Rigetti Computing (NASDAQ:RGTI) Shares Down 0.5% After Analyst Downgrade

Rigetti Computing, Inc. (NASDAQ:RGTI)’s stock price traded down 0.5% during trading on Thursday after Needham & Company LLC lowered their price target on the stock from $17.00 to $15.00. Needham & Company LLC currently has a buy rating on the stock. Rigetti Computing traded as low as $11.18 and last traded at $11.59. 28,948,631 shares traded hands during mid-day trading, a decline of 44% from the average session volume of 51,716,023 shares. The stock had previously closed at $11.64.

RGTI has been the subject of a number of other reports. Benchmark reissued a “buy” rating and issued a $14.00 price objective on shares of Rigetti Computing in a research note on Thursday, March 6th. B. Riley raised their target price on shares of Rigetti Computing from $8.50 to $15.00 and gave the stock a “buy” rating in a report on Friday, February 14th. Finally, Alliance Global Partners restated a “buy” rating on shares of Rigetti Computing in a report on Thursday, March 6th. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Rigetti Computing has an average rating of “Buy” and a consensus price target of $14.00.

Insider Activity at Rigetti Computing

In related news, CTO David Rivas sold 351,785 shares of Rigetti Computing stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $7.76, for a total transaction of $2,729,851.60. Following the completion of the sale, the chief technology officer now owns 1,094,738 shares in the company, valued at $8,495,166.88. This trade represents a 24.32% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 1.90% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Rigetti Computing

Several large investors have recently modified their holdings of RGTI. Vanguard Group Inc. raised its holdings in shares of Rigetti Computing by 81.7% in the 4th quarter. Vanguard Group Inc. now owns 11,746,361 shares of the company’s stock valued at $179,249,000 after purchasing an additional 5,280,128 shares in the last quarter. Invesco Ltd. lifted its position in Rigetti Computing by 7,367.2% during the fourth quarter. Invesco Ltd. now owns 4,580,317 shares of the company’s stock valued at $69,896,000 after acquiring an additional 4,518,978 shares during the last quarter. UNICOM Systems Inc. boosted its stake in Rigetti Computing by 1,235.8% in the first quarter. UNICOM Systems Inc. now owns 3,806,935 shares of the company’s stock valued at $30,151,000 after acquiring an additional 3,521,935 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in Rigetti Computing by 3,295.7% in the fourth quarter. JPMorgan Chase & Co. now owns 2,117,563 shares of the company’s stock worth $32,314,000 after purchasing an additional 2,055,203 shares during the last quarter. Finally, Nuveen LLC purchased a new position in Rigetti Computing in the first quarter worth $6,523,000. Institutional investors own 35.38% of the company’s stock.

Rigetti Computing Stock Down 0.9%

The company’s fifty day simple moving average is $9.21 and its 200-day simple moving average is $8.73. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84. The firm has a market capitalization of $3.30 billion, a PE ratio of -30.37 and a beta of 1.41.

Rigetti Computing (NASDAQ:RGTI) last released its quarterly 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). Rigetti Computing had a negative net margin of 509.58% and a negative return on equity of 51.56%. The business had revenue of $2.27 million for the quarter, compared to analyst estimates of $2.40 million. During the same period in the previous year, the company earned ($0.04) earnings per share. On average, analysts forecast that Rigetti Computing, Inc. will post -0.34 EPS for the current year.

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.