Rigetti Computing (NASDAQ:RGTI) Stock Price Down 1.2% – What’s Next?

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) were down 1.2% during trading on Tuesday . The company traded as low as $14.99 and last traded at $15.09. 12,233,873 shares changed hands during trading, a decline of 60% from the average daily volume of 30,875,568 shares. The stock had previously closed at $15.27.

Analysts Set New Price Targets

A number of research analysts recently commented on the stock. Weiss Ratings raised shares of Rigetti Computing from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Wednesday, September 2nd. Jefferies Financial Group reaffirmed a “hold” rating and set a $18.00 price target on shares of Rigetti Computing in a report on Friday, August 7th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $40.00 price objective on shares of Rigetti Computing in a report on Friday, August 7th. Wedbush started coverage on shares of Rigetti Computing in a research note on Monday, August 3rd. They set an “outperform” rating and a $40.00 price target on the stock. Finally, Zacks Research cut Rigetti Computing from a “hold” rating to a “strong sell” rating in a report on Wednesday, August 19th. Seven research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $30.67.

Rigetti Computing Stock Down 1.2%

The firm’s fifty day simple moving average is $16.03 and its 200-day simple moving average is $17.63. The company has a market cap of $5.04 billion, a PE ratio of -16.77 and a beta of 2.00.

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

Insider Buying and Selling

In related news, CEO Subodh K. Kulkarni sold 120,000 shares of the stock in a transaction on Wednesday, September 9th. The stock was sold at an average price of $15.68, for a total transaction of $1,881,600.00. Following the sale, the chief executive officer owned 140,411 shares of the company’s stock, valued at $2,201,644.48. This trade represents a 46.08% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at 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 Rigetti Computing stock in a transaction dated Thursday, August 20th. The stock was sold at an average price of $16.79, for a total value of $151,748.02. Following the sale, the chief operating officer owned 316,907 shares of the company’s stock, valued at approximately $5,320,868.53. This represents 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. Over the last 90 days, insiders sold 248,633 shares of company stock valued at $4,316,489. Company insiders own 1.60% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RGTI. Larson Financial Group LLC grew its holdings in shares of Rigetti Computing by 138.4% during the fourth quarter. Larson Financial Group LLC now owns 1,218 shares of the company’s stock worth $27,000 after buying an additional 707 shares in the last quarter. PeakShares LLC purchased a new position in shares of Rigetti Computing during the first quarter valued at approximately $28,000. Compass Financial Management LLC acquired a new stake in Rigetti Computing during the second quarter worth approximately $34,000. EverSource Wealth Advisors LLC lifted its stake in shares of Rigetti Computing by 31.8% during the 1st quarter. EverSource Wealth Advisors LLC now owns 4,651 shares of the company’s stock worth $65,000 after purchasing an additional 1,121 shares during the period. Finally, Clearstead Advisors LLC boosted its holdings in shares of Rigetti Computing by 181.6% during the fourth quarter. Clearstead Advisors LLC now owns 3,267 shares of the company’s stock worth $72,000 after purchasing an additional 2,107 shares during the last quarter. 35.38% of the stock is currently owned by hedge funds and other institutional investors.

Rigetti Computing Company Profile

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.