Rigetti Computing (NASDAQ:RGTI) Shares Down 14.3% – Should You Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI) shares traded down 14.3% on Monday . The company traded as low as $7.94 and last traded at $8.02. 26,594,862 shares were traded during trading, a decline of 40% from the average session volume of 44,441,393 shares. The stock had previously closed at $9.35.

Wall Street Analysts Forecast Growth

RGTI has been the subject of several recent research reports. Needham & Company LLC reissued a “buy” rating and issued a $17.00 price target on shares of Rigetti Computing in a research note on Thursday. Alliance Global Partners reissued a “buy” rating on shares of Rigetti Computing in a research report on Thursday. Benchmark restated a “buy” rating and set a $14.00 price target on shares of Rigetti Computing in a report on Thursday. 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 research report on Friday, February 14th. Finally, Craig Hallum assumed 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. Five analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Rigetti Computing presently has a consensus rating of “Buy” and a consensus target price of $14.50.

Rigetti Computing Stock Down 15.4 %

The firm has a market capitalization of $1.52 billion, a price-to-earnings ratio of -20.82 and a beta of 1.36. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.84 and a current ratio of 4.84. The business’s 50 day moving average is $11.94 and its 200-day moving average is $5.92.

Rigetti Computing (NASDAQ:RGTI) last posted its quarterly earnings data on Wednesday, March 5th. The company reported ($0.08) EPS for the quarter, hitting analysts’ consensus estimates of ($0.08). The business had revenue of $2.27 million for the quarter, compared to analyst estimates of $2.40 million. Rigetti Computing had a negative return on equity of 51.56% and a negative net margin of 509.58%. During the same period in the previous year, the company posted ($0.04) earnings per share. Equities analysts anticipate that Rigetti Computing, Inc. will post -0.34 EPS for the current fiscal year.

Institutional Investors Weigh In On Rigetti Computing

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Allworth Financial LP raised its stake in Rigetti Computing by 14.9% during the 4th quarter. Allworth Financial LP now owns 11,604 shares of the company’s stock valued at $161,000 after purchasing an additional 1,504 shares during the last quarter. Signaturefd LLC acquired a new position in shares of Rigetti Computing during the fourth quarter valued at about $25,000. Legal & General Group Plc lifted its stake in shares of Rigetti Computing by 14.9% in the fourth quarter. Legal & General Group Plc now owns 14,051 shares of the company’s stock valued at $214,000 after buying an additional 1,817 shares during the period. EverSource Wealth Advisors LLC acquired a new stake in Rigetti Computing during the fourth quarter worth about $28,000. Finally, JPMorgan Chase & Co. grew its position in Rigetti Computing by 3.4% during the third quarter. JPMorgan Chase & Co. now owns 62,360 shares of the company’s stock worth $49,000 after buying an additional 2,045 shares in the last quarter. Institutional investors and hedge funds own 35.38% of the company’s stock.

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.