Rigetti Computing (NASDAQ:RGTI) Trading Down 8.9% – Should You Sell?

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) fell 8.9% on Monday . The company traded as low as $23.51 and last traded at $23.53. 33,492,019 shares changed hands during mid-day trading, a decline of 53% from the average session volume of 71,137,313 shares. The stock had previously closed at $25.84.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on RGTI shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Rigetti Computing in a report on Monday, December 8th. Alliance Global Partners reaffirmed a “buy” rating on shares of Rigetti Computing in a report on Tuesday, November 11th. B. Riley reduced their target price 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. Wall Street Zen raised shares of Rigetti Computing from a “sell” rating to a “hold” rating in a research report on Saturday, November 15th. Finally, Mizuho started coverage on shares of Rigetti Computing in a report on Thursday. They set an “outperform” rating and a $50.00 price target on the stock. Six equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $28.50.

Rigetti Computing Trading Down 8.9%

The stock has a market capitalization of $7.77 billion, a PE ratio of -18.10 and a beta of 1.69. The firm has a 50-day moving average price of $34.49 and a 200-day moving average price of $22.87.

Rigetti Computing (NASDAQ:RGTI) last posted its quarterly earnings results on Monday, November 10th. The company reported ($0.03) earnings per share 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 company had revenue of $1.95 million during the quarter, compared to analyst estimates of $2.17 million. The business’s revenue was down 18.1% on a year-over-year basis. Sell-side analysts expect that Rigetti Computing, Inc. will post -0.34 earnings per share for the current fiscal year.

Insider Buying and Selling at Rigetti Computing

In other news, Director Helene Gail Sandford sold 62,000 shares of the firm’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 transaction of $2,783,180.00. Following the completion of the sale, the director owned 120,371 shares in the company, valued at $5,403,454.19. This trade represents a 34.00% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink.

Hedge Funds Weigh In On Rigetti Computing

Institutional investors and hedge funds have recently bought and sold shares of the company. IFP Advisors Inc raised its stake in shares of Rigetti Computing by 146.1% in the second quarter. IFP Advisors Inc now owns 2,190 shares of the company’s stock valued at $26,000 after buying an additional 1,300 shares during the period. Danske Bank A S bought a new position in shares of Rigetti Computing during the 3rd quarter worth $30,000. Quarry LP purchased a new stake in Rigetti Computing in the 1st quarter worth about $31,000. Parallel Advisors LLC increased its holdings in Rigetti Computing by 403.2% in the 3rd quarter. Parallel Advisors LLC now owns 1,087 shares of the company’s stock worth $32,000 after acquiring an additional 871 shares during the last quarter. Finally, Armstrong Advisory Group Inc. raised its stake in Rigetti Computing by 225.4% in the 2nd quarter. Armstrong Advisory Group Inc. now owns 2,974 shares of the company’s stock valued at $35,000 after acquiring an additional 2,060 shares during the period. 35.38% of the stock is owned by institutional investors.

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.