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

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

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. Alliance Global Partners reaffirmed a “buy” rating on shares of Rigetti Computing in a research report on Tuesday, November 11th. Mizuho began coverage on shares of Rigetti Computing in a report on Thursday, December 11th. They set an “outperform” rating and a $50.00 target price for the company. Wedbush initiated coverage on shares of Rigetti Computing in a research note on Wednesday. They set an “outperform” rating and a $35.00 price target on the stock. B. Riley cut 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 report on Wednesday, November 12th. Finally, Benchmark decreased their target price on Rigetti Computing from $50.00 to $40.00 and set a “buy” rating on the stock in a report on Tuesday, November 11th. Seven research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $29.30.

Rigetti Computing Stock Performance

The company has a market cap of $7.42 billion, a P/E ratio of -17.28 and a beta of 1.68. The firm’s fifty day moving average is $33.73 and its two-hundred day moving average is $23.03.

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

Insider Buying and Selling

In other Rigetti Computing news, Director Helene Gail Sandford sold 62,000 shares of the company’s stock in a transaction that occurred on Friday, October 17th. The stock was sold at an average price of $44.89, for a total value of $2,783,180.00. Following the completion of the transaction, the director directly owned 120,371 shares in the company, 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 SEC, which is available through the SEC website. Corporate insiders own 1.90% of the company’s stock.

Hedge Funds Weigh In On Rigetti Computing

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. IFP Advisors Inc increased its holdings 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 worth $26,000 after purchasing an additional 1,300 shares during the last quarter. Danske Bank A S bought a new position in shares of Rigetti Computing during the 3rd quarter valued at approximately $30,000. Quarry LP purchased a new position in shares of Rigetti Computing in the first quarter valued at $31,000. Parallel Advisors LLC increased its position in Rigetti Computing by 403.2% in the third quarter. Parallel Advisors LLC now owns 1,087 shares of the company’s stock worth $32,000 after purchasing an additional 871 shares during the last quarter. Finally, Armstrong Advisory Group Inc. raised its stake in Rigetti Computing by 225.4% during the second quarter. Armstrong Advisory Group Inc. now owns 2,974 shares of the company’s stock valued at $35,000 after purchasing an additional 2,060 shares in the last quarter. Institutional investors 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.