Rigetti Computing (NASDAQ:RGTI) Stock Price Down 9.9% After Analyst Downgrade

Rigetti Computing, Inc. (NASDAQ:RGTI) shares traded down 9.9% on Wednesday after B. Riley lowered their price target on the stock from $42.00 to $35.00. B. Riley currently has a neutral rating on the stock. Rigetti Computing traded as low as $28.05 and last traded at $28.30. 49,849,812 shares changed hands during mid-day trading, a decline of 33% from the average session volume of 74,067,672 shares. The stock had previously closed at $31.40.

Several other research firms also recently weighed in on RGTI. Benchmark cut their price target on Rigetti Computing from $50.00 to $40.00 and set a “buy” rating on the stock in a research note on Tuesday. Industrial Alliance Securities set a $18.00 target price on Rigetti Computing in a research note on Wednesday, July 16th. Needham & Company LLC raised their price target on Rigetti Computing from $15.00 to $18.00 and gave the company a “buy” rating in a report on Monday, August 4th. Alliance Global Partners reiterated a “buy” rating on shares of Rigetti Computing in a research note on Tuesday. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Rigetti Computing in a research report on Wednesday, October 8th. Five analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $25.43.

Insider Activity

In other Rigetti Computing news, CTO David Rivas sold 44,355 shares of the company’s stock in a transaction dated Wednesday, August 20th. The shares were sold at an average price of $14.85, for a total transaction of $658,671.75. Following the transaction, the chief technology officer owned 730,568 shares in the company, valued at approximately $10,848,934.80. This represents a 5.72% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Thomas J. Iannotti sold 100,000 shares of Rigetti Computing stock in a transaction that occurred on Friday, September 12th. The stock was sold at an average price of $19.50, for a total transaction of $1,950,000.00. Following the completion of the sale, the director owned 14,902 shares of the company’s stock, valued at $290,589. This represents a 87.03% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 454,204 shares of company stock valued at $10,300,876. Corporate insiders own 1.90% of the company’s stock.

Institutional Investors Weigh In On Rigetti Computing

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Clearstead Advisors LLC purchased a new stake in Rigetti Computing during the 3rd quarter valued at $35,000. Fifth Third Bancorp grew its holdings in shares of Rigetti Computing by 13,960.0% in the third quarter. Fifth Third Bancorp now owns 1,406 shares of the company’s stock worth $42,000 after acquiring an additional 1,396 shares during the period. Hantz Financial Services Inc. grew its holdings in shares of Rigetti Computing by 194.9% in the third quarter. Hantz Financial Services Inc. now owns 1,513 shares of the company’s stock worth $45,000 after acquiring an additional 1,000 shares during the period. Rothschild Investment LLC increased its position in Rigetti Computing by 26.1% during the third quarter. Rothschild Investment LLC now owns 1,665 shares of the company’s stock valued at $50,000 after acquiring an additional 345 shares during the last quarter. Finally, Huntington National Bank lifted its holdings in Rigetti Computing by 60.6% in the third quarter. Huntington National Bank now owns 1,688 shares of the company’s stock valued at $50,000 after acquiring an additional 637 shares during the period. Hedge funds and other institutional investors own 35.38% of the company’s stock.

Rigetti Computing Price Performance

The firm has a 50-day simple moving average of $34.06 and a 200-day simple moving average of $20.54. The firm has a market capitalization of $9.17 billion, a PE ratio of -21.77 and a beta of 1.64.

Rigetti Computing (NASDAQ:RGTI) last issued its quarterly earnings data on Monday, November 10th. The company reported ($0.03) earnings per share for the quarter, topping the consensus estimate of ($0.05) by $0.02. The firm had revenue of $1.95 million for the quarter, compared to analysts’ expectations of $2.17 million. Rigetti Computing had a negative net margin of 4,741.49% and a negative return on equity of 21.98%. The company’s revenue for the quarter was down 18.1% compared to the same quarter last year. Equities analysts expect that Rigetti Computing, Inc. will post -0.34 earnings per share 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.