Rigetti Computing (NASDAQ:RGTI) Reaches New 52-Week Low – Here’s What Happened

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) reached a new 52-week low on Friday. The company traded as low as $11.11 and last traded at $11.1050, with a volume of 4,663,897 shares. The stock had previously closed at $12.06.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on RGTI. Jefferies Financial Group reiterated a “hold” rating and issued a $18.00 target price on shares of Rigetti Computing in a report on Friday, August 7th. Wall Street Zen cut shares of Rigetti Computing from a “hold” rating to a “sell” rating in a report on Saturday, August 8th. Benchmark started coverage on shares of Rigetti Computing in a research report on Monday, July 27th. They set a “buy” rating and a $25.00 target price for the company. Weiss Ratings upgraded shares of Rigetti Computing from a “sell (e+)” rating to a “sell (d-)” rating in a report on Wednesday, October 21st. Finally, Rosenblatt Securities restated a “buy” rating and issued a $40.00 target price on shares of Rigetti Computing in a report on Friday, August 7th. Seven analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Rigetti Computing has a consensus rating of “Hold” and a consensus target price of $30.67.

Rigetti Computing Stock Down 10.1%

The company has a market cap of $3.62 billion, a PE ratio of -12.05 and a beta of 2.02. The company has a 50-day moving average of $14.64 and a 200-day moving average of $17.32.

Rigetti Computing (NASDAQ:RGTI) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.05). The business had revenue of $5.14 million during the quarter, compared to the consensus estimate of $5.09 million. Rigetti Computing had a negative return on equity of 17.50% and a negative net margin of 2,189.54%. As a group, equities analysts predict that Rigetti Computing, Inc. will post -0.27 EPS for the current year.

Insider Activity

In other Rigetti Computing news, CFO Jeffrey Bertelsen sold 25,000 shares of Rigetti Computing stock in a transaction on Thursday, September 3rd. The shares were sold at an average price of $15.00, for a total transaction of $375,000.00. Following the transaction, the chief financial officer directly owned 168,067 shares of the company’s stock, valued at $2,521,005. The trade was a 12.95% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO David Rivas sold 9,038 shares of the company’s stock in a transaction on Thursday, August 20th. The stock was sold at an average price of $16.79, for a total transaction of $151,748.02. Following the completion of the sale, the chief operating officer owned 316,907 shares of the company’s stock, valued at approximately $5,320,868.53. The trade was a 2.77% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 163,689 shares of company stock valued at $2,570,890 over the last quarter. 1.60% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp grew its position in Rigetti Computing by 15.5% in the 1st quarter. Bank of New York Mellon Corp now owns 1,297,462 shares of the company’s stock worth $18,216,000 after purchasing an additional 174,126 shares in the last quarter. Swiss National Bank lifted its position in shares of Rigetti Computing by 2.2% during the 1st quarter. Swiss National Bank now owns 653,300 shares of the company’s stock worth $9,172,000 after buying an additional 14,100 shares in the last quarter. Wellington Management Group LLP lifted its position in shares of Rigetti Computing by 13.4% during the 2nd quarter. Wellington Management Group LLP now owns 538,449 shares of the company’s stock worth $10,403,000 after buying an additional 63,658 shares in the last quarter. Burr Financial Services LLC bought a new position in shares of Rigetti Computing during the 3rd quarter worth approximately $6,181,000. Finally, California State Teachers Retirement System boosted its stake in shares of Rigetti Computing by 22.8% in the 1st quarter. California State Teachers Retirement System now owns 377,955 shares of the company’s stock worth $5,306,000 after buying an additional 70,179 shares during the last quarter. 35.38% of the stock is currently owned by hedge funds and other institutional investors.

About Rigetti Computing

Rigetti Computing, Inc is a quantum computing company that develops full-stack quantum computing systems based on superconducting quantum processors. Its technology is designed to support research and commercial applications that may benefit from quantum computing, including optimization, simulation, machine learning and complex data analysis.

The company develops quantum processing units, quantum computers and related control systems, software and cloud services. Its Rigetti Quantum Cloud Services platform provides access to Rigetti quantum systems through the cloud, while its hardware offerings are intended for use by enterprises, government organizations, academic institutions and other research customers.

Founded in 2013 by Chad Rigetti, the company is headquartered in Berkeley, California, and operates its own quantum chip fabrication facility, known as Fab-1.