Rigetti Computing (NASDAQ:RGTI) Trading Down 8.6% – Should You Sell?

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) traded down 8.6% during mid-day trading on Monday . The company traded as low as $16.31 and last traded at $16.37. 21,587,908 shares changed hands during trading, a decline of 33% from the average session volume of 32,299,826 shares. The stock had previously closed at $17.91.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. Rosenblatt Securities reissued a “buy” rating and set a $40.00 price objective on shares of Rigetti Computing in a report on Friday, August 7th. Jefferies Financial Group reiterated a “hold” rating and set a $18.00 price target on shares of Rigetti Computing in a research report on Friday, August 7th. Needham & Company LLC restated a “buy” rating and issued a $31.00 price objective on shares of Rigetti Computing in a research report on Tuesday, May 12th. Mizuho reduced their price objective on shares of Rigetti Computing from $33.00 to $27.00 and set an “outperform” rating for the company in a research note on Tuesday, May 12th. Finally, Zacks Research cut shares of Rigetti Computing from a “hold” rating to a “strong sell” rating in a research note on Wednesday, August 19th. Seven analysts have rated the stock with a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $30.67.

Rigetti Computing Stock Performance

The company has a market cap of $5.46 billion, a P/E ratio of -18.19 and a beta of 1.99. The business has a 50 day moving average price of $17.38 and a two-hundred day moving average price of $17.73.

Rigetti Computing (NASDAQ:RGTI) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($0.05) EPS for the quarter, hitting analysts’ consensus estimates of ($0.05). Rigetti Computing had a negative return on equity of 17.50% and a negative net margin of 2,189.54%.The business had revenue of $5.14 million for the quarter, compared to analysts’ expectations of $5.09 million. As a group, research analysts expect that Rigetti Computing, Inc. will post -0.27 EPS for the current year.

Insider Activity

In other news, CTO Andrew Joseph Bestwick sold 5,791 shares of the company’s stock in a transaction dated Thursday, August 20th. The shares were sold at an average price of $16.81, for a total transaction of $97,346.71. Following the completion of the transaction, the chief technology officer directly owned 1,036,121 shares of the company’s stock, valued at approximately $17,417,194.01. This represents a 0.56% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Jeffrey A. Bertelsen sold 3,860 shares of the firm’s stock in a transaction dated Thursday, August 20th. The stock was sold at an average price of $16.89, for a total value of $65,195.40. Following the completion of the sale, the chief financial officer directly owned 168,067 shares in the company, valued at $2,838,651.63. The trade was a 2.25% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders have sold 725,149 shares of company stock valued at $17,345,425. 1.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Rigetti Computing

Hedge funds and other institutional investors have recently modified their holdings of the stock. Heritage Wealth Advisors boosted its position in shares of Rigetti Computing by 454.3% during the fourth 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 lifted its position in Rigetti Computing by 138.4% during the fourth 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. PeakShares LLC bought a new stake in shares of Rigetti Computing during the 1st quarter valued at $28,000. EFG International AG bought a new stake in shares of Rigetti Computing during the 4th quarter valued at $28,000. Finally, Tsfg LLC grew its position in shares of Rigetti Computing by 320.5% in the 4th quarter. Tsfg LLC now owns 1,312 shares of the company’s stock worth $29,000 after buying an additional 1,000 shares during the period. 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.