Rigetti Computing (NASDAQ:RGTI) Shares Down 1.3% - Here's What Happened

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report)'s share price fell 1.3% on Monday . The company traded as low as $8.10 and last traded at $8.35. 17,354,274 shares changed hands during mid-day trading, a decline of 87% from the average session volume of 133,458,313 shares. The stock had previously closed at $8.46.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on RGTI shares. Benchmark reaffirmed a "buy" rating and set a $14.00 price target on shares of Rigetti Computing in a research note on Thursday. B. Riley raised their price target on shares of Rigetti Computing from $8.50 to $15.00 and gave the company a "buy" rating in a research note on Friday, February 14th. Craig Hallum started coverage on shares of Rigetti Computing in a research note on Friday, December 20th. They set a "buy" rating and a $12.00 price target for the company. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $17.00 price target on shares of Rigetti Computing in a research note on Thursday.

Rigetti Computing Price Performance

The firm has a market cap of $1.64 billion, a P/E ratio of -22.39 and a beta of 1.26. The company has a quick ratio of 4.84, a current ratio of 4.84 and a debt-to-equity ratio of 0.02. The business's 50 day moving average is $12.09 and its two-hundred day moving average is $5.79.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last released 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). The business had revenue of $2.27 million for the quarter, compared to analyst estimates of $2.40 million. Rigetti Computing had a negative net margin of 509.58% and a negative return on equity of 51.56%. During the same quarter in the previous year, the business earned ($0.04) earnings per share. As a group, analysts anticipate that Rigetti Computing, Inc. will post -0.34 earnings per share for the current year.

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Insider Activity at Rigetti Computing

In related news, Director Michael S. Clifton sold 125,000 shares of the business's stock in a transaction on Monday, December 9th. The shares were sold at an average price of $5.03, for a total value of $628,750.00. Following the transaction, the director now owns 1,063,864 shares in the company, valued at $5,351,235.92. The trade was a 10.51 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.81% of the stock is owned by company insiders.

Hedge Funds Weigh In On Rigetti Computing

Several institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. raised its holdings in shares of Rigetti Computing by 81.7% during the fourth quarter. Vanguard Group Inc. now owns 11,746,361 shares of the company's stock valued at $179,249,000 after purchasing an additional 5,280,128 shares during the period. Invesco Ltd. raised its holdings in shares of Rigetti Computing by 7,367.2% during the fourth quarter. Invesco Ltd. now owns 4,580,317 shares of the company's stock valued at $69,896,000 after purchasing an additional 4,518,978 shares during the period. Penserra Capital Management LLC raised its holdings in shares of Rigetti Computing by 9.8% during the third quarter. Penserra Capital Management LLC now owns 4,553,633 shares of the company's stock valued at $3,565,000 after purchasing an additional 407,389 shares during the period. Geode Capital Management LLC raised its holdings in shares of Rigetti Computing by 6.3% during the fourth quarter. Geode Capital Management LLC now owns 3,850,220 shares of the company's stock valued at $58,767,000 after purchasing an additional 228,391 shares during the period. Finally, State Street Corp raised its holdings in shares of 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 during the period. Institutional investors and hedge funds 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.