Rigetti Computing (NASDAQ:RGTI) Shares Gap Down - What's Next?

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report)'s stock price gapped down prior to trading on Friday . The stock had previously closed at $13.15, but opened at $12.50. Rigetti Computing shares last traded at $12.08, with a volume of 7,431,699 shares trading hands.

Analyst Upgrades and Downgrades

• How Does D-Wave Stack Up Against Quantum Competitors?

RGTI has been the topic of several recent analyst reports. Needham & Company LLC decreased their price target on Rigetti Computing from $17.00 to $15.00 and set a "buy" rating on the stock in a research note on Wednesday, May 14th. B. Riley increased their target price on shares of Rigetti Computing from $8.50 to $15.00 and gave the stock a "buy" rating in a research note on Friday, February 14th. Alliance Global Partners reiterated a "buy" rating on shares of Rigetti Computing in a research report on Thursday, March 6th. Finally, Benchmark reaffirmed a "buy" rating and set a $14.00 price objective on shares of Rigetti Computing in a research report on Thursday, May 15th. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has an average rating of "Buy" and a consensus price target of $14.00.

Check Out Our Latest Research Report on Rigetti Computing

Rigetti Computing Price Performance

• D-Wave Quantum: Hidden Opportunity or Short Seller's Dream?

The company's 50-day simple moving average is $9.89 and its 200 day simple moving average is $9.54. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.84 and a current ratio of 4.84. The company has a market cap of $3.55 billion, a PE ratio of -32.17 and a beta of 1.41.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last released its earnings results on Wednesday, March 5th. The company reported ($0.08) EPS for the quarter, hitting the consensus estimate of ($0.08). The firm had revenue of $2.27 million during the quarter, compared to analysts' expectations of $2.40 million. Rigetti Computing had a negative return on equity of 51.56% and a negative net margin of 509.58%. During the same period in the previous year, the firm posted ($0.04) EPS. On average, sell-side analysts predict that Rigetti Computing, Inc. will post -0.34 earnings per share for the current fiscal year.

Insider Buying and Selling

• D-Wave Quantum Slides on Chip News: Opportunity to Buy?

In other Rigetti Computing news, CTO David Rivas sold 351,785 shares of the stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $7.76, for a total value of $2,729,851.60. Following the sale, the chief technology officer now directly owns 1,094,738 shares of the company's stock, valued at approximately $8,495,166.88. This represents a 24.32% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. 1.90% of the stock is owned by insiders.

Hedge Funds Weigh In On Rigetti Computing

A number of institutional investors and hedge funds have recently modified their holdings of RGTI. Signaturefd LLC purchased a new stake in Rigetti Computing during the 4th quarter worth about $25,000. GAMMA Investing LLC raised its position in shares of Rigetti Computing by 1,813.0% during the 1st quarter. GAMMA Investing LLC now owns 3,233 shares of the company's stock worth $26,000 after acquiring an additional 3,064 shares in the last quarter. EverSource Wealth Advisors LLC purchased a new stake in Rigetti Computing during the fourth quarter worth approximately $28,000. Center for Financial Planning Inc. purchased a new stake in Rigetti Computing during the first quarter worth approximately $30,000. Finally, Quarry LP acquired a new position in Rigetti Computing in the first quarter valued at approximately $31,000. Institutional investors and hedge funds own 35.38% of the company's stock.

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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