Rigetti Computing (NASDAQ:RGTI) Stock Price Down 1.8% – Here’s Why

Rigetti Computing, Inc. (NASDAQ:RGTI) fell 1.8% during mid-day trading on Wednesday . The company traded as low as $13.80 and last traded at $13.94. 20,426,528 shares traded hands during trading, a decline of 62% from the average session volume of 54,319,100 shares. The stock had previously closed at $14.19.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on RGTI. Benchmark restated a “buy” rating and set a $14.00 target price on shares of Rigetti Computing in a research note on Thursday, May 15th. Alliance Global Partners reissued a “buy” rating on shares of Rigetti Computing in a report on Thursday, March 6th. B. Riley increased their price target on shares of Rigetti Computing from $8.50 to $15.00 and gave the company a “buy” rating in a report on Friday, February 14th. Finally, Needham & Company LLC lowered their price target on shares of Rigetti Computing from $17.00 to $15.00 and set a “buy” rating on the stock in a report on Wednesday, May 14th. Five investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $14.00.

Rigetti Computing Price Performance

The company’s fifty day moving average price is $9.72 and its 200 day moving average price is $9.43. The company has a market capitalization of $4.16 billion, a P/E ratio of -37.90 and a beta of 1.41. The company has a quick ratio of 4.84, a current ratio of 4.84 and a debt-to-equity ratio of 0.02.

Rigetti Computing (NASDAQ:RGTI) last issued its quarterly earnings results on Wednesday, March 5th. The company reported ($0.08) EPS for the quarter, hitting analysts’ consensus estimates of ($0.08). The company 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, sell-side analysts forecast that Rigetti Computing, Inc. will post -0.34 EPS for the current year.

Insider Transactions at Rigetti Computing

In other news, CTO David Rivas sold 351,785 shares of Rigetti Computing 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 transaction, the chief technology officer now owns 1,094,738 shares in the company, valued at approximately $8,495,166.88. The trade was a 24.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 1.90% of the stock is owned by company insiders.

Hedge Funds Weigh In On Rigetti Computing

Several hedge funds and other institutional investors have recently bought and sold shares of RGTI. Signaturefd LLC acquired a new position in Rigetti Computing in the fourth quarter valued at $25,000. GAMMA Investing LLC lifted its holdings in Rigetti Computing by 1,813.0% in the first quarter. GAMMA Investing LLC now owns 3,233 shares of the company’s stock valued at $26,000 after buying an additional 3,064 shares during the period. EverSource Wealth Advisors LLC acquired a new position in Rigetti Computing in the fourth quarter valued at $28,000. Center for Financial Planning Inc. acquired a new position in Rigetti Computing in the first quarter valued at $30,000. Finally, Quarry LP acquired a new position in Rigetti Computing in the first quarter valued at $31,000. Institutional investors and hedge funds own 35.38% of the company’s stock.

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.