Rigetti Computing (NASDAQ:RGTI) Trading Down 1.1% – Time to Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI) shares dropped 1.1% during trading on Monday . The company traded as low as $7.68 and last traded at $8.06. Approximately 13,872,317 shares traded hands during mid-day trading, a decline of 71% from the average daily volume of 47,306,922 shares. The stock had previously closed at $8.15.

Analyst Upgrades and Downgrades

RGTI has been the topic of a number of research analyst reports. Craig Hallum began coverage on shares of Rigetti Computing in a report on Friday, December 20th. They issued a “buy” rating and a $12.00 target price on the stock. B. Riley raised their price objective on Rigetti Computing from $8.50 to $15.00 and gave the company a “buy” rating in a research report on Friday, February 14th. Benchmark reissued a “buy” rating and set a $14.00 target price on shares of Rigetti Computing in a report on Thursday, March 6th. Needham & Company LLC reaffirmed a “buy” rating and set a $17.00 price target on shares of Rigetti Computing in a report on Thursday, March 6th. Finally, Alliance Global Partners reiterated a “buy” rating on shares of Rigetti Computing in a report on Thursday, March 6th. Five research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $14.50.

Rigetti Computing Stock Performance

The stock has a 50 day moving average price of $10.56 and a two-hundred day moving average price of $6.91. The company has a market cap of $2.23 billion, a P/E ratio of -20.55 and a beta of 1.36. The company has a quick ratio of 4.84, a current ratio of 4.84 and a debt-to-equity ratio of 0.02.

Rigetti Computing (NASDAQ:RGTI) last posted its earnings results on Wednesday, March 5th. The company reported ($0.08) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.08). Rigetti Computing had a negative return on equity of 51.56% and a negative net margin of 509.58%. The company had revenue of $2.27 million during the quarter, compared to the consensus estimate of $2.40 million. During the same quarter last year, the firm earned ($0.04) earnings per share. On average, research analysts predict that Rigetti Computing, Inc. will post -0.34 earnings per share for the current fiscal year.

Insider Buying and Selling at Rigetti Computing

In other Rigetti Computing news, CTO David Rivas sold 351,785 shares of the firm’s stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $7.76, for a total transaction of $2,729,851.60. Following the transaction, the chief technology officer now owns 1,094,738 shares in the company, valued at $8,495,166.88. This trade represents a 24.32 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 2.81% of the company’s stock.

Institutional Trading of Rigetti Computing

Several large investors have recently modified their holdings of the stock. Modus Advisors LLC acquired a new position in Rigetti Computing in the first quarter valued at about $84,000. Wellington Management Group LLP acquired a new position in shares of Rigetti Computing in the 4th quarter valued at approximately $2,876,000. California State Teachers Retirement System lifted its holdings in shares of Rigetti Computing by 12.7% during the 4th quarter. California State Teachers Retirement System now owns 11,551 shares of the company’s stock worth $176,000 after acquiring an additional 1,301 shares during the period. Mackenzie Financial Corp bought a new position in Rigetti Computing in the fourth quarter valued at approximately $168,000. Finally, Fourth Dimension Wealth LLC bought a new position in Rigetti Computing in the fourth quarter valued at approximately $99,000. 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.