Rigetti Computing (NASDAQ:RGTI) Shares Gap Down – Here’s What Happened

Rigetti Computing, Inc. (NASDAQ:RGTI) shares gapped down prior to trading on Tuesday . The stock had previously closed at $26.57, but opened at $25.49. Rigetti Computing shares last traded at $25.3380, with a volume of 8,993,323 shares trading hands.

Wall Street Analyst Weigh In

A number of research firms have weighed in on RGTI. Benchmark cut their price objective on shares of Rigetti Computing from $50.00 to $40.00 and set a “buy” rating on the stock in a report on Tuesday, November 11th. B. Riley dropped their target price on shares of Rigetti Computing from $42.00 to $35.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 12th. Alliance Global Partners reissued a “buy” rating on shares of Rigetti Computing in a research report on Tuesday, November 11th. Needham & Company LLC raised their price objective on Rigetti Computing from $15.00 to $18.00 and gave the stock a “buy” rating in a report on Monday, August 4th. Finally, Williams Trading set a $40.00 target price on Rigetti Computing in a research report on Tuesday, November 11th. Five investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $25.43.

Rigetti Computing Trading Down 4.4%

The stock has a market cap of $8.38 billion, a price-to-earnings ratio of -19.50 and a beta of 1.64. The stock’s 50 day moving average is $35.39 and its two-hundred day moving average is $21.48.

Rigetti Computing (NASDAQ:RGTI) last posted its quarterly earnings data on Monday, November 10th. The company reported ($0.03) EPS for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.02. Rigetti Computing had a negative net margin of 4,741.49% and a negative return on equity of 21.98%. The company had revenue of $1.95 million for the quarter, compared to analyst estimates of $2.17 million. Rigetti Computing’s quarterly revenue was down 18.1% on a year-over-year basis. On average, sell-side analysts predict that Rigetti Computing, Inc. will post -0.34 EPS for the current year.

Insider Buying and Selling

In other Rigetti Computing news, Director Thomas J. Iannotti sold 100,000 shares of the stock in a transaction that occurred on Friday, September 12th. The stock was 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. This trade represents a 87.03% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Ray O. Johnson sold 126,295 shares of the business’s stock in a transaction that occurred on Friday, September 12th. The shares were sold at an average price of $20.00, for a total value of $2,525,900.00. Following the completion of the transaction, the director directly owned 293,461 shares in the company, valued at approximately $5,869,220. The trade was a 30.09% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 405,930 shares of company stock valued at $9,584,046 in the last quarter.

Institutional Trading of Rigetti Computing

Several hedge funds have recently made changes to their positions in RGTI. Vanguard Group Inc. increased its stake in shares of Rigetti Computing by 40.4% during the third quarter. Vanguard Group Inc. now owns 32,046,477 shares of the company’s stock worth $954,665,000 after acquiring an additional 9,228,888 shares during the period. Marex Group plc purchased a new stake in Rigetti Computing in the 2nd quarter valued at approximately $87,414,000. Ameriprise Financial Inc. purchased a new stake in Rigetti Computing in the 2nd quarter valued at approximately $21,887,000. Clear Street Group Inc. acquired a new position in Rigetti Computing during the 3rd quarter worth approximately $47,752,000. Finally, UBS Group AG raised its stake in shares of Rigetti Computing by 90.9% during the 3rd quarter. UBS Group AG now owns 3,081,174 shares of the company’s stock worth $91,788,000 after buying an additional 1,467,483 shares in the last quarter. Institutional investors and hedge funds 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.