Rigetti Computing (NASDAQ:RGTI) Stock Price Down 3.9% – What’s Next?

by · The Markets Daily

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI – Get Free Report) dropped 3.9% on Friday . The company traded as low as $25.06 and last traded at $25.84. Approximately 31,157,415 shares traded hands during trading, a decline of 56% from the average daily volume of 71,285,211 shares. The stock had previously closed at $26.88.

Analyst Ratings Changes

Several brokerages recently weighed in on RGTI. Mizuho assumed coverage on shares of Rigetti Computing in a report on Thursday. They issued an “outperform” rating and a $50.00 target price on the stock. Benchmark reduced 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. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Rigetti Computing in a research report on Monday. Alliance Global Partners reissued a “buy” rating on shares of Rigetti Computing in a report on Tuesday, November 11th. Finally, Wall Street Zen upgraded Rigetti Computing from a “sell” rating to a “hold” rating in a research note on Saturday, November 15th. Six research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Rigetti Computing currently has a consensus rating of “Moderate Buy” and a consensus target price of $28.50.

View Our Latest Research Report on Rigetti Computing

Rigetti Computing Trading Down 3.9%

The stock has a market capitalization of $8.53 billion, a price-to-earnings ratio of -19.88 and a beta of 1.68. The company’s 50 day moving average is $34.78 and its 200 day moving average is $22.67.

Rigetti Computing (NASDAQ:RGTI – Get Free Report) last released its quarterly earnings data 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. 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 the consensus estimate of $2.17 million. The business’s quarterly revenue was down 18.1% compared to the same quarter last year. Analysts anticipate that Rigetti Computing, Inc. will post -0.34 EPS for the current fiscal year.

Insider Buying and Selling

In other Rigetti Computing news, Director Helene Gail Sandford sold 62,000 shares of Rigetti Computing stock in a transaction that occurred on Friday, October 17th. The stock was 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. The trade was a 34.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 1.90% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of RGTI. Cetera Investment Advisers raised its stake in shares of Rigetti Computing by 59.6% during the first quarter. Cetera Investment Advisers now owns 67,742 shares of the company’s stock worth $537,000 after purchasing an additional 25,286 shares during the last quarter. LPL Financial LLC increased its stake in Rigetti Computing by 122.2% in the 1st quarter. LPL Financial LLC now owns 287,811 shares of the company’s stock valued at $2,279,000 after buying an additional 158,301 shares during the period. XTX Topco Ltd raised its position in Rigetti Computing by 155.4% during the 1st quarter. XTX Topco Ltd now owns 25,596 shares of the company’s stock worth $203,000 after buying an additional 15,576 shares during the last quarter. US Bancorp DE lifted its stake in shares of Rigetti Computing by 29.4% in the 1st quarter. US Bancorp DE now owns 6,248 shares of the company’s stock worth $49,000 after acquiring an additional 1,420 shares during the period. Finally, Vanguard Group Inc. lifted its stake in shares of Rigetti Computing by 20.7% in the 1st quarter. Vanguard Group Inc. now owns 14,177,119 shares of the company’s stock worth $112,283,000 after acquiring an additional 2,430,758 shares during the period. 35.38% of the stock is currently owned by hedge funds and other institutional investors.

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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