Rigetti Computing (NASDAQ:RGTI) Stock Price Down 8.9% – Here’s What Happened

Rigetti Computing, Inc. (NASDAQ:RGTI) fell 8.9% during mid-day trading on Monday . The stock traded as low as $23.51 and last traded at $23.53. 33,492,019 shares were traded during mid-day trading, a decline of 53% from the average session volume of 71,137,313 shares. The stock had previously closed at $25.84.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Rigetti Computing in a research note on Monday, December 8th. B. Riley dropped their target price on Rigetti Computing from $42.00 to $35.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 12th. Williams Trading set a $40.00 price target on Rigetti Computing in a research report on Tuesday, November 11th. 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, November 11th. Finally, Mizuho started coverage on Rigetti Computing in a research note on Thursday. They issued an “outperform” rating and a $50.00 target price for the company. Six investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $28.50.

Rigetti Computing Price Performance

The stock has a market cap of $7.77 billion, a P/E ratio of -18.10 and a beta of 1.69. The firm’s fifty day moving average price is $34.49 and its two-hundred day moving average price is $22.87.

Rigetti Computing (NASDAQ:RGTI) last posted its earnings results on Monday, November 10th. The company reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.05) by $0.02. The business had revenue of $1.95 million during 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 firm’s revenue was down 18.1% on a year-over-year basis. On average, research analysts expect that Rigetti Computing, Inc. will post -0.34 earnings per share for the current fiscal year.

Insider Activity at Rigetti Computing

In related news, Director Helene Gail Sandford sold 62,000 shares of the company’s stock in a transaction that occurred on Friday, October 17th. The shares were sold at an average price of $44.89, for a total value of $2,783,180.00. Following the transaction, the director directly owned 120,371 shares in the company, valued at approximately $5,403,454.19. This represents a 34.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Hedge Funds Weigh In On Rigetti Computing

A number of hedge funds and other institutional investors have recently bought and sold shares of RGTI. Rothschild Investment LLC increased its holdings in shares of Rigetti Computing by 26.1% in the 3rd quarter. Rothschild Investment LLC now owns 1,665 shares of the company’s stock worth $50,000 after buying an additional 345 shares during the last quarter. Trust Co. of Toledo NA OH grew its position in Rigetti Computing by 1.7% in the third quarter. Trust Co. of Toledo NA OH now owns 21,178 shares of the company’s stock worth $631,000 after acquiring an additional 357 shares in the last quarter. Prospera Financial Services Inc increased its stake in Rigetti Computing by 1.0% in the third quarter. Prospera Financial Services Inc now owns 41,789 shares of the company’s stock valued at $1,245,000 after acquiring an additional 419 shares during the last quarter. MAI Capital Management increased its stake in Rigetti Computing by 17.7% in the third quarter. MAI Capital Management now owns 3,763 shares of the company’s stock valued at $112,000 after acquiring an additional 566 shares during the last quarter. Finally, GAMMA Investing LLC raised its position in Rigetti Computing by 25.6% during the third quarter. GAMMA Investing LLC now owns 2,878 shares of the company’s stock valued at $86,000 after purchasing an additional 587 shares in the last quarter. Hedge funds and other institutional investors own 35.38% of the company’s stock.

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.