Rigetti Computing (NASDAQ:RGTI) Hits New 1-Year Low – Here’s What Happened

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

Analyst Ratings Changes

A number of research analysts recently commented on RGTI shares. Wedbush started coverage on Rigetti Computing in a research note on Monday, August 3rd. They set an “outperform” rating and a $40.00 price objective for the company. Wall Street Zen downgraded Rigetti Computing from a “hold” rating to a “sell” rating in a research report on Saturday, August 8th. Weiss Ratings cut Rigetti Computing from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Thursday, September 17th. Jefferies Financial Group reiterated a “hold” rating and issued a $18.00 target price on shares of Rigetti Computing in a research report on Friday, August 7th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $40.00 price target on shares of Rigetti Computing in a research note on Friday, August 7th. Seven investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Rigetti Computing has a consensus rating of “Hold” and a consensus target price of $30.67.

Rigetti Computing Price Performance

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

Rigetti Computing (NASDAQ:RGTI) last released its quarterly earnings data on Thursday, August 6th. The company reported ($0.05) EPS for the quarter, hitting analysts’ consensus estimates of ($0.05). The firm had revenue of $5.14 million for the quarter, compared to the consensus estimate 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, sell-side analysts expect that Rigetti Computing, Inc. will post -0.27 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Subodh Kulkarni sold 120,000 shares of the firm’s stock in a transaction on Wednesday, September 9th. The shares were sold at an average price of $15.68, for a total value of $1,881,600.00. Following the sale, the chief executive officer owned 140,411 shares in the company, valued at approximately $2,201,644.48. This trade represents a 46.08% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Jeffrey Bertelsen sold 25,000 shares of the business’s stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $15.00, for a total value of $375,000.00. Following the transaction, the chief financial officer owned 168,067 shares in the company, valued at $2,521,005. This represents a 12.95% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 163,689 shares of company stock worth $2,570,890 over the last quarter. 1.60% of the stock is currently owned by company insiders.

Institutional Trading of Rigetti Computing

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Pathway Financial Advisers LLC raised its stake in shares of Rigetti Computing by 5.7% during the first quarter. Pathway Financial Advisers LLC now owns 17,746 shares of the company’s stock worth $249,000 after acquiring an additional 957 shares in the last quarter. Arizona State Retirement System increased its holdings in Rigetti Computing by 1.1% during the 2nd quarter. Arizona State Retirement System now owns 91,650 shares of the company’s stock valued at $1,771,000 after purchasing an additional 1,000 shares during the period. Fortem Financial Group LLC lifted its holdings in Rigetti Computing by 2.0% in the 1st quarter. Fortem Financial Group LLC now owns 54,986 shares of the company’s stock worth $772,000 after buying an additional 1,080 shares during the period. EverSource Wealth Advisors LLC raised its holdings in shares of Rigetti Computing by 31.8% during the first quarter. EverSource Wealth Advisors LLC now owns 4,651 shares of the company’s stock valued at $65,000 after acquiring an additional 1,121 shares in the last quarter. Finally, GAMMA Investing LLC raised its holdings in Rigetti Computing by 44.6% in the 3rd quarter. GAMMA Investing LLC now owns 4,379 shares of the company’s stock worth $69,000 after purchasing an additional 1,351 shares in the last quarter. 35.38% of the stock is owned by institutional investors.

About Rigetti Computing

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.