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

Rigetti Computing, Inc. (NASDAQ:RGTI) gapped down prior to trading on Tuesday . The stock had previously closed at $33.08, but opened at $31.08. Rigetti Computing shares last traded at $31.1470, with a volume of 13,599,847 shares.

Wall Street Analysts Forecast Growth

Several analysts have commented on RGTI shares. Weiss Ratings reissued a “sell (e+)” rating on shares of Rigetti Computing in a report on Wednesday, October 8th. Industrial Alliance Securities set a $18.00 price target on shares of Rigetti Computing in a research note on Wednesday, July 16th. Williams Trading set a $50.00 price objective on shares of Rigetti Computing in a research report on Tuesday, October 7th. Needham & Company LLC increased their price objective on shares of Rigetti Computing from $15.00 to $18.00 and gave the company a “buy” rating in a report on Monday, August 4th. Finally, B. Riley reissued a “neutral” rating and set a $42.00 target price (up previously from $35.00) on shares of Rigetti Computing in a research note on Monday, November 3rd. Five investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $29.29.

Rigetti Computing Stock Down 6.3%

The stock’s 50-day moving average price is $33.48 and its 200 day moving average price is $20.33. The firm has a market capitalization of $10.05 billion, a price-to-earnings ratio of -40.80 and a beta of 1.64.

Rigetti Computing (NASDAQ:RGTI) last posted its quarterly earnings results on Monday, November 10th. The company reported ($0.03) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.02. The firm had revenue of $1.95 million for the quarter, compared to analyst estimates of $2.17 million. Rigetti Computing had a negative net margin of 2,134.92% and a negative return on equity of 29.05%. Rigetti Computing’s revenue was down 18.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Rigetti Computing, Inc. will post -0.34 earnings per share for the current year.

Insider Activity 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 completion of the sale, the director directly owned 120,371 shares of the company’s stock, valued at $5,403,454.19. This trade represents a 34.00% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Michael S. Clifton sold 75,000 shares of the business’s stock in a transaction dated Friday, September 12th. The shares were sold at an average price of $19.00, for a total transaction of $1,425,000.00. Following the transaction, the director directly owned 653,766 shares in the company, valued at approximately $12,421,554. The trade was a 10.29% decrease in their position. 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 in the last three months. 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 made changes to their positions in RGTI. IFP Advisors Inc lifted its holdings in 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 acquiring an additional 1,300 shares during the last quarter. Quarry LP purchased a new stake in Rigetti Computing in the first quarter valued at $31,000. Armstrong Advisory Group Inc. lifted its stake in shares of Rigetti Computing by 225.4% in the 2nd quarter. Armstrong Advisory Group Inc. now owns 2,974 shares of the company’s stock valued at $35,000 after purchasing an additional 2,060 shares during the last quarter. Clearstead Advisors LLC acquired a new position in shares of Rigetti Computing in the 3rd quarter valued at $35,000. Finally, Banque Transatlantique SA purchased a new position in shares of Rigetti Computing during the 1st quarter worth $42,000. 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.