Rigetti Computing (NASDAQ:RGTI) Shares Down 4%

Rigetti Computing, Inc. (NASDAQ:RGTI) fell 4% on Thursday . The company traded as low as $1.14 and last traded at $1.21. 3,819,051 shares were traded during trading, a decline of 42% from the average session volume of 6,590,423 shares. The stock had previously closed at $1.26.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on RGTI. Alliance Global Partners began coverage on shares of Rigetti Computing in a research note on Friday, March 1st. They set a “buy” rating and a $3.50 target price for the company. Needham & Company LLC reissued a “buy” rating and set a $3.00 target price on shares of Rigetti Computing in a research note on Friday, March 15th.

Rigetti Computing Stock Down 5.6 %

The firm’s 50-day simple moving average is $1.59 and its 200-day simple moving average is $1.29. The company has a debt-to-equity ratio of 0.09, a quick ratio of 3.71 and a current ratio of 3.71.

Rigetti Computing (NASDAQ:RGTI) last posted its quarterly earnings results on Thursday, March 14th. The company reported ($0.09) earnings per share (EPS) for the quarter. Rigetti Computing had a negative net margin of 625.42% and a negative return on equity of 59.51%. The business had revenue of $3.38 million for the quarter. Sell-side analysts predict that Rigetti Computing, Inc. will post -0.33 earnings per share for the current fiscal year.

Insider Activity

In other Rigetti Computing news, Director Alissa Fitzgerald sold 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 1st. The shares were sold at an average price of $1.28, for a total transaction of $25,600.00. Following the completion of the transaction, the director now owns 140,810 shares of the company’s stock, valued at $180,236.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Alissa Fitzgerald sold 20,000 shares of the stock in a transaction that occurred on Thursday, February 1st. The shares were sold at an average price of $1.28, for a total transaction of $25,600.00. Following the sale, the director now owns 140,810 shares in the company, valued at $180,236.80. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, General Counsel Richard Danis sold 46,326 shares of the stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $1.97, for a total transaction of $91,262.22. Following the sale, the general counsel now owns 1,052,141 shares in the company, valued at approximately $2,072,717.77. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 115,599 shares of company stock valued at $194,030. Insiders own 2.60% 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. Procyon Advisors LLC purchased a new stake in Rigetti Computing in the fourth quarter worth approximately $65,000. Penserra Capital Management LLC boosted its holdings in Rigetti Computing by 9.0% in the third quarter. Penserra Capital Management LLC now owns 2,118,751 shares of the company’s stock worth $2,817,000 after purchasing an additional 174,408 shares during the last quarter. American Assets Investment Management LLC boosted its holdings in Rigetti Computing by 1,657.8% in the third quarter. American Assets Investment Management LLC now owns 8,789,169 shares of the company’s stock worth $11,690,000 after purchasing an additional 8,289,169 shares during the last quarter. Gitterman Wealth Management LLC purchased a new stake in Rigetti Computing in the third quarter worth approximately $27,000. Finally, Orion Portfolio Solutions LLC purchased a new stake in Rigetti Computing in the third quarter worth approximately $25,000. Hedge funds and other institutional investors own 35.38% of the company’s stock.

About Rigetti Computing

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.