Rigetti Computing (NASDAQ:RGTI) Trading Down 3.4% – Time to Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI) shares dropped 3.4% during mid-day trading on Wednesday . The stock traded as low as $9.90 and last traded at $9.92. Approximately 20,434,672 shares changed hands during trading, a decline of 56% from the average daily volume of 46,130,573 shares. The stock had previously closed at $10.26.

Analysts Set New Price Targets

A number of research analysts have recently commented on RGTI shares. B. Riley increased their target price on Rigetti Computing from $8.50 to $15.00 and gave the company a “buy” rating in a research report on Friday, February 14th. Needham & Company LLC reissued a “buy” rating and issued a $17.00 price objective on shares of Rigetti Computing in a research note on Thursday, March 6th. Craig Hallum initiated coverage on shares of Rigetti Computing in a report on Friday, December 20th. They issued a “buy” rating and a $12.00 target price on the stock. Benchmark reaffirmed a “buy” rating and issued a $14.00 price target on shares of Rigetti Computing in a report on Thursday, March 6th. Finally, Alliance Global Partners reissued a “buy” rating on shares of Rigetti Computing in a research note on Thursday, March 6th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $14.50.

Rigetti Computing Price Performance

The firm has a market cap of $2.48 billion, a P/E ratio of -22.62 and a beta of 1.36. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84. The stock’s 50-day simple moving average is $10.75 and its two-hundred day simple moving average is $6.38.

Rigetti Computing (NASDAQ:RGTI) last issued its quarterly earnings results on Wednesday, March 5th. The company reported ($0.08) 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 company had revenue of $2.27 million for the quarter, compared to the consensus estimate of $2.40 million. During the same period in the prior year, the firm posted ($0.04) EPS. Equities research analysts forecast that Rigetti Computing, Inc. will post -0.34 earnings per share for the current fiscal year.

Insider Activity

In other news, CTO David Rivas sold 351,785 shares of the business’s stock in a transaction on Tuesday, March 11th. The shares were 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 directly 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 2.81% of the company’s stock.

Institutional Investors Weigh In On Rigetti Computing

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. California State Teachers Retirement System increased its position in shares of Rigetti Computing by 12.7% during the fourth quarter. California State Teachers Retirement System now owns 11,551 shares of the company’s stock worth $176,000 after acquiring an additional 1,301 shares during the period. Allworth Financial LP grew its stake in Rigetti Computing by 14.9% in the fourth quarter. Allworth Financial LP now owns 11,604 shares of the company’s stock worth $161,000 after purchasing an additional 1,504 shares in the last quarter. Signaturefd LLC purchased a new position in Rigetti Computing during the 4th quarter worth $25,000. Legal & General Group Plc raised its position in Rigetti Computing by 14.9% during the 4th quarter. Legal & General Group Plc now owns 14,051 shares of the company’s stock valued at $214,000 after purchasing an additional 1,817 shares in the last quarter. Finally, EverSource Wealth Advisors LLC purchased a new stake in shares of Rigetti Computing in the 4th quarter worth $28,000. Institutional investors 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.