Rigetti Computing (NASDAQ:RGTI) Trading Down 3.4% – Should You Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI) shares dropped 3.4% during mid-day trading on Wednesday . The stock traded as low as $15.61 and last traded at $15.67. Approximately 25,540,563 shares traded hands during mid-day trading, a decline of 16% from the average daily volume of 30,523,818 shares. The stock had previously closed at $16.22.

Analyst Upgrades and Downgrades

RGTI has been the topic of a number of recent analyst reports. Wedbush upped their target price on shares of Rigetti Computing from $35.00 to $40.00 and gave the company an “outperform” rating in a research report on Wednesday, January 21st. TD Cowen downgraded shares of Rigetti Computing from a “buy” rating to a “hold” rating in a research note on Thursday, February 12th. Jefferies Financial Group assumed coverage on shares of Rigetti Computing in a report on Tuesday, December 16th. They issued a “hold” rating and a $30.00 price objective on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Rigetti Computing in a research report on Monday, December 29th. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $40.00 target price on shares of Rigetti Computing in a report on Thursday, March 5th. Eight investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $32.70.

Rigetti Computing Stock Performance

The company has a market capitalization of $5.20 billion, a price-to-earnings ratio of -23.04 and a beta of 1.71. The firm has a 50-day simple moving average of $19.30 and a two-hundred day simple moving average of $25.96.

Rigetti Computing (NASDAQ:RGTI) last issued its quarterly earnings results on Wednesday, March 4th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.05) by $0.02. Rigetti Computing had a negative net margin of 3,111.92% and a negative return on equity of 14.91%. The business had revenue of $1.87 million for the quarter, compared to analysts’ expectations of $2.33 million. The company’s quarterly revenue was down 17.9% compared to the same quarter last year. As a group, equities analysts forecast that Rigetti Computing, Inc. will post -0.34 EPS for the current fiscal year.

Insider Buying and Selling

In other Rigetti Computing news, CTO David Rivas sold 36,719 shares of the stock in a transaction that occurred on Tuesday, March 10th. The shares were sold at an average price of $17.52, for a total transaction of $643,316.88. Following the sale, the chief technology officer directly owned 651,914 shares in the company, valued at $11,421,533.28. This represents a 5.33% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Jeffrey A. Bertelsen sold 4,270 shares of the firm’s stock in a transaction that occurred on Tuesday, March 10th. The shares were sold at an average price of $17.52, for a total transaction of $74,810.40. Following the completion of the transaction, the chief financial officer directly owned 175,609 shares of the company’s stock, valued at $3,076,669.68. This represents a 2.37% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Heritage Wealth Advisors raised its position in Rigetti Computing by 454.3% in the 4th quarter. Heritage Wealth Advisors now owns 1,164 shares of the company’s stock valued at $26,000 after purchasing an additional 954 shares in the last quarter. Larson Financial Group LLC boosted its stake in shares of Rigetti Computing by 138.4% in the 4th quarter. Larson Financial Group LLC now owns 1,218 shares of the company’s stock valued at $27,000 after buying an additional 707 shares during the period. EFG International AG acquired a new position in shares of Rigetti Computing during the fourth quarter worth about $28,000. Tsfg LLC grew its position in shares of Rigetti Computing by 320.5% during the fourth quarter. Tsfg LLC now owns 1,312 shares of the company’s stock worth $29,000 after buying an additional 1,000 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. increased its stake in shares of Rigetti Computing by 180.3% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 1,334 shares of the company’s stock worth $30,000 after buying an additional 858 shares during the period. 35.38% of the stock is owned by institutional investors and hedge funds.

About Rigetti Computing

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.