Rigetti Computing (NASDAQ:RGTI) Stock Price Down 4% – Should You Sell?

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) fell 4% during trading on Thursday . The stock traded as low as $17.55 and last traded at $17.94. 25,196,819 shares were traded during trading, a decline of 29% from the average session volume of 35,639,891 shares. The stock had previously closed at $18.68.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on RGTI shares. Wall Street Zen upgraded shares of Rigetti Computing from a “sell” rating to a “hold” rating in a research note on Saturday, May 23rd. Weiss Ratings reiterated a “sell (e+)” rating on shares of Rigetti Computing in a research note on Tuesday, June 2nd. Benchmark decreased their price target on Rigetti Computing from $35.00 to $25.00 and set a “buy” rating on the stock in a report on Friday, March 20th. Northland Securities started coverage on Rigetti Computing in a research report on Monday, April 20th. They issued a “market perform” rating and a $20.00 price objective on the stock. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $31.00 price objective on shares of Rigetti Computing in a research note on Tuesday, May 12th. Seven investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $30.60.

Rigetti Computing Stock Performance

The firm has a market capitalization of $5.96 billion, a PE ratio of -20.62 and a beta of 1.95. The business’s fifty day simple moving average is $20.40 and its 200-day simple moving average is $19.55.

Rigetti Computing (NASDAQ:RGTI) last released its earnings results on Monday, May 11th. The company reported ($0.04) EPS for the quarter, topping the consensus estimate of ($0.05) by $0.01. Rigetti Computing had a negative net margin of 2,789.71% and a negative return on equity of 10.40%. The firm had revenue of $4.40 million for the quarter, compared to the consensus estimate of $4.09 million. During the same quarter in the previous year, the firm earned ($0.05) earnings per share. The company’s quarterly revenue was up 198.9% compared to the same quarter last year. Sell-side analysts expect that Rigetti Computing, Inc. will post -0.22 earnings per share for the current fiscal year.

Insider Buying and Selling at Rigetti Computing

In other Rigetti Computing news, CTO David Rivas sold 499,328 shares of the business’s stock in a transaction on Friday, May 29th. The shares were sold at an average price of $25.40, for a total value of $12,682,931.20. Following the sale, the chief technology officer owned 325,945 shares in the company, valued at $8,279,003. The trade was a 60.50% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Jeffrey A. Bertelsen sold 3,682 shares of the firm’s stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $22.95, for a total value of $84,501.90. Following the transaction, the chief financial officer owned 171,927 shares of the company’s stock, valued at approximately $3,945,724.65. The trade was a 2.10% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders have sold 728,901 shares of company stock worth $17,546,343. Insiders own 1.60% of the company’s stock.

Hedge Funds Weigh In On Rigetti Computing

Institutional investors have recently added to or reduced their stakes in the company. Heritage Wealth Advisors raised its holdings in shares of Rigetti Computing by 454.3% during the 4th quarter. Heritage Wealth Advisors now owns 1,164 shares of the company’s stock worth $26,000 after acquiring an additional 954 shares in the last quarter. Larson Financial Group LLC grew its holdings in shares of Rigetti Computing by 138.4% in the fourth quarter. Larson Financial Group LLC now owns 1,218 shares of the company’s stock valued at $27,000 after purchasing an additional 707 shares in the last quarter. PeakShares LLC purchased a new position in shares of Rigetti Computing in the first quarter valued at $28,000. EFG International AG purchased a new position in shares of Rigetti Computing in the fourth quarter valued at $28,000. Finally, Tsfg LLC increased its position in Rigetti Computing by 320.5% in the fourth quarter. Tsfg LLC now owns 1,312 shares of the company’s stock worth $29,000 after purchasing an additional 1,000 shares during the last quarter. Hedge funds and other institutional investors own 35.38% of the company’s stock.

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.