Rigetti Computing (NASDAQ:RGTI) Stock Price Down 4.3% – Should You Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s stock price was down 4.3% during trading on Monday. The stock traded as low as $15.89 and last traded at $15.95. Approximately 12,880,586 shares were traded during trading, a decline of 57% from the average daily volume of 30,227,467 shares. The stock had previously closed at $16.66.

Wall Street Analyst Weigh In

RGTI has been the topic of a number of recent research reports. Wedbush initiated coverage on Rigetti Computing in a report on Monday, August 3rd. They issued an “outperform” rating and a $40.00 target price on the stock. Zacks Research lowered Rigetti Computing from a “hold” rating to a “strong sell” rating in a research report on Wednesday, August 19th. Wall Street Zen cut Rigetti Computing from a “hold” rating to a “sell” rating in a research note on Saturday, August 8th. Weiss Ratings cut shares of Rigetti Computing from a “sell (d-)” rating to a “sell (e+)” rating in a report on Thursday, September 17th. Finally, Rosenblatt Securities reaffirmed 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 issued a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $30.67.

Rigetti Computing Price Performance

The stock has a market capitalization of $5.25 billion, a PE ratio of -17.49 and a beta of 2.00. The stock’s 50 day simple moving average is $16.12 and its two-hundred day simple moving average is $17.52.

Rigetti Computing (NASDAQ:RGTI) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.05). Rigetti Computing had a negative net margin of 2,189.54% and a negative return on equity of 17.50%. The company had revenue of $5.14 million during the quarter, compared to analyst estimates of $5.09 million. As a group, equities research analysts predict that Rigetti Computing, Inc. will post -0.27 earnings per share for the current fiscal year.

Insider Transactions at Rigetti Computing

In other news, CFO Jeffrey A. Bertelsen sold 25,000 shares of the stock in a transaction on Thursday, September 3rd. The stock was sold at an average price of $15.00, for a total transaction of $375,000.00. Following the completion of the transaction, the chief financial officer owned 168,067 shares in the company, valued at approximately $2,521,005. This represents a 12.95% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Andrew Bestwick sold 5,791 shares of Rigetti Computing stock in a transaction dated Thursday, August 20th. The stock was sold at an average price of $16.81, for a total value of $97,346.71. Following the completion of the sale, the chief technology officer directly owned 1,036,121 shares of the company’s stock, valued at approximately $17,417,194.01. This trade represents a 0.56% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders have sold 163,689 shares of company stock valued at $2,570,890. Corporate insiders own 1.60% of the company’s stock.

Hedge Funds Weigh In On Rigetti Computing

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RGTI. Geode Capital Management LLC raised its position in shares of Rigetti Computing by 2.6% in the fourth quarter. Geode Capital Management LLC now owns 7,879,325 shares of the company’s stock valued at $174,930,000 after purchasing an additional 196,891 shares during the period. Clear Street Group Inc. lifted its stake in shares of Rigetti Computing by 71.1% during the 4th quarter. Clear Street Group Inc. now owns 2,743,150 shares of the company’s stock valued at $60,761,000 after buying an additional 1,140,183 shares in the last quarter. Norges Bank bought a new position in Rigetti Computing in the 4th quarter worth approximately $38,889,000. Westfield Capital Management Co. LP bought a new position in Rigetti Computing in the 4th quarter worth approximately $20,727,000. Finally, Clearbridge Investments LLC grew its stake in Rigetti Computing by 37.5% in the 4th quarter. Clearbridge Investments LLC now owns 918,829 shares of the company’s stock valued at $20,352,000 after buying an additional 250,827 shares in the last quarter. Institutional investors own 35.38% of the company’s stock.

Rigetti Computing Company Profile

Rigetti Computing, Inc is a quantum computing company that develops full-stack quantum computing systems based on superconducting qubit technology. The company designs and manufactures quantum processors, develops the software needed to program and operate them, and provides access to its systems through cloud-based services.

Rigetti’s offerings include its quantum processing units and integrated quantum computing systems, as well as the Rigetti Quantum Cloud Services platform. Through cloud access and partnerships, organizations can experiment with quantum algorithms and explore potential applications in areas such as optimization, simulation, machine learning and other computationally intensive fields.