Rigetti Computing (NASDAQ:RGTI) Trading Down 1.8% – Here’s Why

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price traded down 1.8% during mid-day trading on Tuesday . The company traded as low as $24.61 and last traded at $26.08. 39,553,955 shares were traded during trading, a decline of 46% from the average session volume of 73,114,164 shares. The stock had previously closed at $26.57.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Needham & Company LLC increased their price objective on shares of Rigetti Computing from $15.00 to $18.00 and gave the company a “buy” rating in a report on Monday, August 4th. B. Riley lowered their target price on Rigetti Computing from $42.00 to $35.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 12th. Weiss Ratings reaffirmed 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, November 11th. Finally, Wall Street Zen raised shares of Rigetti Computing from a “sell” rating to a “hold” rating in a research report on Saturday, November 15th. Five analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Rigetti Computing has a consensus rating of “Moderate Buy” and an average target price of $25.43.

Rigetti Computing Price Performance

The stock has a market capitalization of $8.61 billion, a P/E ratio of -20.06 and a beta of 1.64. The stock’s 50-day simple moving average is $35.39 and its 200 day simple moving average is $21.48.

Rigetti Computing (NASDAQ:RGTI) last issued its quarterly earnings results on Monday, November 10th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.05) by $0.02. The company had revenue of $1.95 million for the quarter, compared to analyst estimates 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 was down 18.1% on a year-over-year basis. As a group, analysts expect that Rigetti Computing, Inc. will post -0.34 earnings per share for the current fiscal year.

Insider Buying and Selling at Rigetti Computing

In other Rigetti Computing news, Director Michael S. Clifton sold 75,000 shares of the stock in a transaction that occurred on 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 approximately $12,421,554. This trade represents a 10.29% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Helene Gail Sandford sold 62,000 shares of the business’s stock in a transaction on 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 sale, the director directly owned 120,371 shares in the company, valued at $5,403,454.19. This trade represents a 34.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 405,930 shares of company stock valued at $9,584,046 in the last quarter.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. IFP Advisors Inc grew its holdings in shares of Rigetti Computing by 146.1% in the second quarter. IFP Advisors Inc now owns 2,190 shares of the company’s stock worth $26,000 after purchasing an additional 1,300 shares during the last quarter. Danske Bank A S purchased a new stake in Rigetti Computing in the third quarter valued at $30,000. Quarry LP acquired a new position in shares of Rigetti Computing in the 1st quarter valued at $31,000. Parallel Advisors LLC increased its position in shares of Rigetti Computing by 403.2% in the third quarter. Parallel Advisors LLC now owns 1,087 shares of the company’s stock valued at $32,000 after buying an additional 871 shares in the last quarter. Finally, Armstrong Advisory Group Inc. boosted its holdings in Rigetti Computing by 225.4% in the 2nd quarter. Armstrong Advisory Group Inc. now owns 2,974 shares of the company’s stock worth $35,000 after buying an additional 2,060 shares during the last quarter. 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.