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

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

Analyst Ratings Changes

A number of research analysts have recently issued reports on RGTI shares. B. Riley reaffirmed a “neutral” rating and set a $42.00 price target (up from $35.00) on shares of Rigetti Computing in a report on Monday. Industrial Alliance Securities set a $18.00 price target on Rigetti Computing in a report on Wednesday, July 16th. Benchmark upped their price target on Rigetti Computing from $20.00 to $50.00 and gave the company a “buy” rating in a report on Tuesday, October 7th. Needham & Company LLC upped their price target on Rigetti Computing from $15.00 to $18.00 and gave the company a “buy” rating in a report on Monday, August 4th. Finally, Williams Trading set a $50.00 price target on Rigetti Computing in a report on Tuesday, October 7th. Five research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Rigetti Computing has an average rating of “Moderate Buy” and a consensus price target of $29.29.

Rigetti Computing Stock Down 7.9%

The business has a fifty day simple moving average of $32.44 and a two-hundred day simple moving average of $19.72. The company has a market cap of $11.14 billion, a P/E ratio of -45.21 and a beta of 1.64.

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

Insiders Place Their Bets

In other Rigetti Computing news, Director Michael S. Clifton sold 75,000 shares of the company’s stock in a transaction dated Friday, September 12th. The stock was sold at an average price of $19.00, for a total value of $1,425,000.00. Following the completion of the sale, the director owned 653,766 shares in the company, valued at $12,421,554. This represents a 10.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Ray O. Johnson sold 126,295 shares of the company’s stock in a transaction dated Friday, September 12th. The stock was sold at an average price of $20.00, for a total value of $2,525,900.00. Following the completion of the sale, the director owned 293,461 shares of the company’s stock, valued at approximately $5,869,220. The trade was a 30.09% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 454,204 shares of company stock valued at $10,300,876. 1.90% of the stock is currently owned by corporate insiders.

Institutional Trading of Rigetti Computing

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Marex Group plc purchased a new stake in shares of Rigetti Computing during the second quarter worth about $87,414,000. UNICOM Systems Inc. grew its position in shares of Rigetti Computing by 1,235.8% during the first quarter. UNICOM Systems Inc. now owns 3,806,935 shares of the company’s stock worth $30,151,000 after purchasing an additional 3,521,935 shares in the last quarter. Vanguard Group Inc. grew its position in shares of Rigetti Computing by 20.7% during the first quarter. Vanguard Group Inc. now owns 14,177,119 shares of the company’s stock worth $112,283,000 after purchasing an additional 2,430,758 shares in the last quarter. Ameriprise Financial Inc. purchased a new stake in shares of Rigetti Computing during the second quarter worth about $21,887,000. Finally, Geode Capital Management LLC grew its position in shares of Rigetti Computing by 22.9% during the second quarter. Geode Capital Management LLC now owns 6,484,155 shares of the company’s stock worth $76,910,000 after purchasing an additional 1,206,925 shares in the last quarter. Hedge funds and other institutional investors own 35.38% of the company’s stock.

About Rigetti Computing

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.