Rigetti Computing (NASDAQ:RGTI) Trading Down 1.8% – Time to Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price traded down 1.8% during trading on Tuesday . The company traded as low as $24.61 and last traded at $26.08. 39,553,955 shares changed hands during trading, a decline of 46% from the average session volume of 73,114,164 shares. The stock had previously closed at $26.57.

Wall Street Analyst Weigh In

Several research firms have commented on RGTI. Needham & Company LLC increased their target price on Rigetti Computing from $15.00 to $18.00 and gave the company a “buy” rating in a research report on Monday, August 4th. Benchmark cut their price target on Rigetti Computing from $50.00 to $40.00 and set a “buy” rating on the stock in a report on Tuesday, November 11th. Williams Trading set a $40.00 price objective on Rigetti Computing in a research note on Tuesday, November 11th. Wall Street Zen upgraded Rigetti Computing from a “sell” rating to a “hold” rating in a research note on Saturday, November 15th. Finally, B. Riley lowered their price target on shares of Rigetti Computing from $42.00 to $35.00 and set a “neutral” rating on the stock in a report on Wednesday, November 12th. Five investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Rigetti Computing currently has an average rating of “Moderate Buy” and a consensus target price of $25.43.

Rigetti Computing Stock Performance

The stock has a market cap of $8.61 billion, a P/E ratio of -20.06 and a beta of 1.64. The business’s 50-day moving average price is $35.39 and its 200-day moving average price is $21.48.

Rigetti Computing (NASDAQ:RGTI) last issued its quarterly earnings results on Monday, November 10th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.02. The company had revenue of $1.95 million during the quarter, compared to the consensus estimate of $2.17 million. Rigetti Computing had a negative return on equity of 21.98% and a negative net margin of 4,741.49%.Rigetti Computing’s quarterly revenue was down 18.1% on a year-over-year basis. As a group, equities research analysts expect that Rigetti Computing, Inc. will post -0.34 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Helene Gail Sandford sold 62,000 shares of the company’s stock in a transaction that occurred on Friday, October 17th. The shares were sold at an average price of $44.89, for a total value of $2,783,180.00. Following the transaction, the director directly owned 120,371 shares in the company, valued at approximately $5,403,454.19. This represents a 34.00% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Thomas J. Iannotti sold 100,000 shares of the company’s stock in a transaction on Friday, September 12th. The stock was sold at an average price of $19.50, for a total value of $1,950,000.00. Following the sale, the director directly owned 14,902 shares in the company, valued at $290,589. This represents a 87.03% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 405,930 shares of company stock worth $9,584,046 in the last 90 days.

Hedge Funds Weigh In On Rigetti Computing

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its position 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 acquired a new stake in Rigetti Computing during the 2nd quarter worth approximately $87,414,000. Ameriprise Financial Inc. purchased a new position in Rigetti Computing in the second quarter valued at about $21,887,000. Clear Street Group Inc. acquired a new stake in Rigetti Computing in the third quarter valued at approximately $47,752,000. Finally, UBS Group AG lifted its holdings in Rigetti Computing by 90.9% in the 3rd quarter. UBS Group AG now owns 3,081,174 shares of the company’s stock worth $91,788,000 after buying an additional 1,467,483 shares in the last quarter. Institutional investors and hedge funds own 35.38% of the company’s stock.

About Rigetti Computing

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.