Rigetti Computing (NASDAQ:RGTI) Shares Down 1.7% – What’s Next?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s stock price dropped 1.7% during trading on Friday . The company traded as low as $30.62 and last traded at $33.77. Approximately 57,392,992 shares were traded during trading, a decline of 23% from the average daily volume of 74,449,094 shares. The stock had previously closed at $34.36.

Analyst Upgrades and Downgrades

RGTI has been the subject of several research analyst reports. Williams Trading set a $50.00 price target on Rigetti Computing in a research report on Tuesday, October 7th. Industrial Alliance Securities set a $18.00 target price on Rigetti Computing in a report on Wednesday, July 16th. B. Riley reiterated a “neutral” rating and set a $42.00 price target (up from $35.00) on shares of Rigetti Computing in a research note on Monday. Weiss Ratings reissued a “sell (e+)” rating on shares of Rigetti Computing in a research report on Wednesday, October 8th. Finally, Benchmark lifted their price objective on shares of Rigetti Computing from $20.00 to $50.00 and gave the company a “buy” rating in a report on Tuesday, October 7th. Five equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $29.29.

Rigetti Computing Price Performance

The stock’s 50 day moving average is $32.79 and its two-hundred day moving average is $19.82. The stock has a market capitalization of $10.95 billion, a PE ratio of -44.43 and a beta of 1.64.

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

Insider Transactions at Rigetti Computing

In other Rigetti Computing news, Director Helene Gail Sandford sold 62,000 shares of the firm’s stock in a transaction on Friday, October 17th. The stock was sold at an average price of $44.89, for a total value of $2,783,180.00. Following the sale, the director directly owned 120,371 shares in the company, valued at $5,403,454.19. This trade represents a 34.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Michael S. Clifton sold 75,000 shares of the company’s stock in a transaction dated 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 directly owned 653,766 shares of the company’s stock, valued at approximately $12,421,554. This represents a 10.29% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 454,204 shares of company stock valued at $10,300,876 over the last ninety days. Company insiders own 1.90% of the company’s stock.

Institutional Trading of Rigetti Computing

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. GAMMA Investing LLC boosted its holdings in shares of Rigetti Computing by 1,813.0% in the 1st 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 in the last quarter. IFP Advisors Inc raised its stake 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 in the last quarter. Quarry LP purchased a new stake in Rigetti Computing in the first quarter valued at $31,000. Armstrong Advisory Group Inc. boosted its stake in Rigetti Computing by 225.4% in the second quarter. Armstrong Advisory Group Inc. now owns 2,974 shares of the company’s stock valued at $35,000 after acquiring an additional 2,060 shares in the last quarter. Finally, Park Square Financial Group LLC purchased a new position in shares of Rigetti Computing during the first quarter worth about $40,000. 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.