Rigetti Computing (NASDAQ:RGTI) Stock Price Down 14.3% – Here’s Why

Rigetti Computing, Inc. (NASDAQ:RGTI) fell 14.3% during mid-day trading on Monday . The stock traded as low as $7.94 and last traded at $8.02. 26,594,862 shares were traded during trading, a decline of 40% from the average session volume of 44,441,393 shares. The stock had previously closed at $9.35.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on RGTI. B. Riley increased their price target on shares of Rigetti Computing from $8.50 to $15.00 and gave the stock a “buy” rating in a research note on Friday, February 14th. Craig Hallum began coverage on Rigetti Computing in a research note on Friday, December 20th. They issued a “buy” rating and a $12.00 target price for the company. Benchmark reaffirmed a “buy” rating and issued a $14.00 price target on shares of Rigetti Computing in a research note on Thursday, March 6th. Alliance Global Partners reissued a “buy” rating on shares of Rigetti Computing in a research report on Thursday, March 6th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $17.00 target price on shares of Rigetti Computing in a research report on Thursday, March 6th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $14.50.

Rigetti Computing Stock Performance

The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.84 and a current ratio of 4.84. The stock has a market capitalization of $1.55 billion, a P/E ratio of -21.18 and a beta of 1.37. The business has a 50-day moving average price of $11.61 and a 200 day moving average price of $6.02.

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

Insiders Place Their Bets

In other news, CTO David Rivas sold 351,785 shares of the firm’s stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $7.76, for a total transaction of $2,729,851.60. Following the sale, the chief technology officer now owns 1,094,738 shares of the company’s stock, valued at $8,495,166.88. This trade represents a 24.32 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 2.81% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Signaturefd LLC bought a new stake 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 about $28,000. Tucker Asset Management LLC bought a new position in shares of Rigetti Computing in the fourth quarter worth about $32,000. Spire Wealth Management purchased a new position in shares of Rigetti Computing during the 4th quarter valued at about $46,000. Finally, Orion Capital Management LLC bought a new position in shares of Rigetti Computing during the 4th quarter valued at approximately $46,000. 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.