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

Rigetti Computing, Inc. (NASDAQ:RGTI)’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.

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:RGTI) 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

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.