Rigetti Computing, Inc. (NASDAQ:RGTI – Get Free Report) dropped 6.3% during mid-day trading on Friday . The company traded as low as $1.16 and last traded at $1.17. Approximately 1,537,128 shares changed hands during trading, a decline of 77% from the average daily volume of 6,549,164 shares. The stock had previously closed at $1.25.
Analyst Ratings Changes
A number of research analysts recently commented on RGTI shares. Alliance Global Partners initiated coverage on shares of Rigetti Computing in a research note on Friday, March 1st. They issued a “buy” rating and a $3.50 price target on the stock. Needham & Company LLC reiterated a “buy” rating and set a $3.00 target price on shares of Rigetti Computing in a research note on Friday, March 15th.
Check Out Our Latest Report on RGTI
Rigetti Computing Price Performance
Rigetti Computing (NASDAQ:RGTI – Get Free Report) last announced its earnings results on Thursday, March 14th. The company reported ($0.09) earnings per share (EPS) for the quarter. Rigetti Computing had a negative return on equity of 59.51% and a negative net margin of 625.42%. The business had revenue of $3.38 million for the quarter. On average, equities research analysts anticipate that Rigetti Computing, Inc. will post -0.33 earnings per share for the current fiscal year.
Insider Buying and Selling
In other Rigetti Computing news, Director Alissa Fitzgerald sold 20,000 shares of Rigetti Computing stock in a transaction on Thursday, February 1st. The stock was sold at an average price of $1.28, for a total value of $25,600.00. Following the completion of the transaction, the director now directly owns 140,810 shares of the company’s stock, valued at approximately $180,236.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director Alissa Fitzgerald sold 20,000 shares of the firm’s stock in a transaction on Thursday, February 1st. The stock was sold at an average price of $1.28, for a total value of $25,600.00. Following the transaction, the director now owns 140,810 shares in the company, valued at $180,236.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, General Counsel Richard Danis sold 46,326 shares of the business’s stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $1.97, for a total value of $91,262.22. Following the completion of the transaction, the general counsel now directly owns 1,052,141 shares of the company’s stock, valued at approximately $2,072,717.77. The disclosure for this sale can be found here. Insiders have sold 115,599 shares of company stock valued at $194,030 over the last 90 days. 2.60% of the stock is owned by corporate insiders.
Institutional Inflows and Outflows
A number of hedge funds have recently added to or reduced their stakes in the company. Penserra Capital Management LLC acquired a new stake in shares of Rigetti Computing in the 1st quarter valued at $26,000. Moors & Cabot Inc. acquired a new stake in Rigetti Computing in the first quarter valued at about $75,000. Ergoteles LLC bought a new position in Rigetti Computing in the first quarter valued at about $80,000. American International Group Inc. acquired a new position in Rigetti Computing during the second quarter worth about $55,000. Finally, Orion Portfolio Solutions LLC bought a new position in shares of Rigetti Computing in the third quarter worth about $25,000. 35.38% of the stock is owned by 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.
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