Rigetti Computing (NASDAQ:RGTI) Trading Down 7.8% Following Weak Earnings

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) were down 7.8% during mid-day trading on Friday following a dissappointing earnings announcement. The stock traded as low as $1.16 and last traded at $1.18. Approximately 1,989,078 shares were traded during trading, a decline of 67% from the average daily volume of 5,958,078 shares. The stock had previously closed at $1.28.

The company reported ($0.14) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.06). Rigetti Computing had a negative net margin of 625.42% and a negative return on equity of 59.51%. The business had revenue of $3.05 million for the quarter. During the same quarter in the previous year, the business posted ($0.19) earnings per share.

Wall Street Analyst Weigh In

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

Insiders Place Their Bets

In related news, General Counsel Richard Danis sold 46,326 shares of the business’s stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $1.97, for a total transaction of $91,262.22. Following the completion of the transaction, the general counsel now owns 1,052,141 shares of the company’s stock, valued at approximately $2,072,717.77. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold 75,599 shares of company stock valued at $142,830 over the last 90 days. 2.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Rigetti Computing

Several institutional investors and hedge funds have recently bought and sold shares of the business. Orion Portfolio Solutions LLC bought a new position in shares of Rigetti Computing during the 3rd quarter worth approximately $25,000. Gitterman Wealth Management LLC acquired a new stake in shares of Rigetti Computing during the 3rd quarter worth about $27,000. American Assets Investment Management LLC lifted its holdings in Rigetti Computing by 1,657.8% during the 3rd quarter. American Assets Investment Management LLC now owns 8,789,169 shares of the company’s stock valued at $11,690,000 after purchasing an additional 8,289,169 shares during the last quarter. Penserra Capital Management LLC grew its stake in Rigetti Computing by 9.0% during the third quarter. Penserra Capital Management LLC now owns 2,118,751 shares of the company’s stock worth $2,817,000 after buying an additional 174,408 shares during the last quarter. Finally, Procyon Advisors LLC acquired a new stake in shares of Rigetti Computing during the fourth quarter worth approximately $65,000. Institutional investors own 35.38% of the company’s stock.

Rigetti Computing Stock Down 9.8 %

The company has a market cap of $183.51 million, a P/E ratio of -2.03 and a beta of 2.45. The company has a debt-to-equity ratio of 0.09, a current ratio of 3.71 and a quick ratio of 3.71. The business’s 50 day moving average price is $1.49 and its 200-day moving average price is $1.28.

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.