Rigetti Computing (NASDAQ:RGTI) Shares Down 11% on Analyst Downgrade

Rigetti Computing, Inc. (NASDAQ:RGTI) shares dropped 11% during trading on Thursday 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 $24.75 and last traded at $25.20. Approximately 65,040,533 shares were traded during trading, a decline of 12% from the average daily volume of 74,005,531 shares. The stock had previously closed at $28.30.

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

Insider Transactions at Rigetti Computing

In other Rigetti Computing news, Director Helene Gail Sandford sold 62,000 shares of Rigetti Computing 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 completion of the transaction, the director directly owned 120,371 shares of the company’s stock, valued at $5,403,454.19. The trade was a 34.00% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Ray O. Johnson sold 126,295 shares of the business’s stock in a transaction on Friday, September 12th. The stock was sold at an average price of $20.00, for a total transaction of $2,525,900.00. Following the completion of the transaction, the director owned 293,461 shares of the company’s stock, valued at approximately $5,869,220. This trade represents a 30.09% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 454,204 shares of company stock valued at $10,300,876 in the last ninety days. 1.90% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Parallel Advisors LLC grew its stake in Rigetti Computing by 403.2% during the 3rd quarter. Parallel Advisors LLC now owns 1,087 shares of the company’s stock worth $32,000 after buying an additional 871 shares during the last quarter. Clearstead Advisors LLC purchased a new position in shares of Rigetti Computing during the third quarter worth approximately $35,000. Fifth Third Bancorp increased its holdings in shares of Rigetti Computing by 13,960.0% in the 3rd quarter. Fifth Third Bancorp now owns 1,406 shares of the company’s stock valued at $42,000 after acquiring an additional 1,396 shares during the period. Hantz Financial Services Inc. lifted its position in Rigetti Computing by 194.9% during the 3rd quarter. Hantz Financial Services Inc. now owns 1,513 shares of the company’s stock worth $45,000 after acquiring an additional 1,000 shares during the period. Finally, Rothschild Investment LLC boosted its holdings in shares of Rigetti Computing by 26.1% in the third quarter. Rothschild Investment LLC now owns 1,665 shares of the company’s stock valued at $50,000 after acquiring an additional 345 shares in the last quarter. Institutional investors and hedge funds own 35.38% of the company’s stock.

Rigetti Computing Stock Performance

The stock’s fifty day moving average price is $34.06 and its 200-day moving average price is $20.54. The firm has a market cap of $8.17 billion, a PE ratio of -19.38 and a beta of 1.64.

Rigetti Computing (NASDAQ:RGTI) last posted its quarterly earnings data on Monday, November 10th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.05) by $0.02. The business had revenue of $1.95 million for the quarter, compared to analysts’ expectations of $2.17 million. Rigetti Computing had a negative return on equity of 21.98% and a negative net margin of 4,741.49%.The company’s revenue for the quarter was down 18.1% compared to the same quarter last year. Sell-side analysts forecast that Rigetti Computing, Inc. will post -0.34 earnings per share for the current fiscal year.

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.