Rigetti Computing (NASDAQ:RGTI) Stock Price Down 10.1% on Analyst Downgrade

Rigetti Computing, Inc. (NASDAQ:RGTI) shares were down 10.1% on Tuesday after B. Riley downgraded the stock from a buy rating to a neutral rating. B. Riley now has a $42.00 price target on the stock, up from their previous price target of $35.00. Rigetti Computing traded as low as $34.65 and last traded at $35.18. Approximately 54,465,111 shares changed hands during trading, a decline of 27% from the average daily volume of 74,782,766 shares. The stock had previously closed at $39.12.

Several other brokerages have also recently weighed in on RGTI. Alliance Global Partners reissued a “buy” rating on shares of Rigetti Computing in a report on Wednesday, July 16th. Weiss Ratings reissued a “sell (e+)” rating on shares of Rigetti Computing in a report on Wednesday, October 8th. Williams Trading set a $50.00 price objective on Rigetti Computing in a report on Tuesday, October 7th. Needham & Company LLC upped their price target on Rigetti Computing from $15.00 to $18.00 and gave the company a “buy” rating in a research note on Monday, August 4th. Finally, Industrial Alliance Securities set a $18.00 price target on Rigetti Computing in a research note on Wednesday, July 16th. Five investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Rigetti Computing presently has a consensus rating of “Moderate Buy” and a consensus target price of $29.29.

Insiders Place Their Bets

In related news, Director Thomas J. Iannotti sold 100,000 shares of the business’s stock in a transaction that occurred on Friday, September 12th. The stock was sold at an average price of $19.50, for a total value of $1,950,000.00. Following the completion of the transaction, the director directly owned 14,902 shares in the company, valued at approximately $290,589. The trade was a 87.03% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CTO David Rivas sold 44,355 shares of the business’s stock in a transaction that occurred on Wednesday, August 20th. The shares were sold at an average price of $14.85, for a total value of $658,671.75. Following the completion of the transaction, the chief technology officer owned 730,568 shares of the company’s stock, valued at $10,848,934.80. This represents a 5.72% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 454,204 shares of company stock worth $10,300,876 in the last three months.

Hedge Funds Weigh In On Rigetti Computing

A number of large investors have recently bought and sold shares of RGTI. GAMMA Investing LLC boosted its position in Rigetti Computing by 1,813.0% during the 1st quarter. GAMMA Investing LLC now owns 3,233 shares of the company’s stock worth $26,000 after acquiring an additional 3,064 shares during the last quarter. IFP Advisors Inc boosted its position in Rigetti Computing by 146.1% during the 2nd quarter. IFP Advisors Inc now owns 2,190 shares of the company’s stock worth $26,000 after acquiring an additional 1,300 shares during the last quarter. Quarry LP acquired a new position in Rigetti Computing during the 1st quarter worth approximately $31,000. Armstrong Advisory Group Inc. boosted its position in Rigetti Computing by 225.4% during the 2nd quarter. Armstrong Advisory Group Inc. now owns 2,974 shares of the company’s stock worth $35,000 after acquiring an additional 2,060 shares during the last quarter. Finally, Park Square Financial Group LLC acquired a new position in Rigetti Computing during the 1st quarter worth approximately $40,000. Institutional investors and hedge funds own 35.38% of the company’s stock.

Rigetti Computing Stock Performance

The business has a 50-day simple moving average of $31.60 and a two-hundred day simple moving average of $19.41. The stock has a market cap of $11.40 billion, a price-to-earnings ratio of -46.29 and a beta of 1.64.

Rigetti Computing (NASDAQ:RGTI) last released its quarterly earnings data on Tuesday, August 12th. The company reported ($0.05) EPS for the quarter, beating the consensus estimate of ($0.06) by $0.01. The company 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%. On average, analysts expect that Rigetti Computing, Inc. will post -0.34 earnings per share for the current fiscal year.

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.