Rigetti Computing (NASDAQ:RGTI) Stock Price Down 7.9% – What’s Next?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price fell 7.9% during mid-day trading on Thursday . The stock traded as low as $34.20 and last traded at $34.36. 46,322,234 shares traded hands during trading, a decline of 38% from the average session volume of 74,527,695 shares. The stock had previously closed at $37.29.

Analyst Upgrades and Downgrades

RGTI has been the subject of a number of recent research reports. Industrial Alliance Securities set a $18.00 price objective on Rigetti Computing in a report on Wednesday, July 16th. Weiss Ratings restated a “sell (e+)” rating on shares of Rigetti Computing in a research report on Wednesday, October 8th. B. Riley reaffirmed a “neutral” rating and set a $42.00 price objective (up previously from $35.00) on shares of Rigetti Computing in a research note on Monday, November 3rd. Benchmark lifted their target price on shares of Rigetti Computing from $20.00 to $50.00 and gave the company a “buy” rating in a report on Tuesday, October 7th. Finally, Needham & Company LLC increased their price target on shares of Rigetti Computing from $15.00 to $18.00 and gave the stock a “buy” rating in a report on Monday, August 4th. Five investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $29.29.

Rigetti Computing Stock Down 1.7%

The stock has a market capitalization of $10.95 billion, a price-to-earnings ratio of -44.43 and a beta of 1.64. The business’s 50-day moving average is $33.14 and its two-hundred day moving average is $20.00.

Rigetti Computing (NASDAQ:RGTI) last announced its quarterly earnings results on Tuesday, August 12th. The company reported ($0.05) earnings per share for the quarter, beating the consensus estimate of ($0.06) by $0.01. The firm had revenue of $1.80 million for the quarter, compared to analysts’ expectations of $1.87 million. Rigetti Computing had a negative net margin of 2,134.92% and a negative return on equity of 29.05%. As a group, analysts forecast that Rigetti Computing, Inc. will post -0.34 EPS for the current fiscal year.

Insider Buying and Selling at Rigetti Computing

In other news, Director Thomas J. Iannotti sold 100,000 shares of Rigetti Computing stock in a transaction on Friday, September 12th. The shares were sold at an average price of $19.50, for a total transaction of $1,950,000.00. Following the completion of the sale, the director directly owned 14,902 shares of the company’s stock, valued at approximately $290,589. The trade was a 87.03% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Helene Gail Sandford sold 62,000 shares of the company’s stock in a transaction dated Friday, October 17th. The stock was sold at an average price of $44.89, for a total value of $2,783,180.00. Following the transaction, the director directly owned 120,371 shares of the company’s stock, valued at approximately $5,403,454.19. This represents a 34.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 454,204 shares of company stock valued at $10,300,876. Corporate insiders own 1.90% of the company’s stock.

Institutional Trading of Rigetti Computing

Several institutional investors and hedge funds have recently made changes to their positions in the company. Fifth Third Bancorp grew its position in Rigetti Computing by 13,960.0% during the 3rd quarter. Fifth Third Bancorp now owns 1,406 shares of the company’s stock worth $42,000 after purchasing an additional 1,396 shares during the last quarter. Hantz Financial Services Inc. boosted its stake in shares of Rigetti Computing by 194.9% during the third quarter. Hantz Financial Services Inc. now owns 1,513 shares of the company’s stock worth $45,000 after buying an additional 1,000 shares during the period. Rothschild Investment LLC boosted its stake in shares of Rigetti Computing by 26.1% during the third quarter. Rothschild Investment LLC now owns 1,665 shares of the company’s stock worth $50,000 after buying an additional 345 shares during the period. Guerra Advisors Inc purchased a new position in shares of Rigetti Computing during the third quarter worth about $52,000. Finally, Spire Wealth Management increased its position in Rigetti Computing by 2,400.0% in the 3rd quarter. Spire Wealth Management now owns 1,875 shares of the company’s stock valued at $56,000 after acquiring an additional 1,800 shares during the period. 35.38% of the stock is owned by hedge funds and other institutional investors.

Rigetti Computing Company Profile

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.