Rigetti Computing (NASDAQ:RGTI) Trading Down 4% – Time to Sell?

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) traded down 4% during trading on Thursday . The company traded as low as $7.91 and last traded at $8.15. 11,641,892 shares changed hands during mid-day trading, a decline of 75% from the average session volume of 47,495,205 shares. The stock had previously closed at $8.49.

Analyst Upgrades and Downgrades

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

Rigetti Computing Trading Down 4.0 %

The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.84 and a current ratio of 4.84. The company has a 50 day simple moving average of $10.45 and a two-hundred day simple moving average of $6.92. The firm has a market cap of $2.33 billion, a PE ratio of -21.45 and a beta of 1.36.

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

Insiders Place Their Bets

In related news, CTO David Rivas sold 351,785 shares of the stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $7.76, for a total value 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. This trade represents a 24.32 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 2.81% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in RGTI. Vanguard Group Inc. lifted its position in shares of Rigetti Computing by 81.7% during the 4th quarter. Vanguard Group Inc. now owns 11,746,361 shares of the company’s stock worth $179,249,000 after purchasing an additional 5,280,128 shares during the last quarter. Invesco Ltd. boosted its stake in Rigetti Computing by 7,367.2% during the 4th quarter. Invesco Ltd. now owns 4,580,317 shares of the company’s stock worth $69,896,000 after purchasing an additional 4,518,978 shares during the period. Geode Capital Management LLC raised its stake in Rigetti Computing by 6.3% during the 4th quarter. Geode Capital Management LLC now owns 3,850,220 shares of the company’s stock valued at $58,767,000 after acquiring an additional 228,391 shares during the last quarter. State Street Corp lifted its position in Rigetti Computing by 12.9% during the 3rd quarter. State Street Corp now owns 2,715,223 shares of the company’s stock worth $2,126,000 after acquiring an additional 309,831 shares during the period. Finally, JPMorgan Chase & Co. lifted its holdings in shares of Rigetti Computing by 3,295.7% during the fourth quarter. JPMorgan Chase & Co. now owns 2,117,563 shares of the company’s stock worth $32,314,000 after purchasing an additional 2,055,203 shares during the period. Institutional investors and hedge funds own 35.38% of the company’s stock.

Rigetti Computing Company Profile

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.