Rigetti Computing (NASDAQ:RGTI) Stock Price Down 5.2% – Time to Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI) shares fell 5.2% during trading on Friday . The company traded as low as $15.44 and last traded at $15.59. Approximately 14,521,784 shares traded hands during trading, a decline of 54% from the average daily volume of 31,873,016 shares. The stock had previously closed at $16.44.

Wall Street Analysts Forecast Growth

Several brokerages have commented on RGTI. Weiss Ratings downgraded Rigetti Computing from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Tuesday, August 11th. Zacks Research lowered shares of Rigetti Computing from a “hold” rating to a “strong sell” rating in a research note on Wednesday, August 19th. Jefferies Financial Group restated a “hold” rating and issued a $18.00 price target on shares of Rigetti Computing in a report on Friday, August 7th. Mizuho reduced their price target on shares of Rigetti Computing from $33.00 to $27.00 and set an “outperform” rating on the stock in a research note on Tuesday, May 12th. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $40.00 price objective on shares of Rigetti Computing in a research report on Friday, August 7th. Seven investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, Rigetti Computing currently has an average rating of “Hold” and a consensus target price of $30.67.

Rigetti Computing Price Performance

The firm has a fifty day moving average of $16.99 and a two-hundred day moving average of $17.71. The stock has a market capitalization of $5.20 billion, a P/E ratio of -17.32 and a beta of 1.99.

Rigetti Computing (NASDAQ:RGTI) last posted its earnings results on Thursday, August 6th. The company reported ($0.05) EPS for the quarter, meeting analysts’ consensus estimates of ($0.05). Rigetti Computing had a negative net margin of 2,189.54% and a negative return on equity of 17.50%. The business had revenue of $5.14 million for the quarter, compared to the consensus estimate of $5.09 million. As a group, sell-side analysts forecast that Rigetti Computing, Inc. will post -0.27 EPS for the current fiscal year.

Insider Buying and Selling at Rigetti Computing

In other news, COO David Rivas sold 9,038 shares of the business’s stock in a transaction on Thursday, August 20th. The stock was sold at an average price of $16.79, for a total value of $151,748.02. Following the completion of the transaction, the chief operating officer directly owned 316,907 shares of the company’s stock, valued at approximately $5,320,868.53. The trade was a 2.77% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Ray O. Johnson sold 122,188 shares of Rigetti Computing stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $21.30, for a total value of $2,602,604.40. Following the completion of the transaction, the director owned 171,273 shares in the company, valued at $3,648,114.90. This trade represents a 41.64% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 225,821 shares of company stock worth $4,662,494. 1.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Rigetti Computing

Several institutional investors and hedge funds have recently bought and sold shares of RGTI. Heritage Wealth Advisors lifted its holdings in shares of Rigetti Computing by 454.3% during the 4th quarter. Heritage Wealth Advisors now owns 1,164 shares of the company’s stock valued at $26,000 after purchasing an additional 954 shares during the last quarter. Larson Financial Group LLC increased its position in Rigetti Computing by 138.4% during the 4th quarter. Larson Financial Group LLC now owns 1,218 shares of the company’s stock valued at $27,000 after buying an additional 707 shares in the last quarter. PeakShares LLC purchased a new stake in Rigetti Computing in the first quarter valued at about $28,000. EFG International AG acquired a new stake in Rigetti Computing in the fourth quarter worth about $28,000. Finally, Tsfg LLC boosted its holdings in Rigetti Computing by 320.5% in the fourth quarter. Tsfg LLC now owns 1,312 shares of the company’s stock worth $29,000 after acquiring an additional 1,000 shares in the last quarter. 35.38% of the stock is owned by hedge funds and other 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.