Rigetti Computing (NASDAQ:RGTI) Trading Down 7.6% – Time to Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI) shares fell 7.6% during mid-day trading on Friday . The company traded as low as $13.21 and last traded at $13.32. 25,881,428 shares changed hands during mid-day trading, a decline of 14% from the average session volume of 29,927,846 shares. The stock had previously closed at $14.41.

Analyst Upgrades and Downgrades

RGTI has been the subject of several research reports. Rosenblatt Securities reissued a “buy” rating and issued a $40.00 price target on shares of Rigetti Computing in a research report on Thursday, March 5th. Wall Street Zen lowered shares of Rigetti Computing from a “hold” rating to a “sell” rating in a research note on Saturday, February 21st. Needham & Company LLC reduced their price objective on shares of Rigetti Computing from $51.00 to $31.00 and set a “buy” rating for the company in a report on Thursday, March 5th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Rigetti Computing in a report on Monday, December 29th. Finally, Wedbush boosted their target price on shares of Rigetti Computing from $35.00 to $40.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 21st. Eight analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Rigetti Computing presently has an average rating of “Moderate Buy” and an average price target of $31.70.

Rigetti Computing Stock Down 7.6%

The company has a 50-day moving average of $17.93 and a 200-day moving average of $25.81. The company has a market cap of $4.42 billion, a PE ratio of -19.59 and a beta of 1.71.

Rigetti Computing (NASDAQ:RGTI) last released its quarterly earnings results on Wednesday, March 4th. The company reported ($0.03) EPS for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.02. The business had revenue of $1.87 million during the quarter, compared to analyst estimates of $2.33 million. Rigetti Computing had a negative return on equity of 14.91% and a negative net margin of 3,111.92%.Rigetti Computing’s revenue was down 17.9% compared to the same quarter last year. As a group, equities analysts predict that Rigetti Computing, Inc. will post -0.34 EPS for the current year.

Insider Activity

In related news, CTO David Rivas sold 36,719 shares of the business’s stock in a transaction dated Tuesday, March 10th. The shares were sold at an average price of $17.52, for a total transaction of $643,316.88. Following the transaction, the chief technology officer directly owned 651,914 shares in the company, valued at approximately $11,421,533.28. The trade was a 5.33% 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. Also, CFO Jeffrey A. Bertelsen sold 4,270 shares of the company’s stock in a transaction dated Tuesday, March 10th. The stock was sold at an average price of $17.52, for a total transaction of $74,810.40. Following the completion of the sale, the chief financial officer directly owned 175,609 shares of the company’s stock, valued at $3,076,669.68. The trade was a 2.37% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 1.90% of the company’s stock.

Hedge Funds Weigh In On Rigetti Computing

Several hedge funds have recently modified their holdings of RGTI. Vanguard Group Inc. grew its holdings in shares of Rigetti Computing by 40.4% in the third quarter. Vanguard Group Inc. now owns 32,046,477 shares of the company’s stock valued at $954,665,000 after acquiring an additional 9,228,888 shares in the last quarter. Marex Group plc bought a new stake in Rigetti Computing during the second quarter worth $87,414,000. Victory Capital Management Inc. boosted its position in Rigetti Computing by 1,632.5% in the fourth quarter. Victory Capital Management Inc. now owns 2,571,289 shares of the company’s stock worth $56,954,000 after purchasing an additional 2,422,873 shares during the last quarter. Ameriprise Financial Inc. purchased a new position in Rigetti Computing in the second quarter worth $21,887,000. Finally, Norges Bank bought a new position in Rigetti Computing in the 4th quarter valued at $38,889,000. 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.