Rigetti Computing (NASDAQ:RGTI) Shares Down 3.5% – Should You Sell?

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) traded down 3.5% during trading on Tuesday . The stock traded as low as $16.96 and last traded at $16.99. 23,808,847 shares changed hands during trading, a decline of 24% from the average session volume of 31,358,730 shares. The stock had previously closed at $17.60.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. Royal Bank Of Canada cut Rigetti Computing to a “hold” rating in a report on Thursday, January 22nd. Mizuho lowered their price objective on shares of Rigetti Computing from $50.00 to $43.00 and set an “outperform” rating for the company in a research report on Thursday, March 5th. Wedbush boosted their target price on shares of Rigetti Computing from $35.00 to $40.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 21st. Wall Street Zen lowered shares of Rigetti Computing from a “hold” rating to a “sell” rating in a research report on Saturday, February 21st. Finally, Benchmark decreased their price target on shares of Rigetti Computing from $40.00 to $35.00 and set a “buy” rating on the stock in a research note on Thursday, March 5th. Eight equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $32.70.

Rigetti Computing Stock Down 5.1%

The firm has a fifty day moving average of $19.93 and a 200-day moving average of $25.88. The firm has a market cap of $5.30 billion, a P/E ratio of -23.63 and a beta of 1.71.

Rigetti Computing (NASDAQ:RGTI) last announced its quarterly earnings data on Wednesday, March 4th. The company reported ($0.03) earnings per share for the quarter, topping the consensus estimate of ($0.05) by $0.02. Rigetti Computing had a negative return on equity of 14.91% and a negative net margin of 3,111.92%.The firm had revenue of $1.87 million during the quarter, compared to analysts’ expectations of $2.33 million. Rigetti Computing’s quarterly revenue was down 17.9% compared to the same quarter last year. Sell-side analysts anticipate that Rigetti Computing, Inc. will post -0.34 EPS for the current year.

Insider Activity at Rigetti Computing

In related news, CTO David Rivas sold 36,719 shares of the business’s stock in a transaction that occurred on Tuesday, March 10th. The shares were sold at an average price of $17.52, for a total transaction of $643,316.88. Following the completion of the sale, the chief technology officer directly owned 651,914 shares of the company’s stock, valued at $11,421,533.28. The trade was a 5.33% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO Jeffrey A. Bertelsen sold 4,270 shares of the business’s stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $17.52, for a total transaction of $74,810.40. Following the sale, the chief financial officer directly owned 175,609 shares of the company’s stock, valued at approximately $3,076,669.68. This trade represents a 2.37% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 1.90% of the stock is owned by insiders.

Institutional Trading of Rigetti Computing

Institutional investors and hedge funds have recently made changes to their positions in the business. Osaic Holdings Inc. lifted its stake in Rigetti Computing by 119.2% in the second quarter. Osaic Holdings Inc. now owns 260,307 shares of the company’s stock valued at $3,087,000 after buying an additional 141,541 shares during the period. Penserra Capital Management LLC grew its position in shares of Rigetti Computing by 43.8% during the 3rd quarter. Penserra Capital Management LLC now owns 2,445,818 shares of the company’s stock worth $72,860,000 after buying an additional 744,577 shares during the period. SBI Securities Co. Ltd. increased its stake in shares of Rigetti Computing by 16.3% in the 2nd quarter. SBI Securities Co. Ltd. now owns 195,159 shares of the company’s stock valued at $2,315,000 after acquiring an additional 27,422 shares during the last quarter. Swiss National Bank increased its stake in shares of Rigetti Computing by 18.3% in the 2nd quarter. Swiss National Bank now owns 546,100 shares of the company’s stock valued at $6,477,000 after acquiring an additional 84,300 shares during the last quarter. Finally, TD Waterhouse Canada Inc. raised its position in shares of Rigetti Computing by 3,429.3% in the 2nd quarter. TD Waterhouse Canada Inc. now owns 36,175 shares of the company’s stock valued at $409,000 after acquiring an additional 35,150 shares during the period. Institutional investors own 35.38% of the company’s stock.

Rigetti Computing Company Profile

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.