Rigetti Computing (NASDAQ:RGTI) Trading Down 3.8% – Should You Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price dropped 3.8% during trading on Wednesday . The company traded as low as $13.44 and last traded at $13.50. Approximately 22,627,830 shares were traded during mid-day trading, a decline of 24% from the average daily volume of 29,706,238 shares. The stock had previously closed at $14.04.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on RGTI shares. Benchmark lowered their price target on shares of Rigetti Computing from $35.00 to $25.00 and set a “buy” rating on the stock in a research note on Friday, March 20th. Jefferies Financial Group began coverage on shares of Rigetti Computing in a research note on Tuesday, December 16th. They issued a “hold” rating and a $30.00 price objective for the company. Mizuho decreased their price objective on shares of Rigetti Computing from $50.00 to $43.00 and set an “outperform” rating on the stock in a report on Thursday, March 5th. Royal Bank Of Canada lowered shares of Rigetti Computing to a “hold” rating in a research report on Thursday, January 22nd. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $40.00 target price on shares of Rigetti Computing in a report on Thursday, March 5th. Eight analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Rigetti Computing presently has a consensus rating of “Moderate Buy” and a consensus price target of $31.70.

Rigetti Computing Price Performance

The company has a market cap of $4.71 billion, a price-to-earnings ratio of -20.87 and a beta of 1.82. The company has a fifty day simple moving average of $16.79 and a two-hundred day simple moving average of $25.70.

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

Insider Transactions at Rigetti Computing

In other news, CTO David Rivas sold 36,719 shares of the firm’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 transaction, the chief technology officer directly owned 651,914 shares of the company’s stock, valued at $11,421,533.28. This trade represents a 5.33% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Jeffrey A. Bertelsen sold 4,270 shares of Rigetti Computing stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $17.52, for a total value of $74,810.40. Following the transaction, the chief financial officer owned 175,609 shares of the company’s stock, valued at $3,076,669.68. This represents a 2.37% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 1.90% of the company’s stock.

Hedge Funds Weigh In On Rigetti Computing

Hedge funds have recently bought and sold shares of the stock. Spear Advisors LLC acquired a new position in shares of Rigetti Computing in the fourth quarter worth $2,062,000. Tempo Wealth LLC acquired a new stake in shares of Rigetti Computing during the fourth quarter valued at $617,000. Corient Private Wealth LLC boosted its stake in shares of Rigetti Computing by 312.1% during the fourth quarter. Corient Private Wealth LLC now owns 61,759 shares of the company’s stock valued at $1,368,000 after acquiring an additional 46,774 shares during the last quarter. Vident Advisory LLC increased its position in Rigetti Computing by 2.8% during the 4th quarter. Vident Advisory LLC now owns 44,611 shares of the company’s stock worth $988,000 after purchasing an additional 1,218 shares in the last quarter. Finally, Voloridge Investment Management LLC purchased a new stake in Rigetti Computing during the 4th quarter worth about $23,459,000. Hedge funds and other 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.