Shares of Rigetti Computing, Inc. (NASDAQ:RGTI – Get Free Report) were down 7.8% during trading on Friday after the company announced weaker than expected quarterly earnings. The stock traded as low as $1.16 and last traded at $1.18. Approximately 1,989,078 shares were traded during mid-day 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). The business had revenue of $3.05 million for the quarter. Rigetti Computing had a negative net margin of 625.42% and a negative return on equity of 59.51%. During the same quarter last year, the company earned ($0.19) EPS.
Wall Street Analysts Forecast Growth
A number of equities analysts have recently commented on RGTI shares. Alliance Global Partners initiated 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 on the stock. Needham & Company LLC reaffirmed a “buy” rating and issued a $3.00 price target on shares of Rigetti Computing in a report on Friday, March 15th.
Read Our Latest Stock Report on RGTI
Insider Activity
In other Rigetti Computing news, General Counsel Richard Danis sold 46,326 shares of the firm’s stock in a transaction dated Monday, March 18th. The shares were 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 in the company, valued at $2,072,717.77. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In the last three months, insiders have sold 75,599 shares of company stock worth $142,830. Corporate insiders own 2.60% of the company’s stock.
Institutional Trading of Rigetti Computing
Large investors have recently added to or reduced their stakes in the company. American Assets Investment Management LLC raised its stake in shares of 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 valued at $11,690,000 after acquiring an additional 8,289,169 shares during the last quarter. Vanguard Group Inc. boosted its stake in Rigetti Computing by 17.0% in the first quarter. Vanguard Group Inc. now owns 5,185,200 shares of the company’s stock worth $7,933,000 after purchasing an additional 753,110 shares in the last quarter. Penserra Capital Management LLC grew its holdings in shares of 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 purchasing an additional 174,408 shares during the last quarter. CIBC Private Wealth Group LLC increased its stake in shares of Rigetti Computing by 3,302.0% in the fourth quarter. CIBC Private Wealth Group LLC now owns 1,020,591 shares of the company’s stock valued at $1,005,000 after buying an additional 990,591 shares in the last quarter. Finally, Quadrature Capital Ltd bought a new position in shares of Rigetti Computing in the fourth quarter valued at about $159,000. 35.38% of the stock is owned by institutional investors.
Rigetti Computing Trading Down 9.4 %
The company has a current ratio of 3.71, a quick ratio of 3.71 and a debt-to-equity ratio of 0.09. The stock has a market cap of $184.30 million, a P/E ratio of -2.00 and a beta of 2.45. The business’s fifty day simple moving average is $1.49 and its 200 day simple moving average 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.
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Wanda Parisien is a computing expert who navigates the vast landscape of hardware and software. With a focus on computer technology, software development, and industry trends, Wanda delivers informative content, tutorials, and analyses to keep readers updated on the latest in the world of computing.
