Rigetti Computing (NASDAQ:RGTI) Stock Price Down 3.9% – Time to Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price was down 3.9% during mid-day trading on Thursday . The company traded as low as $9.30 and last traded at $9.52. Approximately 19,759,188 shares were traded during trading, a decline of 57% from the average daily volume of 46,271,920 shares. The stock had previously closed at $9.91.

Wall Street Analysts Forecast Growth

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

Rigetti Computing Trading Down 9.4 %

The business’s 50-day simple moving average is $10.77 and its 200-day simple moving average is $6.36. The company has a market cap of $2.57 billion, a PE ratio of -23.90 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.

Rigetti Computing (NASDAQ:RGTI) last announced its quarterly earnings data on Wednesday, March 5th. The company reported ($0.08) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.08). The business had revenue of $2.27 million during 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 last year, the company earned ($0.04) earnings per share. As a group, analysts expect that Rigetti Computing, Inc. will post -0.34 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CTO David Rivas sold 351,785 shares of Rigetti Computing stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $7.76, for a total value of $2,729,851.60. Following the transaction, the chief technology officer now owns 1,094,738 shares of the company’s stock, valued at $8,495,166.88. This trade represents a 24.32 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 2.81% of the company’s stock.

Institutional Trading of Rigetti Computing

Large investors have recently modified their holdings of the company. Signaturefd LLC bought a new stake in shares of Rigetti Computing during the 4th quarter worth $25,000. EverSource Wealth Advisors LLC bought a new stake in shares of Rigetti Computing during the 4th quarter worth $28,000. Tucker Asset Management LLC bought a new stake in shares of Rigetti Computing during the 4th quarter worth $32,000. Arete Wealth Advisors LLC bought a new stake in shares of Rigetti Computing during the 3rd quarter worth $45,000. Finally, Spire Wealth Management bought a new stake in shares of Rigetti Computing during the 4th quarter worth $46,000. 35.38% of the stock is owned by 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.