Rigetti Computing (NASDAQ:RGTI) Stock Price Down 0.8% – Here’s Why

by · The Markets Daily

Rigetti Computing, Inc. (NASDAQ:RGTI – Get Free Report) was down 0.8% during mid-day trading on Thursday . The company traded as low as $1.18 and last traded at $1.20. Approximately 6,120,155 shares were traded during mid-day trading, an increase of 19% from the average daily volume of 5,143,708 shares. The stock had previously closed at $1.21.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. Needham & Company LLC dropped their price target on Rigetti Computing from $3.00 to $2.00 and set a “buy” rating on the stock in a research note on Friday, August 9th. B. Riley assumed coverage on shares of Rigetti Computing in a report on Thursday, July 25th. They issued a “buy” rating and a $3.00 target price on the stock.

Check Out Our Latest Stock Report on Rigetti Computing

Rigetti Computing Stock Up 1.7 %

The company has a market capitalization of $233.31 million, a price-to-earnings ratio of -2.60 and a beta of 2.28. The company has a current ratio of 4.29, a quick ratio of 4.29 and a debt-to-equity ratio of 0.03. The firm’s 50 day simple moving average is $0.87 and its 200-day simple moving average is $1.00.

Rigetti Computing (NASDAQ:RGTI – Get Free Report) last issued its quarterly earnings results on Thursday, August 8th. The company reported ($0.07) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.03. The business had revenue of $3.09 million for the quarter, compared to analyst estimates of $3.53 million. Rigetti Computing had a negative net margin of 538.72% and a negative return on equity of 54.61%. During the same period in the previous year, the business posted ($0.13) earnings per share. On average, sell-side analysts anticipate that Rigetti Computing, Inc. will post -0.34 EPS for the current fiscal year.

Insider Activity

In related news, Director Helene Gail Sandford sold 43,200 shares of the company’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $0.82, for a total transaction of $35,424.00. Following the transaction, the director now owns 257,752 shares of the company’s stock, valued at $211,356.64. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 2.81% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Quadrature Capital Ltd acquired a new position in shares of Rigetti Computing during the 4th quarter worth $159,000. Vanguard Group Inc. grew its holdings in Rigetti Computing by 17.0% during the 1st quarter. Vanguard Group Inc. now owns 5,185,200 shares of the company’s stock valued at $7,933,000 after buying an additional 753,110 shares during the last quarter. PEAK6 Investments LLC purchased a new position in Rigetti Computing during the first quarter worth $40,000. Cetera Advisors LLC acquired a new position in shares of Rigetti Computing in the first quarter worth $38,000. Finally, SG Americas Securities LLC acquired a new stake in shares of Rigetti Computing during the second quarter valued at $25,000. 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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