Rigetti Computing (NASDAQ:RGTI) Shares Down 9.9% After Analyst Downgrade

Rigetti Computing, Inc. (NASDAQ:RGTI) dropped 9.9% during trading on Wednesday after B. Riley lowered their price target on the stock from $42.00 to $35.00. B. Riley currently has a neutral rating on the stock. Rigetti Computing traded as low as $28.05 and last traded at $28.30. Approximately 49,849,812 shares traded hands during mid-day trading, a decline of 33% from the average daily volume of 74,067,672 shares. The stock had previously closed at $31.40.

Several other brokerages also recently issued reports on RGTI. Weiss Ratings restated a “sell (e+)” rating on shares of Rigetti Computing in a research report on Wednesday, October 8th. Industrial Alliance Securities set a $18.00 price target on Rigetti Computing in a report on Wednesday, July 16th. Alliance Global Partners restated a “buy” rating on shares of Rigetti Computing in a research report on Tuesday. Benchmark decreased their price objective on Rigetti Computing from $50.00 to $40.00 and set a “buy” rating on the stock in a research note on Tuesday. Finally, Needham & Company LLC boosted their target price on shares of Rigetti Computing from $15.00 to $18.00 and gave the company a “buy” rating in a research note on Monday, August 4th. Five research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $25.43.

Insider Buying and Selling

In other news, Director Michael S. Clifton sold 75,000 shares of the company’s stock in a transaction on Friday, September 12th. The stock was sold at an average price of $19.00, for a total transaction of $1,425,000.00. Following the completion of the sale, the director directly owned 653,766 shares in the company, valued at $12,421,554. This represents a 10.29% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CTO David Rivas sold 44,355 shares of Rigetti Computing stock in a transaction on Wednesday, August 20th. The shares were sold at an average price of $14.85, for a total transaction of $658,671.75. Following the transaction, the chief technology officer owned 730,568 shares in the company, valued at $10,848,934.80. The trade was a 5.72% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 454,204 shares of company stock worth $10,300,876 over the last 90 days.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Vanguard Group Inc. boosted its stake in shares of Rigetti Computing by 40.4% during the 3rd quarter. Vanguard Group Inc. now owns 32,046,477 shares of the company’s stock valued at $954,665,000 after buying an additional 9,228,888 shares during the last quarter. State Street Corp grew its stake in Rigetti Computing by 12.0% in the second quarter. State Street Corp now owns 8,853,006 shares of the company’s stock worth $104,997,000 after purchasing an additional 946,850 shares in the last quarter. Marex Group plc acquired a new stake in Rigetti Computing during the second quarter valued at approximately $87,414,000. Geode Capital Management LLC grew its position in shares of Rigetti Computing by 22.9% in the 2nd quarter. Geode Capital Management LLC now owns 6,484,155 shares of the company’s stock worth $76,910,000 after acquiring an additional 1,206,925 shares in the last quarter. Finally, Penserra Capital Management LLC increased its holdings in shares of Rigetti Computing by 43.8% in the 3rd quarter. Penserra Capital Management LLC now owns 2,445,818 shares of the company’s stock valued at $72,860,000 after acquiring an additional 744,577 shares during the last quarter. Institutional investors and hedge funds own 35.38% of the company’s stock.

Rigetti Computing Stock Down 9.9%

The company has a 50 day moving average of $33.80 and a 200-day moving average of $20.48. The stock has a market capitalization of $9.17 billion, a P/E ratio of -21.77 and a beta of 1.64.

Rigetti Computing (NASDAQ:RGTI) last announced its quarterly earnings data on Monday, November 10th. The company reported ($0.03) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.02. The business had revenue of $1.95 million during the quarter, compared to the consensus estimate of $2.17 million. Rigetti Computing had a negative net margin of 4,741.49% and a negative return on equity of 23.39%. The company’s quarterly revenue was down 18.1% on a year-over-year basis. Equities analysts forecast that Rigetti Computing, Inc. will post -0.34 EPS for the current fiscal year.

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.