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

Rigetti Computing, Inc. (NASDAQ:RGTI) gapped down prior to trading on Tuesday . The stock had previously closed at $11.16, but opened at $10.37. Rigetti Computing shares last traded at $10.43, with a volume of 16,066,347 shares.

Wall Street Analyst Weigh In

RGTI has been the subject of a number of analyst reports. Benchmark reissued a “buy” rating and issued a $14.00 price target on shares of Rigetti Computing in a report on Thursday, March 6th. Alliance Global Partners reissued a “buy” rating on shares of Rigetti Computing in a report on Thursday, March 6th. B. Riley boosted their price target on Rigetti Computing from $8.50 to $15.00 and gave the stock a “buy” rating in a report on Friday, February 14th. Needham & Company LLC reissued a “buy” rating and issued a $17.00 price target on shares of Rigetti Computing in a report on Thursday, March 6th. Finally, Craig Hallum assumed coverage on Rigetti Computing in a report on Friday, December 20th. They issued a “buy” rating and a $12.00 price target for the company. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $14.50.

Rigetti Computing Price Performance

The stock has a market capitalization of $2.83 billion, a price-to-earnings ratio of -26.05 and a beta of 1.36. The company has a 50 day moving average of $10.77 and a 200 day moving average of $6.36. The company has a quick ratio of 4.84, a current ratio of 4.84 and a debt-to-equity ratio of 0.02.

Rigetti Computing (NASDAQ:RGTI) last released its earnings results on Wednesday, March 5th. The company reported ($0.08) EPS for the quarter, meeting the consensus estimate of ($0.08). The firm had revenue of $2.27 million during the quarter, compared to analyst estimates of $2.40 million. Rigetti Computing had a negative return on equity of 51.56% and a negative net margin of 509.58%. During the same period in the prior year, the firm posted ($0.04) earnings per share. As a group, equities research analysts forecast that Rigetti Computing, Inc. will post -0.34 EPS for the current fiscal year.

Insider Buying and Selling at Rigetti Computing

In other Rigetti Computing news, CTO David Rivas sold 351,785 shares of the business’s stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $7.76, for a total transaction of $2,729,851.60. Following the completion of the sale, the chief technology officer now owns 1,094,738 shares of the company’s stock, valued at approximately $8,495,166.88. The trade was a 24.32 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.81% of the stock is owned by company insiders.

Institutional Investors Weigh In On Rigetti Computing

A number of institutional investors have recently added to or reduced their stakes in RGTI. Charles Schwab Investment Management Inc. grew its position in Rigetti Computing by 14.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,149,934 shares of the company’s stock valued at $901,000 after acquiring an additional 144,742 shares during the period. Penserra Capital Management LLC grew its position in Rigetti Computing by 9.8% during the third quarter. Penserra Capital Management LLC now owns 4,553,633 shares of the company’s stock valued at $3,565,000 after acquiring an additional 407,389 shares during the period. State Street Corp grew its position in Rigetti Computing by 12.9% during the third quarter. State Street Corp now owns 2,715,223 shares of the company’s stock valued at $2,126,000 after acquiring an additional 309,831 shares during the period. Jane Street Group LLC grew its position in Rigetti Computing by 23.8% during the third quarter. Jane Street Group LLC now owns 244,496 shares of the company’s stock valued at $191,000 after acquiring an additional 47,013 shares during the period. Finally, Barclays PLC grew its position in Rigetti Computing by 275.6% during the third quarter. Barclays PLC now owns 185,959 shares of the company’s stock valued at $145,000 after acquiring an additional 136,443 shares during the period. Hedge funds and other institutional investors own 35.38% of the company’s stock.

About Rigetti Computing

Rigetti Computing, Inc, through its subsidiaries, builds quantum computers and the superconducting quantum processors. The company offers cloud in a form of quantum processing unit, such as 9-qubit chip and Ankaa-2 system under the Novera brand name; and sells access to its quantum computers through quantum computing as a service.