Rigetti Computing (NASDAQ:RGTI) Trading Down 6.9% – Should You Sell?

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) were down 6.9% during mid-day trading on Monday . The stock traded as low as $16.02 and last traded at $16.62. Approximately 30,972,138 shares changed hands during mid-day trading, an increase of 3% from the average daily volume of 30,005,742 shares. The stock had previously closed at $17.85.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on RGTI. Benchmark decreased their target price on shares of Rigetti Computing from $35.00 to $25.00 and set a “buy” rating for the company in a research note on Friday, March 20th. Rosenblatt Securities restated a “buy” rating and issued a $40.00 price target on shares of Rigetti Computing in a research note on Thursday, March 5th. Wedbush upped their price objective on Rigetti Computing from $35.00 to $40.00 and gave the company an “outperform” rating in a research report on Wednesday, January 21st. Wall Street Zen cut Rigetti Computing from a “hold” rating to a “sell” rating in a research report on Sunday, April 26th. Finally, Royal Bank Of Canada downgraded Rigetti Computing to a “hold” rating in a research note on Thursday, January 22nd. Eight research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Rigetti Computing presently has a consensus rating of “Moderate Buy” and a consensus price target of $29.18.

Rigetti Computing Stock Performance

The stock has a market cap of $5.52 billion, a P/E ratio of -19.10 and a beta of 1.79. The business’s 50-day moving average price is $16.57 and its 200-day moving average price is $21.49.

Rigetti Computing (NASDAQ:RGTI) last announced its earnings results on Monday, May 11th. The company reported ($0.04) EPS for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.01. The company had revenue of $4.40 million for the quarter, compared to analysts’ expectations of $4.09 million. Rigetti Computing had a negative return on equity of 10.40% and a negative net margin of 2,789.71%.Rigetti Computing’s revenue for the quarter was up 198.9% compared to the same quarter last year. During the same period last year, the firm earned ($0.05) EPS. As a group, equities research analysts expect that Rigetti Computing, Inc. will post -0.19 earnings per share for the current year.

Insider Transactions at Rigetti Computing

In other news, CTO David Rivas sold 36,719 shares of Rigetti Computing stock in a transaction dated Tuesday, March 10th. The stock was sold at an average price of $17.52, for a total transaction of $643,316.88. Following the transaction, 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Jeffrey A. Bertelsen sold 4,270 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 value of $74,810.40. Following the transaction, the chief financial officer 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. The SEC filing for this sale provides additional information. 1.60% of the stock is owned by insiders.

Institutional Trading of Rigetti Computing

Several institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. lifted its stake in shares of Rigetti Computing by 40.4% during the 3rd quarter. Vanguard Group Inc. now owns 32,046,477 shares of the company’s stock valued at $954,665,000 after buying an additional 9,228,888 shares in the last quarter. Victory Capital Management Inc. increased its stake in Rigetti Computing by 1,632.5% in the 4th quarter. Victory Capital Management Inc. now owns 2,571,289 shares of the company’s stock worth $56,954,000 after buying an additional 2,422,873 shares in the last quarter. Ameriprise Financial Inc. bought a new stake in Rigetti Computing during the 2nd quarter valued at approximately $21,887,000. Norges Bank purchased a new position in shares of Rigetti Computing in the fourth quarter worth $38,889,000. Finally, Clear Street Group Inc. purchased a new stake in Rigetti Computing in the 3rd quarter worth $47,752,000. 35.38% of the stock is currently owned by institutional investors.

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.