Rigetti Computing (NASDAQ:RGTI) Shares Gap Down – What’s Next?

Rigetti Computing, Inc. (NASDAQ:RGTIGet Free Report)’s share price gapped down prior to trading on Tuesday . The stock had previously closed at $11.16, but opened at $10.37. Rigetti Computing shares last traded at $10.43, with a volume of 16,066,347 shares.

Analyst Upgrades and Downgrades

Several research firms have commented on RGTI. B. Riley increased their price target on shares of Rigetti Computing from $8.50 to $15.00 and gave the company a “buy” rating in a research report on Friday, February 14th. Benchmark restated a “buy” rating and issued a $14.00 target price on shares of Rigetti Computing in a research note on Thursday, March 6th. Needham & Company LLC reaffirmed a “buy” rating and set a $17.00 price target on shares of Rigetti Computing in a research report on Thursday, March 6th. Alliance Global Partners restated a “buy” rating on shares of Rigetti Computing in a research note on Thursday, March 6th. Finally, Craig Hallum started coverage on Rigetti Computing in a research note on Friday, December 20th. They issued a “buy” rating and a $12.00 price target for the company. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat, Rigetti Computing presently has a consensus rating of “Buy” and an average target price of $14.50.

Check Out Our Latest Research Report on Rigetti Computing

Rigetti Computing Trading Down 1.2 %

The company has a current ratio of 4.84, a quick ratio of 4.84 and a debt-to-equity ratio of 0.02. The stock has a 50-day simple moving average of $10.94 and a 200 day simple moving average of $6.27. The company has a market cap of $3.15 billion, a price-to-earnings ratio of -29.17 and a beta of 1.36.

Rigetti Computing (NASDAQ:RGTIGet Free Report) last issued its earnings results on Wednesday, March 5th. The company reported ($0.08) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.08). The firm had revenue of $2.27 million during the quarter, compared to analysts’ expectations of $2.40 million. Rigetti Computing had a negative net margin of 509.58% and a negative return on equity of 51.56%. During the same quarter last year, the company posted ($0.04) earnings per share. As a group, equities research analysts predict that Rigetti Computing, Inc. will post -0.34 EPS for the current fiscal year.

Insider Buying and Selling at Rigetti Computing

In other Rigetti Computing news, CTO David Rivas sold 351,785 shares of Rigetti Computing stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $7.76, for a total value of $2,729,851.60. Following the completion of the transaction, the chief technology officer now owns 1,094,738 shares of the company’s stock, valued at approximately $8,495,166.88. The trade was a 24.32 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 2.81% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Rigetti Computing

Hedge funds have recently modified their holdings of the company. Signaturefd LLC acquired a new stake in shares of Rigetti Computing in the fourth quarter valued at about $25,000. EverSource Wealth Advisors LLC acquired a new position in Rigetti Computing during the fourth quarter worth about $28,000. Tucker Asset Management LLC purchased a new stake in Rigetti Computing during the 4th quarter valued at about $32,000. Spire Wealth Management acquired a new stake in Rigetti Computing in the 4th quarter valued at about $46,000. Finally, Orion Capital Management LLC purchased a new position in Rigetti Computing in the 4th quarter worth approximately $46,000. 35.38% of the stock is owned by hedge funds and other institutional investors.

Rigetti Computing Company Profile

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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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