Rigetti Computing (NASDAQ:RGTI) Shares Down 14.4% – Time to Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI) shares fell 14.4% during mid-day trading on Friday . The company traded as low as $20.10 and last traded at $20.68. 49,835,129 shares traded hands during mid-day trading, an increase of 39% from the average session volume of 35,832,941 shares. The stock had previously closed at $24.16.

Analyst Ratings Changes

Several brokerages have recently issued reports on RGTI. Mizuho lowered their price objective on shares of Rigetti Computing from $33.00 to $27.00 and set an “outperform” rating on the stock in a research note on Tuesday, May 12th. Needham & Company LLC restated a “buy” rating and issued a $31.00 price objective on shares of Rigetti Computing in a research note on Tuesday, May 12th. Northland Securities began coverage on shares of Rigetti Computing in a research note on Monday, April 20th. They issued a “market perform” rating and a $20.00 price objective on the stock. TD Cowen downgraded shares of Rigetti Computing from a “buy” rating to a “hold” rating in a research note on Thursday, February 12th. Finally, Rosenblatt Securities restated a “buy” rating and issued a $40.00 price objective on shares of Rigetti Computing in a research note on Thursday, March 5th. Eight equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $29.18.

Rigetti Computing Trading Down 14.4%

The company has a 50 day moving average of $18.68 and a 200 day moving average of $20.37. The firm has a market cap of $6.87 billion, a price-to-earnings ratio of -23.77 and a beta of 1.88.

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

Insider Activity at Rigetti Computing

In other news, CFO Jeffrey A. Bertelsen sold 3,682 shares of the firm’s stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $22.95, for a total transaction of $84,501.90. Following the completion of the sale, the chief financial officer owned 171,927 shares of the company’s stock, valued at approximately $3,945,724.65. This trade represents a 2.10% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO David Rivas sold 499,328 shares of the firm’s stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $25.40, for a total transaction of $12,682,931.20. Following the sale, the chief technology officer directly owned 325,945 shares of the company’s stock, valued at approximately $8,279,003. The trade was a 60.50% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 562,758 shares of company stock valued at $13,916,267. Company insiders own 1.60% of the company’s stock.

Hedge Funds Weigh In On Rigetti Computing

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. boosted its stake in Rigetti Computing by 12.2% in the fourth quarter. Vanguard Group Inc. now owns 35,970,648 shares of the company’s stock worth $796,750,000 after purchasing an additional 3,924,171 shares in the last quarter. State Street Corp boosted its stake in Rigetti Computing by 12.0% in the second quarter. State Street Corp now owns 8,853,006 shares of the company’s stock worth $104,997,000 after purchasing an additional 946,850 shares in the last quarter. Geode Capital Management LLC boosted its stake in Rigetti Computing by 2.6% in the fourth quarter. Geode Capital Management LLC now owns 7,879,325 shares of the company’s stock worth $174,930,000 after purchasing an additional 196,891 shares in the last quarter. UBS Group AG boosted its stake in Rigetti Computing by 90.9% in the third quarter. UBS Group AG now owns 3,081,174 shares of the company’s stock worth $91,788,000 after purchasing an additional 1,467,483 shares in the last quarter. Finally, Northern Trust Corp boosted its stake in Rigetti Computing by 16.3% in the third quarter. Northern Trust Corp now owns 2,846,095 shares of the company’s stock worth $84,785,000 after purchasing an additional 397,905 shares in the last quarter. Institutional investors and hedge funds 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.