Rigetti Computing (NASDAQ:RGTI) Stock Falls 1.3% – What’s Next?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s stock price was down 1.3% during trading on Tuesday. The stock traded as low as $15.73 and last traded at $15.74. Approximately 12,970,991 shares were traded during trading, a decline of 57% from the average session volume of 30,145,973 shares. The stock had previously closed at $15.95.

Analysts Set New Price Targets

RGTI has been the subject of several research reports. Wedbush started coverage on shares of Rigetti Computing in a research report on Monday, August 3rd. They issued an “outperform” rating and a $40.00 price target for the company. Benchmark assumed coverage on Rigetti Computing in a report on Monday, July 27th. They issued a “buy” rating and a $25.00 price target on the stock. Zacks Research lowered Rigetti Computing from a “hold” rating to a “strong sell” rating in a research report on Wednesday, August 19th. Wall Street Zen downgraded Rigetti Computing from a “hold” rating to a “sell” rating in a research report on Saturday, August 8th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $40.00 price objective on shares of Rigetti Computing in a research report on Friday, August 7th. Seven research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $30.67.

Rigetti Computing Price Performance

The stock has a market capitalization of $5.25 billion, a price-to-earnings ratio of -17.49 and a beta of 2.00. The business has a fifty day moving average of $16.11 and a 200 day moving average of $17.52.

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

Insiders Place Their Bets

In other Rigetti Computing news, COO David Rivas sold 9,038 shares of the stock in a transaction on Thursday, August 20th. The stock was sold at an average price of $16.79, for a total value of $151,748.02. Following the completion of the transaction, the chief operating officer owned 316,907 shares in the company, valued at approximately $5,320,868.53. This represents a 2.77% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO Andrew Bestwick sold 5,791 shares of the business’s stock in a transaction dated Thursday, August 20th. The stock was sold at an average price of $16.81, for a total transaction of $97,346.71. Following the completion of the sale, the chief technology officer owned 1,036,121 shares in the company, valued at $17,417,194.01. This represents a 0.56% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 163,689 shares of company stock worth $2,570,890 in the last three months. 1.60% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of RGTI. Compass Financial Management LLC acquired a new stake in shares of Rigetti Computing in the 2nd quarter worth approximately $34,000. PeakShares LLC acquired a new position in Rigetti Computing in the first quarter worth approximately $28,000. Clearstead Advisors LLC boosted its stake in shares of Rigetti Computing by 181.6% during the 4th quarter. Clearstead Advisors LLC now owns 3,267 shares of the company’s stock worth $72,000 after acquiring an additional 2,107 shares in the last quarter. EverSource Wealth Advisors LLC boosted its position in Rigetti Computing by 41.9% during the fourth quarter. EverSource Wealth Advisors LLC now owns 3,530 shares of the company’s stock worth $78,000 after purchasing an additional 1,043 shares during the period. Finally, Ancora Advisors LLC acquired a new position in Rigetti Computing during the second quarter valued at approximately $87,000. 35.38% of the stock is owned by institutional investors and hedge funds.

About Rigetti Computing

Rigetti Computing, Inc is a quantum computing company that develops full-stack quantum computing systems based on superconducting qubit technology. The company designs and manufactures quantum processors, develops the software needed to program and operate them, and provides access to its systems through cloud-based services.

Rigetti’s offerings include its quantum processing units and integrated quantum computing systems, as well as the Rigetti Quantum Cloud Services platform. Through cloud access and partnerships, organizations can experiment with quantum algorithms and explore potential applications in areas such as optimization, simulation, machine learning and other computationally intensive fields.