Rigetti Computing (NASDAQ:RGTI) Reaches New 12-Month Low – What’s Next?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price hit a new 52-week low during mid-day trading on Wednesday. The stock traded as low as $12.33 and last traded at $12.1910, with a volume of 547,260 shares traded. The stock had previously closed at $12.78.

Wall Street Analysts Forecast Growth

RGTI has been the subject of several recent research reports. Wedbush assumed coverage on shares of Rigetti Computing in a report on Monday, August 3rd. They set an “outperform” rating and a $40.00 target price for the company. Rosenblatt Securities reissued a “buy” rating and set a $40.00 price objective on shares of Rigetti Computing in a research report on Friday, August 7th. Weiss Ratings cut Rigetti Computing from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Thursday, September 17th. Wall Street Zen cut Rigetti Computing from a “hold” rating to a “sell” rating in a research report on Saturday, August 8th. Finally, Benchmark assumed coverage on Rigetti Computing in a research report on Monday, July 27th. They issued a “buy” rating and a $25.00 target price for the company. Seven research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Rigetti Computing presently has a consensus rating of “Hold” and an average price target of $30.67.

Rigetti Computing Trading Down 5.0%

The firm has a 50 day moving average price of $16.01 and a 200 day moving average price of $17.43. The stock has a market capitalization of $4.05 billion, a PE ratio of -13.63 and a beta of 2.02.

Rigetti Computing (NASDAQ:RGTI) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.05) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.05). The firm had revenue of $5.14 million for the quarter, compared to analysts’ expectations of $5.09 million. Rigetti Computing had a negative return on equity of 17.50% and a negative net margin of 2,189.54%. On average, equities research analysts expect that Rigetti Computing, Inc. will post -0.27 EPS for the current year.

Insiders Place Their Bets

In related news, COO David Rivas sold 9,038 shares of the business’s stock in a transaction that occurred on Thursday, August 20th. The stock was sold at an average price of $16.79, for a total value of $151,748.02. Following the transaction, the chief operating officer directly owned 316,907 shares of the company’s stock, valued at approximately $5,320,868.53. The trade was a 2.77% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Jeffrey Bertelsen sold 25,000 shares of the business’s stock in a transaction on Thursday, September 3rd. The stock was sold at an average price of $15.00, for a total transaction of $375,000.00. Following the completion of the transaction, the chief financial officer directly owned 168,067 shares in the company, valued at $2,521,005. This trade represents a 12.95% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 163,689 shares of company stock worth $2,570,890. Company insiders own 1.60% of the company’s stock.

Hedge Funds Weigh In On Rigetti Computing

Several hedge funds have recently added to or reduced their stakes in RGTI. GAMMA Investing LLC boosted its stake in shares of Rigetti Computing by 44.6% during the third quarter. GAMMA Investing LLC now owns 4,379 shares of the company’s stock valued at $69,000 after purchasing an additional 1,351 shares during the period. Burr Financial Services LLC bought a new position in shares of Rigetti Computing during the 3rd quarter worth $6,181,000. Sequoia Financial Advisors LLC raised its holdings in shares of Rigetti Computing by 5.2% in the second quarter. Sequoia Financial Advisors LLC now owns 65,906 shares of the company’s stock valued at $1,273,000 after acquiring an additional 3,283 shares in the last quarter. Tidal Investments LLC bought a new position in Rigetti Computing during the 2nd quarter worth about $365,000. Finally, NewEdge Advisors LLC raised its holdings in shares of Rigetti Computing by 16.8% in the 2nd quarter. NewEdge Advisors LLC now owns 76,752 shares of the company’s stock valued at $1,483,000 after purchasing an additional 11,058 shares in the last quarter. 35.38% of the stock is currently owned by institutional investors.

Rigetti Computing Company Profile

Rigetti Computing, Inc is a quantum computing company that develops full-stack quantum computing systems based on superconducting qubit technology. The company designs and manufactures quantum processors, develops the software and control systems used to operate them, and provides access to its quantum computing capabilities through cloud-based services.

Rigetti’s products and services include its quantum processing units (QPUs), quantum-classical computing infrastructure, and the Rigetti Quantum Cloud Services platform.