Rigetti Computing (NASDAQ:RGTI) Shares Down 10.4% – Time to Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI) was down 10.4% on Thursday . The stock traded as low as $22.65 and last traded at $22.80. Approximately 53,451,052 shares traded hands during trading, a decline of 27% from the average daily volume of 73,490,727 shares. The stock had previously closed at $25.46.

Analysts Set New Price Targets

RGTI has been the subject of several recent research reports. Williams Trading set a $40.00 price target on Rigetti Computing in a report on Tuesday, November 11th. Benchmark cut their price objective on Rigetti Computing from $50.00 to $40.00 and set a “buy” rating for the company in a research note on Tuesday, November 11th. Wall Street Zen raised shares of Rigetti Computing from a “sell” rating to a “hold” rating in a report on Saturday, November 15th. Alliance Global Partners reaffirmed a “buy” rating on shares of Rigetti Computing in a report on Tuesday, November 11th. Finally, B. Riley reduced their price objective on shares of Rigetti Computing from $42.00 to $35.00 and set a “neutral” rating for the company in a research note on Wednesday, November 12th. Five analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Rigetti Computing currently has an average rating of “Moderate Buy” and an average price target of $25.43.

Rigetti Computing Trading Up 3.5%

The company has a 50 day simple moving average of $35.25 and a two-hundred day simple moving average of $21.20. The firm has a market capitalization of $7.65 billion, a P/E ratio of -18.15 and a beta of 1.64.

Rigetti Computing (NASDAQ:RGTI) last released its quarterly earnings data on Monday, November 10th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.05) by $0.02. Rigetti Computing had a negative net margin of 4,741.49% and a negative return on equity of 21.98%. The firm had revenue of $1.95 million for the quarter, compared to analysts’ expectations of $2.17 million. The company’s revenue was down 18.1% on a year-over-year basis. On average, sell-side analysts expect that Rigetti Computing, Inc. will post -0.34 EPS for the current fiscal year.

Insider Activity at Rigetti Computing

In other Rigetti Computing news, Director Helene Gail Sandford sold 62,000 shares of the stock in a transaction dated Friday, October 17th. The shares were sold at an average price of $44.89, for a total transaction of $2,783,180.00. Following the completion of the transaction, the director owned 120,371 shares of the company’s stock, valued at $5,403,454.19. This represents a 34.00% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Michael S. Clifton sold 75,000 shares of the firm’s stock in a transaction dated Friday, September 12th. The shares were sold at an average price of $19.00, for a total value of $1,425,000.00. Following the transaction, the director owned 653,766 shares of the company’s stock, valued at approximately $12,421,554. The trade was a 10.29% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 405,930 shares of company stock worth $9,584,046 in the last quarter. 1.90% of the stock is owned by company insiders.

Institutional Investors Weigh In On Rigetti Computing

Several large investors have recently bought and sold shares of the business. Vanguard Group Inc. raised its stake in Rigetti Computing by 40.4% during the third quarter. Vanguard Group Inc. now owns 32,046,477 shares of the company’s stock valued at $954,665,000 after purchasing an additional 9,228,888 shares in the last quarter. Marex Group plc bought a new stake in shares of Rigetti Computing in the 2nd quarter worth about $87,414,000. Ameriprise Financial Inc. purchased a new stake in shares of Rigetti Computing during the 2nd quarter valued at about $21,887,000. Clear Street Group Inc. bought a new position in shares of Rigetti Computing in the 3rd quarter valued at about $47,752,000. Finally, UBS Group AG grew its position in Rigetti Computing by 90.9% in the third quarter. UBS Group AG now owns 3,081,174 shares of the company’s stock worth $91,788,000 after acquiring an additional 1,467,483 shares in the last quarter. 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.