Rigetti Computing (NASDAQ:RGTI) Trading Down 2.3% – Should You Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s stock price traded down 2.3% on Wednesday . The stock traded as low as $24.04 and last traded at $24.5350. 18,142,810 shares changed hands during trading, a decline of 74% from the average session volume of 70,089,359 shares. The stock had previously closed at $25.11.

Analysts Set New Price Targets

RGTI has been the topic of a number of recent research reports. Benchmark reduced their price objective on Rigetti Computing from $50.00 to $40.00 and set a “buy” rating on the stock in a research note on Tuesday, November 11th. Wedbush initiated coverage on Rigetti Computing in a report on Wednesday, December 17th. They set an “outperform” rating and a $35.00 target price on the stock. Alliance Global Partners reissued a “buy” rating on shares of Rigetti Computing in a research report on Tuesday, November 11th. Wall Street Zen raised shares of Rigetti Computing from a “sell” rating to a “hold” rating in a research report on Saturday, November 15th. Finally, Mizuho began coverage on shares of Rigetti Computing in a research note on Thursday, December 11th. They set an “outperform” rating and a $50.00 price objective on the stock. Six analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Rigetti Computing currently has an average rating of “Moderate Buy” and a consensus target price of $31.22.

Rigetti Computing Trading Down 2.3%

The business has a 50 day simple moving average of $31.24 and a two-hundred day simple moving average of $23.47. The stock has a market cap of $8.10 billion, a price-to-earnings ratio of -18.87 and a beta of 1.68.

Rigetti Computing (NASDAQ:RGTI) last released its earnings results on Monday, November 10th. The company reported ($0.03) EPS for the quarter, beating the consensus estimate of ($0.05) by $0.02. Rigetti Computing had a negative return on equity of 21.98% and a negative net margin of 4,741.49%.The company had revenue of $1.95 million during the quarter, compared to analysts’ expectations of $2.17 million. Rigetti Computing’s revenue for the quarter was down 18.1% on a year-over-year basis. Research analysts anticipate that Rigetti Computing, Inc. will post -0.34 EPS for the current fiscal year.

Insider Buying and Selling

In other Rigetti Computing news, Director Helene Gail Sandford sold 62,000 shares of the firm’s stock in a transaction on Friday, October 17th. The shares were sold at an average price of $44.89, for a total transaction of $2,783,180.00. Following the completion of the transaction, the director directly owned 120,371 shares of the company’s stock, valued at $5,403,454.19. This trade represents a 34.00% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Institutional Investors Weigh In On Rigetti Computing

A number of institutional investors have recently modified their holdings of RGTI. IFP Advisors Inc grew its stake in Rigetti Computing by 146.1% in the second quarter. IFP Advisors Inc now owns 2,190 shares of the company’s stock worth $26,000 after purchasing an additional 1,300 shares in the last quarter. Danske Bank A S acquired a new stake in Rigetti Computing during the third quarter valued at approximately $30,000. Quarry LP bought a new position in Rigetti Computing during the 1st quarter worth approximately $31,000. Parallel Advisors LLC grew its position in shares of Rigetti Computing by 403.2% in the 3rd quarter. Parallel Advisors LLC now owns 1,087 shares of the company’s stock worth $32,000 after acquiring an additional 871 shares in the last quarter. Finally, Armstrong Advisory Group Inc. increased its holdings in shares of Rigetti Computing by 225.4% in the 2nd quarter. Armstrong Advisory Group Inc. now owns 2,974 shares of the company’s stock valued at $35,000 after acquiring an additional 2,060 shares during the last quarter. Institutional investors and hedge funds own 35.38% of the company’s stock.

Rigetti Computing Company Profile

Rigetti Computing is a pioneering quantum computing company that designs and manufactures superconducting quantum processors alongside a complementary software stack. Founded in 2013 by CEO Chad Rigetti, the company has developed end-to-end quantum systems—from cryogenic hardware to control electronics—to advance the performance and scalability of quantum machines.

At the core of Rigetti’s offering is its Quantum Cloud Services (QCS) platform, which enables developers and enterprises to access quantum processing units (QPUs) and hybrid quantum-classical workflows via the cloud.