Rigetti Computing (NASDAQ:RGTI) Trading Down 1.7% - What's Next?

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report)'s stock price traded down 1.7% on Monday . The stock traded as low as $10.65 and last traded at $11.03. 50,684,902 shares were traded during mid-day trading, an increase of 11% from the average session volume of 45,823,638 shares. The stock had previously closed at $11.22.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the stock. B. Riley lifted their price objective on shares of Rigetti Computing from $8.50 to $15.00 and gave the company a "buy" rating in a research report on Friday, February 14th. Alliance Global Partners reiterated a "buy" rating on shares of Rigetti Computing in a research report on Thursday, March 6th. Needham & Company LLC reiterated a "buy" rating and issued a $17.00 price objective on shares of Rigetti Computing in a research report on Thursday, March 6th. Craig Hallum assumed coverage on shares of Rigetti Computing in a research report on Friday, December 20th. They issued a "buy" rating and a $12.00 price objective on the stock. Finally, Benchmark reiterated a "buy" rating and issued a $14.00 price objective on shares of Rigetti Computing in a research report on Thursday, March 6th. Five analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has an average rating of "Buy" and a consensus target price of $14.50.

Rigetti Computing Price Performance

The company has a market capitalization of $2.57 billion, a P/E ratio of -23.66 and a beta of 1.36. The business's 50-day simple moving average is $10.75 and its 200 day simple moving average is $6.38. The company has a current ratio of 4.84, a quick ratio of 4.84 and a debt-to-equity ratio of 0.02.

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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) EPS 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 for the quarter, compared to the consensus estimate of $2.40 million. During the same period in the previous year, the firm earned ($0.04) EPS. As a group, sell-side analysts anticipate that Rigetti Computing, Inc. will post -0.34 EPS for the current year.

Insiders Place Their Bets

In other 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 transaction, the chief technology officer now owns 1,094,738 shares of the company's stock, valued at $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 accessible through this link. 2.81% of the stock is owned by insiders.

Hedge Funds Weigh In On Rigetti Computing

Several hedge funds have recently made changes to their positions in RGTI. Signaturefd LLC acquired a new position in shares of Rigetti Computing in the 4th quarter worth approximately $25,000. EverSource Wealth Advisors LLC acquired a new position in shares of Rigetti Computing in the 4th quarter worth approximately $28,000. Tucker Asset Management LLC acquired a new position in shares of Rigetti Computing in the 4th quarter worth approximately $32,000. Arete Wealth Advisors LLC acquired a new position in shares of Rigetti Computing in the 3rd quarter worth approximately $45,000. Finally, Spire Wealth Management purchased a new position in shares of Rigetti Computing in the fourth quarter worth approximately $46,000. 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.