Rigetti Computing (NASDAQ:RGTI) Shares Down 4.7% – Here’s Why

by · The Markets Daily

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI – Get Free Report) fell 4.7% during mid-day trading on Monday . The stock traded as low as $7.85 and last traded at $7.93. 4,792,000 shares were traded during trading, a decline of 90% from the average session volume of 49,003,085 shares. The stock had previously closed at $8.32.

Analyst Ratings Changes

Several equities analysts recently weighed in on RGTI shares. B. Riley lifted their price target on Rigetti Computing from $8.50 to $15.00 and gave the company a “buy” rating in a research note on Friday, February 14th. Needham & Company LLC reaffirmed a “buy” rating and set a $17.00 target price on shares of Rigetti Computing in a research note on Thursday, March 6th. Alliance Global Partners reiterated a “buy” rating on shares of Rigetti Computing in a research report on Thursday, March 6th. Finally, Benchmark reissued a “buy” rating and issued a $14.00 price target on shares of Rigetti Computing in a report on Thursday, March 6th. Five analysts have rated the stock with a buy rating, According to MarketBeat, Rigetti Computing currently has a consensus rating of “Buy” and a consensus price target of $14.50.

Check Out Our Latest Research Report on RGTI

Rigetti Computing Stock Performance

The company has a quick ratio of 4.84, a current ratio of 4.84 and a debt-to-equity ratio of 0.02. The firm has a 50-day moving average price of $9.22 and a two-hundred day moving average price of $7.68. The firm has a market cap of $2.27 billion, a PE ratio of -20.87 and a beta of 1.41.

Rigetti Computing (NASDAQ:RGTI – Get Free Report) last announced its quarterly earnings data on Wednesday, March 5th. The company reported ($0.08) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.08). Rigetti Computing had a negative return on equity of 51.56% and a negative net margin of 509.58%. The company had revenue of $2.27 million for the quarter, compared to analyst estimates of $2.40 million. During the same quarter last year, the firm posted ($0.04) EPS. Research analysts forecast that Rigetti Computing, Inc. will post -0.34 EPS for the current fiscal year.

Insider Buying and Selling

In other Rigetti Computing news, CTO David Rivas sold 351,785 shares of the company’s stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $7.76, for a total value of $2,729,851.60. Following the completion of the sale, the chief technology officer now directly owns 1,094,738 shares in the company, valued at $8,495,166.88. This represents a 24.32 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 2.81% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of RGTI. Signaturefd LLC acquired a new stake in Rigetti Computing during the fourth quarter worth about $25,000. GAMMA Investing LLC grew its stake in shares of Rigetti Computing by 1,813.0% in the 1st quarter. GAMMA Investing LLC now owns 3,233 shares of the company’s stock valued at $26,000 after buying an additional 3,064 shares during the period. EverSource Wealth Advisors LLC acquired a new stake in shares of Rigetti Computing during the 4th quarter worth approximately $28,000. Tucker Asset Management LLC purchased a new stake in shares of Rigetti Computing during the 4th quarter valued at approximately $32,000. Finally, Spire Wealth Management acquired a new position in Rigetti Computing in the fourth quarter valued at approximately $46,000. Institutional investors and hedge funds own 35.38% of the company’s stock.

About Rigetti Computing

(Get Free Report)

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.

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