Rigetti Computing (NASDAQ:RGTI) Stock Price Down 2% - Here's Why

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) fell 2% on Tuesday . The company traded as low as $9.52 and last traded at $9.58. 14,366,690 shares changed hands during mid-day trading, a decline of 87% from the average session volume of 114,176,984 shares. The stock had previously closed at $9.78.

Wall Street Analyst Weigh In

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

Rigetti Computing Price Performance

The stock has a market cap of $2.30 billion, a price-to-earnings ratio of -21.07 and a beta of 1.36. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.84 and a current ratio of 4.84. The company has a 50-day simple moving average of $10.76 and a two-hundred day simple moving average of $6.68.

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Rigetti Computing (NASDAQ:RGTI - Get Free Report) last posted its quarterly earnings results on Wednesday, March 5th. The company reported ($0.08) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.08). The firm 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 period in the prior year, the firm posted ($0.04) earnings per share. As a group, equities research analysts forecast that Rigetti Computing, Inc. will post -0.34 EPS for the current year.

Insider Activity at Rigetti Computing

In related news, CTO David Rivas sold 351,785 shares of the business's stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $7.76, for a total transaction of $2,729,851.60. Following the transaction, 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 can be accessed through the SEC website. 2.81% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Rigetti Computing

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Signaturefd LLC acquired a new stake in shares of Rigetti Computing during the 4th quarter worth about $25,000. EverSource Wealth Advisors LLC acquired a new stake in Rigetti Computing during the fourth quarter worth approximately $28,000. Tucker Asset Management LLC acquired a new stake in Rigetti Computing during the fourth quarter worth approximately $32,000. Spire Wealth Management bought a new stake in shares of Rigetti Computing during the fourth quarter worth approximately $46,000. Finally, Orion Capital Management LLC acquired a new position in shares of Rigetti Computing in the fourth quarter valued at approximately $46,000. 35.38% of the stock is owned by institutional investors.

About Rigetti Computing

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.