Rigetti Computing (NASDAQ:RGTI) Trading Down 6.2% – Here’s What Happened

by · The Cerbat Gem

Rigetti Computing, Inc. (NASDAQ:RGTI – Get Free Report)’s stock price dropped 6.2% during trading on Wednesday . The stock traded as low as $22.41 and last traded at $22.47. Approximately 33,635,512 shares traded hands during mid-day trading, a decline of 52% from the average daily volume of 70,799,672 shares. The stock had previously closed at $23.96.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Rigetti Computing in a research note on Monday. Jefferies Financial Group began coverage on Rigetti Computing in a report on Tuesday. They issued a “hold” rating and a $30.00 price target for the company. Wedbush initiated coverage on shares of Rigetti Computing in a report on Wednesday. They set an “outperform” rating and a $35.00 price objective on the stock. B. Riley lowered their target price on shares of Rigetti Computing from $42.00 to $35.00 and set a “neutral” rating for the company in a report on Wednesday, November 12th. Finally, Williams Trading set a $40.00 target price on Rigetti Computing in a research report on Tuesday, November 11th. Seven investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Rigetti Computing currently has a consensus rating of “Moderate Buy” and a consensus target price of $29.30.

Read Our Latest Analysis on Rigetti Computing

Rigetti Computing Stock Down 6.2%

The company has a market cap of $7.42 billion, a price-to-earnings ratio of -17.28 and a beta of 1.68. The company has a fifty day simple moving average of $33.73 and a two-hundred day simple moving average of $23.03.

Rigetti Computing (NASDAQ:RGTI – Get Free Report) last announced its earnings results on Monday, November 10th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping 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 during the quarter, compared to analysts’ expectations of $2.17 million. The company’s revenue was down 18.1% on a year-over-year basis. On average, research analysts predict that Rigetti Computing, Inc. will post -0.34 EPS for the current year.

Insider Transactions at Rigetti Computing

In other news, Director Helene Gail Sandford sold 62,000 shares of the company’s stock in a transaction dated Friday, October 17th. The shares were sold at an average price of $44.89, for a total transaction of $2,783,180.00. Following the completion of the transaction, the director owned 120,371 shares of the company’s stock, valued at $5,403,454.19. This represents a 34.00% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 1.90% of the company’s stock.

Institutional Investors Weigh In On Rigetti Computing

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Atria Wealth Solutions Inc. purchased a new stake in Rigetti Computing during the 2nd quarter worth $392,000. Avior Wealth Management LLC acquired a new stake in shares of Rigetti Computing during the second quarter valued at about $121,000. Cavalier Investments LLC acquired a new position in Rigetti Computing in the second quarter worth about $589,000. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in Rigetti Computing during the second quarter valued at $217,000. Finally, Teacher Retirement System of Texas increased its holdings in shares of Rigetti Computing by 24.2% in the 2nd quarter. Teacher Retirement System of Texas now owns 43,260 shares of the company’s stock worth $513,000 after acquiring an additional 8,419 shares during the period. 35.38% of the stock is currently owned by institutional investors and hedge funds.

About Rigetti Computing

(Get Free Report)

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.

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