Rigetti Computing (NASDAQ:RGTI) Shares Down 6.5% – Here’s Why

by · The Markets Daily

Rigetti Computing, Inc. (NASDAQ:RGTI – Get Free Report) shares fell 6.5% on Friday . The company traded as low as $27.33 and last traded at $28.11. 50,869,494 shares traded hands during mid-day trading, a decline of 29% from the average session volume of 72,052,789 shares. The stock had previously closed at $30.06.

Analyst Ratings Changes

A number of brokerages have recently issued reports on RGTI. Williams Trading set a $40.00 target price on Rigetti Computing in a research note on Tuesday, November 11th. Alliance Global Partners restated a “buy” rating on shares of Rigetti Computing in a research note on Tuesday, November 11th. Wall Street Zen raised Rigetti Computing from a “sell” rating to a “hold” rating in a report on Saturday, November 15th. B. Riley cut their price objective on Rigetti Computing from $42.00 to $35.00 and set a “neutral” rating for the company in a research report on Wednesday, November 12th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Rigetti Computing in a research report on Wednesday, October 8th. Five analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $25.43.

View Our Latest Report on RGTI

Rigetti Computing Stock Performance

The firm has a market cap of $9.28 billion, a price-to-earnings ratio of -21.62 and a beta of 1.68. The business has a fifty day moving average of $35.08 and a two-hundred day moving average of $22.34.

Rigetti Computing (NASDAQ:RGTI – Get Free Report) last issued 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 firm 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 quarterly revenue was down 18.1% on a year-over-year basis. On average, equities research analysts forecast that Rigetti Computing, Inc. will post -0.34 earnings per share for the current year.

Insider Transactions at Rigetti Computing

In related news, Director Thomas J. Iannotti sold 100,000 shares of the business’s stock in a transaction dated Friday, September 12th. The shares were sold at an average price of $19.50, for a total value of $1,950,000.00. Following the sale, the director directly owned 14,902 shares in the company, valued at $290,589. The trade was a 87.03% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Helene Gail Sandford sold 62,000 shares of the firm’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 transaction, the director owned 120,371 shares of the company’s stock, 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. Over the last quarter, insiders sold 405,930 shares of company stock worth $9,584,046. Corporate insiders own 1.90% of the company’s stock.

Institutional Inflows and Outflows

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

Rigetti Computing Company Profile

(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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