Rigetti Computing (NASDAQ:RGTI) Stock Price Down 3.1% – Time to Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s stock price fell 3.1% during trading on Monday . The company traded as low as $24.19 and last traded at $24.69. 42,888,216 shares were traded during trading, a decline of 42% from the average session volume of 73,864,039 shares. The stock had previously closed at $25.48.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. Needham & Company LLC increased their price target on Rigetti Computing from $15.00 to $18.00 and gave the stock a “buy” rating in a research report on Monday, August 4th. Wall Street Zen raised Rigetti Computing from a “sell” rating to a “hold” rating in a research note on Saturday. B. Riley decreased their target price on Rigetti Computing from $42.00 to $35.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 12th. Weiss Ratings reissued a “sell (e+)” rating on shares of Rigetti Computing in a research note on Wednesday, October 8th. Finally, Benchmark reduced their price objective on shares of Rigetti Computing from $50.00 to $40.00 and set a “buy” rating for the company in a research report on Tuesday, November 11th. Five equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $25.43.

Rigetti Computing Price Performance

The stock’s fifty day moving average price is $34.47 and its 200-day moving average price is $20.85. The firm has a market cap of $8.00 billion, a PE ratio of -18.99 and a beta of 1.64.

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, topping analysts’ consensus estimates 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 analyst estimates of $2.17 million. Rigetti Computing’s revenue was down 18.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Rigetti Computing, Inc. will post -0.34 earnings per share for the current fiscal year.

Insider Activity at Rigetti Computing

In other news, 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 transaction, the director owned 14,902 shares of the company’s stock, valued at $290,589. This represents a 87.03% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Helene Gail Sandford sold 62,000 shares of the business’s 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 sale, the director owned 120,371 shares in the company, valued at approximately $5,403,454.19. This trade represents a 34.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 454,204 shares of company stock valued at $10,300,876 over the last ninety days. Corporate insiders own 1.90% of the company’s stock.

Hedge Funds Weigh In On Rigetti Computing

Institutional investors have recently bought and sold shares of the company. Teacher Retirement System of Texas purchased a new stake in Rigetti Computing during the first quarter worth about $276,000. Principal Financial Group Inc. acquired a new position in shares of Rigetti Computing in the first quarter valued at approximately $99,000. Bank of New York Mellon Corp increased its stake in Rigetti Computing by 24.7% during the 1st quarter. Bank of New York Mellon Corp now owns 557,094 shares of the company’s stock worth $4,412,000 after buying an additional 110,402 shares during the period. Xponance Inc. lifted its holdings in Rigetti Computing by 35.5% during the 1st quarter. Xponance Inc. now owns 14,360 shares of the company’s stock worth $114,000 after buying an additional 3,760 shares in the last quarter. Finally, Arizona State Retirement System purchased a new position in Rigetti Computing in the 1st quarter valued at approximately $541,000. 35.38% of the stock is owned by institutional investors and hedge funds.

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.