Rigetti Computing (NASDAQ:RGTI) Trading Down 4% – Should You Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI) traded down 4% during trading on Thursday . The stock traded as low as $7.91 and last traded at $8.15. 11,641,892 shares were traded during trading, a decline of 75% from the average session volume of 47,495,205 shares. The stock had previously closed at $8.49.

Wall Street Analysts Forecast Growth

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

Rigetti Computing Stock Down 4.0 %

The firm has a market capitalization of $2.33 billion, a P/E ratio of -21.45 and a beta of 1.36. The company has a current ratio of 4.84, a quick ratio of 4.84 and a debt-to-equity ratio of 0.02. The company has a 50 day simple moving average of $10.45 and a two-hundred day simple moving average of $6.92.

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

Insiders Place Their Bets

In related news, CTO David Rivas sold 351,785 shares of the company’s stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $7.76, for a total transaction of $2,729,851.60. Following the sale, the chief technology officer now owns 1,094,738 shares of the company’s stock, valued at $8,495,166.88. This represents a 24.32 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 2.81% of the company’s stock.

Institutional Investors Weigh In On Rigetti Computing

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Signaturefd LLC bought a new position in shares of Rigetti Computing during the 4th quarter valued at approximately $25,000. EverSource Wealth Advisors LLC purchased a new stake in shares of Rigetti Computing in the fourth quarter valued at $28,000. Tucker Asset Management LLC bought a new stake in shares of Rigetti Computing in the 4th quarter worth about $32,000. Arete Wealth Advisors LLC bought a new position in Rigetti Computing during the 3rd quarter valued at about $45,000. Finally, Spire Wealth Management bought a new stake in Rigetti Computing in the fourth quarter worth about $46,000. 35.38% of the stock is currently owned by hedge funds and other institutional investors.

Rigetti Computing Company Profile

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.