Rigetti Computing (NASDAQ:RGTI) Stock Price Down 4.7% - What's Next?

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report)'s share price traded down 4.7% during mid-day trading on Monday . The stock traded as low as $7.85 and last traded at $7.93. 4,792,000 shares changed hands during trading, a decline of 90% from the average session volume of 49,003,085 shares. The stock had previously closed at $8.32.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. Alliance Global Partners reissued a "buy" rating on shares of Rigetti Computing in a research report on Thursday, March 6th. Needham & Company LLC restated a "buy" rating and set a $17.00 price objective on shares of Rigetti Computing in a research report on Thursday, March 6th. B. Riley upped their target price on Rigetti Computing from $8.50 to $15.00 and gave the company a "buy" rating in a research report on Friday, February 14th. Finally, Benchmark reissued a "buy" rating and set a $14.00 price target on shares of Rigetti Computing in a report on Thursday, March 6th. Five research analysts have rated the stock with a buy rating, According to MarketBeat, the company has an average rating of "Buy" and a consensus price target of $14.50.

Rigetti Computing Trading Up 4.2 %

The business has a 50-day moving average price of $9.02 and a two-hundred day moving average price of $7.74. 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 stock has a market capitalization of $2.71 billion, a P/E ratio of -24.88 and a beta of 1.41.

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

Insider Activity at Rigetti Computing

In related 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 transaction of $2,729,851.60. Following 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 sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.81% of the stock is currently owned by insiders.

Institutional Trading of Rigetti Computing

A number of hedge funds have recently made changes to their positions in the company. California State Teachers Retirement System grew its holdings in Rigetti Computing by 12.7% during the 4th quarter. California State Teachers Retirement System now owns 11,551 shares of the company's stock worth $176,000 after acquiring an additional 1,301 shares during the last quarter. Allworth Financial LP raised its position in Rigetti Computing by 14.9% during the 4th quarter. Allworth Financial LP now owns 11,604 shares of the company's stock worth $161,000 after purchasing an additional 1,504 shares during the last quarter. Signaturefd LLC bought a new position in Rigetti Computing during the 4th quarter worth $25,000. Legal & General Group Plc lifted its holdings in Rigetti Computing by 14.9% during the 4th quarter. Legal & General Group Plc now owns 14,051 shares of the company's stock worth $214,000 after buying an additional 1,817 shares during the period. Finally, EverSource Wealth Advisors LLC bought a new stake in shares of Rigetti Computing in the 4th quarter valued at about $28,000. 35.38% of the stock is 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.