Rigetti Computing (NASDAQ:RGTI) Trading Down 1.5% – Time to Sell?

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) traded down 1.5% during trading on Thursday . The company traded as low as $14.03 and last traded at $14.31. 20,787,557 shares traded hands during mid-day trading, a decline of 29% from the average session volume of 29,107,521 shares. The stock had previously closed at $14.53.

Analyst Ratings Changes

A number of analysts recently commented on the company. TD Cowen lowered Rigetti Computing from a “buy” rating to a “hold” rating in a research note on Thursday, February 12th. Royal Bank Of Canada lowered Rigetti Computing to a “hold” rating in a research note on Thursday, January 22nd. Wedbush raised their price target on Rigetti Computing from $35.00 to $40.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 21st. Rosenblatt Securities reiterated a “buy” rating and issued a $40.00 price objective on shares of Rigetti Computing in a report on Thursday, March 5th. Finally, Wall Street Zen downgraded Rigetti Computing from a “hold” rating to a “sell” rating in a report on Saturday, February 21st. Eight investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $31.70.

Rigetti Computing Stock Down 1.5%

The business has a fifty day simple moving average of $16.13 and a 200-day simple moving average of $25.48. The firm has a market cap of $4.75 billion, a P/E ratio of -21.04 and a beta of 1.82.

Rigetti Computing (NASDAQ:RGTI) last posted its quarterly earnings data on Wednesday, March 4th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.02. Rigetti Computing had a negative return on equity of 14.91% and a negative net margin of 3,111.92%.The business had revenue of $1.87 million during the quarter, compared to the consensus estimate of $2.33 million. The business’s revenue for the quarter was down 17.9% on a year-over-year basis. On average, sell-side analysts anticipate that Rigetti Computing, Inc. will post -0.34 EPS for the current fiscal year.

Insider Buying and Selling at Rigetti Computing

In other news, CTO David Rivas sold 36,719 shares of the firm’s stock in a transaction on Tuesday, March 10th. The stock was sold at an average price of $17.52, for a total transaction of $643,316.88. Following the completion of the transaction, the chief technology officer directly owned 651,914 shares in the company, valued at $11,421,533.28. This trade represents a 5.33% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Jeffrey A. Bertelsen sold 4,270 shares of the firm’s stock in a transaction on Tuesday, March 10th. The shares were sold at an average price of $17.52, for a total value of $74,810.40. Following the transaction, the chief financial officer owned 175,609 shares of the company’s stock, valued at $3,076,669.68. The trade was a 2.37% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 1.90% of the stock is owned by company insiders.

Hedge Funds Weigh In On Rigetti Computing

Several institutional investors and hedge funds have recently modified their holdings of RGTI. Vanguard Group Inc. increased its holdings in shares of Rigetti Computing by 40.4% during the third quarter. Vanguard Group Inc. now owns 32,046,477 shares of the company’s stock valued at $954,665,000 after acquiring an additional 9,228,888 shares in the last quarter. Victory Capital Management Inc. increased its holdings in shares of Rigetti Computing by 1,632.5% during the fourth quarter. Victory Capital Management Inc. now owns 2,571,289 shares of the company’s stock valued at $56,954,000 after acquiring an additional 2,422,873 shares in the last quarter. Ameriprise Financial Inc. bought a new stake in Rigetti Computing in the 2nd quarter worth about $21,887,000. Norges Bank bought a new stake in Rigetti Computing in the 4th quarter worth about $38,889,000. Finally, Clear Street Group Inc. bought a new stake in Rigetti Computing in the 3rd quarter worth about $47,752,000. 35.38% of the stock is currently owned by institutional investors.

About Rigetti Computing

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.