Rigetti Computing (NASDAQ:RGTI) Trading Down 4.9% – Here’s What Happened

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) fell 4.9% during mid-day trading on Monday . The company traded as low as $28.45 and last traded at $29.65. 95,142,667 shares traded hands during trading, an increase of 37% from the average session volume of 69,476,211 shares. The stock had previously closed at $31.18.

Analysts Set New Price Targets

Several brokerages have recently commented on RGTI. Needham & Company LLC raised their target price on Rigetti Computing from $15.00 to $18.00 and gave the company a “buy” rating in a research note on Monday, August 4th. Alliance Global Partners restated a “buy” rating on shares of Rigetti Computing in a report on Wednesday, July 16th. Williams Trading set a $20.00 target price on Rigetti Computing in a report on Wednesday, August 13th. Benchmark lifted their price target on shares of Rigetti Computing from $14.00 to $20.00 and gave the company a “buy” rating in a research report on Wednesday, August 13th. Finally, Industrial Alliance Securities set a $18.00 price target on shares of Rigetti Computing in a research report on Wednesday, July 16th. Six analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $19.71.

Rigetti Computing Stock Performance

The firm has a market cap of $9.61 billion, a price-to-earnings ratio of -39.01 and a beta of 1.44. The business has a 50 day simple moving average of $17.97 and a 200-day simple moving average of $13.36.

Rigetti Computing (NASDAQ:RGTI) last released its quarterly earnings results on Tuesday, August 12th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.01. The business had revenue of $1.80 million during the quarter, compared to the consensus estimate of $1.87 million. Rigetti Computing had a negative return on equity of 29.05% and a negative net margin of 2,134.92%. As a group, research analysts anticipate that Rigetti Computing, Inc. will post -0.34 earnings per share for the current year.

Insider Transactions at Rigetti Computing

In other news, Director Michael S. Clifton sold 75,000 shares of the business’s stock in a transaction that occurred on Friday, September 12th. The stock was sold at an average price of $19.00, for a total value of $1,425,000.00. Following the transaction, the director owned 653,766 shares in the company, valued at $12,421,554. The trade was a 10.29% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Ray O. Johnson sold 126,295 shares of the business’s stock in a transaction that occurred on Friday, September 12th. The stock was sold at an average price of $20.00, for a total value of $2,525,900.00. Following the completion of the transaction, the director owned 293,461 shares in the company, valued at $5,869,220. The trade was a 30.09% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 457,624 shares of company stock worth $8,498,996.

Institutional Investors Weigh In On Rigetti Computing

A number of hedge funds have recently modified their holdings of the stock. Harel Insurance Investments & Financial Services Ltd. raised its position in shares of Rigetti Computing by 20.0% in the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 6,000 shares of the company’s stock valued at $71,000 after purchasing an additional 1,000 shares during the period. IFP Advisors Inc raised its position in shares of Rigetti Computing by 146.1% in the second quarter. IFP Advisors Inc now owns 2,190 shares of the company’s stock valued at $26,000 after purchasing an additional 1,300 shares during the period. California State Teachers Retirement System raised 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 valued at $176,000 after acquiring an additional 1,301 shares during the period. Stratos Wealth Partners LTD. raised its holdings in Rigetti Computing by 9.8% during the 2nd quarter. Stratos Wealth Partners LTD. now owns 15,048 shares of the company’s stock valued at $178,000 after acquiring an additional 1,342 shares during the period. Finally, Center for Financial Planning Inc. raised its holdings in Rigetti Computing by 35.5% during the 2nd quarter. Center for Financial Planning Inc. now owns 5,137 shares of the company’s stock valued at $61,000 after acquiring an additional 1,345 shares during the period. Institutional investors 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.