day moving average price is $10.56 and its 200-day moving average price is $6.91. The company has a quick ratio of 4.84, a current ratio of 4.84 and a debt-to-equity ratio of 0.02.

Remove Ads

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last posted its quarterly earnings data on Wednesday, March 5th. The company reported ($0.08) EPS for the quarter, hitting the consensus estimate of ($0.08). The company had revenue of $2.27 million during the quarter, compared to analyst estimates of $2.40 million. Rigetti Computing had a negative return on equity of 51.56% and a negative net margin of 509.58%. During the same period in the previous year, the business earned ($0.04) EPS. Equities analysts expect that Rigetti Computing, Inc. will post -0.34 EPS for the current fiscal year.

Insider Buying and Selling at Rigetti Computing

In other news, CTO David Rivas sold 351,785 shares of the company's stock in a transaction on 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 completion of the sale, the chief technology officer now owns 1,094,738 shares of the company's stock, valued at $8,495,166.88. This represents 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 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 and hedge funds have recently bought and sold shares of the business. Signaturefd LLC acquired a new stake in Rigetti Computing in the 4th quarter valued at about $25,000. EverSource Wealth Advisors LLC acquired a new stake in shares of Rigetti Computing in the fourth quarter valued at approximately $28,000. Tucker Asset Management LLC purchased a new position in Rigetti Computing during the fourth quarter worth approximately $32,000. Arete Wealth Advisors LLC purchased a new position in Rigetti Computing during the third quarter worth approximately $45,000. Finally, Spire Wealth Management purchased a new stake in Rigetti Computing in the 4th quarter valued at $46,000. 35.38% of the stock is currently owned by institutional investors and hedge funds.

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.