Rigetti Computing (NASDAQ:RGTI) Sets New 52-Week Low – Should You Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI) hit a new 52-week low during mid-day trading on Thursday. The company traded as low as $10.33 and last traded at $9.9810, with a volume of 1,948,051 shares changing hands. The stock had previously closed at $11.21.

More Rigetti Computing News

Here are the key news stories impacting Rigetti Computing this week:

• Positive Sentiment: IonQ’s third-quarter results beat expectations and its raised outlook sparked a broad rally in quantum-computing shares, lifting Rigetti along with the sector. Article: IonQ Surges on Beat and Raised Guidance
• Negative Sentiment: A Seeking Alpha article downgraded Rigetti to Sell, arguing that its valuation leaves limited room for upside: it cites very high sales multiples, weak gross margins and cash flow, and profitability that remains distant. It also notes that recent revenue growth has been uneven, tied to system deliveries. Article: Rigetti Stock Has Fallen, But Expectations Haven’t

Analyst Ratings Changes

A number of equities research analysts recently commented on the company. B. Riley Financial decreased their price target on Rigetti Computing from $35.00 to $25.00 and set a “buy” rating on the stock in a research report on Monday, November 2nd. Rosenblatt Securities restated a “buy” rating and set a $40.00 target price on shares of Rigetti Computing in a research report on Friday, August 7th. Wedbush started coverage on shares of Rigetti Computing in a research note on Monday, August 3rd. They issued an “outperform” rating and a $40.00 target price on the stock. Wall Street Zen downgraded shares of Rigetti Computing from a “hold” rating to a “sell” rating in a research note on Saturday, August 8th. Finally, Zacks Research raised shares of Rigetti Computing from a “strong sell” rating to a “hold” rating in a research note on Tuesday, October 6th. Seven analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $29.56.

Rigetti Computing Stock Up 19.3%

The stock has a market cap of $3.92 billion, a P/E ratio of -13.06 and a beta of 2.15. The stock has a fifty day simple moving average of $13.96 and a 200-day simple moving average of $16.89.

Rigetti Computing (NASDAQ:RGTI) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($0.05) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.05). Rigetti Computing had a negative net margin of 2,189.54% and a negative return on equity of 17.50%. The business had revenue of $5.14 million for the quarter, compared to the consensus estimate of $5.09 million. Sell-side analysts anticipate that Rigetti Computing, Inc. will post -0.26 earnings per share for the current year.

Insider Activity

In other Rigetti Computing news, COO David Rivas sold 9,038 shares of the stock in a transaction dated Thursday, August 20th. The stock was sold at an average price of $16.79, for a total transaction of $151,748.02. Following the completion of the transaction, the chief operating officer owned 316,907 shares in the company, valued at approximately $5,320,868.53. This represents a 2.77% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Jeffrey A. Bertelsen sold 25,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 3rd. The stock was sold at an average price of $15.00, for a total transaction of $375,000.00. Following the transaction, the chief financial officer directly owned 168,067 shares of the company’s stock, valued at $2,521,005. This represents a 12.95% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 163,689 shares of company stock worth $2,570,890 in the last 90 days. Corporate insiders own 1.60% of the company’s stock.

Hedge Funds Weigh In On Rigetti Computing

Institutional investors have recently bought and sold shares of the business. Allworth Financial LP raised its position in shares of Rigetti Computing by 10.1% in the third quarter. Allworth Financial LP now owns 10,998 shares of the company’s stock valued at $173,000 after purchasing an additional 1,011 shares during the period. Eurizon Capital SGR S.p.A. boosted its stake in shares of Rigetti Computing by 6.6% in the third quarter. Eurizon Capital SGR S.p.A. now owns 315,824 shares of the company’s stock valued at $4,971,000 after buying an additional 19,445 shares during the period. Pier 88 Investment Partners LLC grew its position in Rigetti Computing by 129.2% during the third quarter. Pier 88 Investment Partners LLC now owns 14,900 shares of the company’s stock worth $235,000 after buying an additional 8,400 shares in the last quarter. Jacobi Capital Management LLC acquired a new stake in Rigetti Computing during the third quarter worth approximately $53,000. Finally, Cherokee Insurance Co bought a new position in Rigetti Computing during the 3rd quarter worth $299,000. Institutional investors and hedge funds own 35.38% of the company’s stock.

Rigetti Computing Company Profile

Rigetti Computing, Inc is a quantum computing company that develops full-stack quantum computing systems based on superconducting quantum processors. Its technology is designed to support research and commercial applications that may benefit from quantum computing, including optimization, simulation, machine learning and complex data analysis.

The company develops quantum processing units, quantum computers and related control systems, software and cloud services. Its Rigetti Quantum Cloud Services platform provides access to Rigetti quantum systems through the cloud, while its hardware offerings are intended for use by enterprises, government organizations, academic institutions and other research customers.

Founded in 2013 by Chad Rigetti, the company is headquartered in Berkeley, California, and operates its own quantum chip fabrication facility, known as Fab-1.