Rigetti Computing (NASDAQ:RGTI) Stock Price Down 9.1% – Time to Sell?

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) fell 9.1% during mid-day trading on Tuesday . The company traded as low as $20.42 and last traded at $20.64. 32,891,675 shares changed hands during trading, a decline of 9% from the average session volume of 36,026,672 shares. The stock had previously closed at $22.70.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on RGTI. Northland Securities began coverage on shares of Rigetti Computing in a research report on Monday, April 20th. They set a “market perform” rating and a $20.00 price objective on the stock. Wall Street Zen raised shares of Rigetti Computing from a “sell” rating to a “hold” rating in a research report on Saturday, May 23rd. Benchmark dropped their price target on shares of Rigetti Computing from $35.00 to $25.00 and set a “buy” rating on the stock in a research report on Friday, March 20th. Mizuho dropped their price target on shares of Rigetti Computing from $33.00 to $27.00 and set an “outperform” rating on the stock in a research report on Tuesday, May 12th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $40.00 price target on shares of Rigetti Computing in a research report on Thursday, June 11th. Eight research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $29.18.

Rigetti Computing Trading Down 1.9%

The firm has a market cap of $6.73 billion, a P/E ratio of -23.28 and a beta of 1.88. The company’s 50-day moving average is $19.78 and its two-hundred day moving average is $20.09.

Rigetti Computing (NASDAQ:RGTI) last announced its quarterly earnings results on Monday, May 11th. The company reported ($0.04) earnings per share for the quarter, beating the consensus estimate of ($0.05) by $0.01. Rigetti Computing had a negative net margin of 2,789.71% and a negative return on equity of 10.40%. The business had revenue of $4.40 million for the quarter, compared to analysts’ expectations of $4.09 million. During the same quarter last year, the firm earned ($0.05) EPS. The firm’s revenue for the quarter was up 198.9% compared to the same quarter last year. Research analysts anticipate that Rigetti Computing, Inc. will post -0.22 EPS for the current fiscal year.

Insider Activity at Rigetti Computing

In related news, CTO David Rivas sold 499,328 shares of the firm’s stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $25.40, for a total value of $12,682,931.20. Following the transaction, the chief technology officer owned 325,945 shares of the company’s stock, valued at approximately $8,279,003. This trade represents a 60.50% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Ray O. Johnson sold 122,188 shares of Rigetti Computing stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $21.30, for a total transaction of $2,602,604.40. Following the transaction, the director directly owned 171,273 shares in the company, valued at approximately $3,648,114.90. This represents a 41.64% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 643,957 shares of company stock valued at $15,800,744. 1.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Rigetti Computing

Hedge funds have recently modified their holdings of the company. Danske Bank A S bought a new position in shares of Rigetti Computing during the 3rd quarter worth approximately $30,000. Parallel Advisors LLC lifted its position in shares of Rigetti Computing by 403.2% during the 3rd quarter. Parallel Advisors LLC now owns 1,087 shares of the company’s stock worth $32,000 after buying an additional 871 shares in the last quarter. Clearstead Advisors LLC bought a new position in shares of Rigetti Computing during the 3rd quarter worth approximately $35,000. Heritage Wealth Advisors lifted its position in shares of Rigetti Computing by 454.3% during the 4th quarter. Heritage Wealth Advisors now owns 1,164 shares of the company’s stock worth $26,000 after buying an additional 954 shares in the last quarter. Finally, Larson Financial Group LLC lifted its position in shares of Rigetti Computing by 138.4% during the 4th quarter. Larson Financial Group LLC now owns 1,218 shares of the company’s stock worth $27,000 after buying an additional 707 shares in the last quarter. 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.