Rigetti Computing (NASDAQ:RGTI) Stock Price Down 0.6% – Here’s What Happened

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) were down 0.6% during trading on Friday . The stock traded as low as $8.45 and last traded at $8.94. Approximately 17,160,952 shares changed hands during trading, a decline of 63% from the average daily volume of 46,490,784 shares. The stock had previously closed at $8.99.

Analyst Ratings Changes

A number of brokerages have issued reports on RGTI. Needham & Company LLC reiterated a “buy” rating and issued a $17.00 price target on shares of Rigetti Computing in a report on Thursday, March 6th. B. Riley lifted their price objective 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. Craig Hallum started coverage on shares of Rigetti Computing in a research note on Friday, December 20th. They set a “buy” rating and a $12.00 price objective for the company. Alliance Global Partners reissued a “buy” rating on shares of Rigetti Computing in a research report on Thursday, March 6th. Finally, Benchmark reaffirmed a “buy” rating and issued a $14.00 price objective on shares of Rigetti Computing in a report on Thursday, March 6th. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $14.50.

Rigetti Computing Trading Up 0.9 %

The company’s 50 day moving average price is $10.75 and its 200 day moving average price is $6.48. The firm has a market cap of $2.59 billion, a PE ratio of -23.87 and a beta of 1.36. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84.

Rigetti Computing (NASDAQ:RGTI) last announced its earnings results on Wednesday, March 5th. The company reported ($0.08) EPS for the quarter, meeting analysts’ consensus estimates of ($0.08). Rigetti Computing had a negative net margin of 509.58% and a negative return on equity of 51.56%. The business had revenue of $2.27 million for the quarter, compared to analysts’ expectations of $2.40 million. During the same period in the previous year, the company posted ($0.04) EPS. As a group, analysts forecast that Rigetti Computing, Inc. will post -0.34 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CTO David Rivas sold 351,785 shares of the business’s stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $7.76, for a total value of $2,729,851.60. Following the completion of the transaction, the chief technology officer now owns 1,094,738 shares of the company’s stock, valued at approximately $8,495,166.88. The trade was a 24.32 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 2.81% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of RGTI. Signaturefd LLC purchased a new position in Rigetti Computing in the 4th quarter worth approximately $25,000. EverSource Wealth Advisors LLC bought a new position in shares of Rigetti Computing in the fourth quarter worth $28,000. Tucker Asset Management LLC bought a new position in shares of Rigetti Computing in the fourth quarter worth $32,000. Arete Wealth Advisors LLC acquired a new position in Rigetti Computing during the third quarter worth about $45,000. Finally, Spire Wealth Management acquired a new position in Rigetti Computing during the fourth quarter worth about $46,000. 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.