Rigetti Computing (NASDAQ:RGTI) Trading Down 4.7% – Time to Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s stock price fell 4.7% during mid-day trading on Tuesday . The company traded as low as $9.90 and last traded at $10.63. 27,479,807 shares were traded during mid-day trading, a decline of 40% from the average session volume of 45,911,947 shares. The stock had previously closed at $11.16.

Wall Street Analysts Forecast Growth

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

Rigetti Computing Stock Down 3.5 %

The firm has a market cap of $2.83 billion, a price-to-earnings ratio of -26.05 and a beta of 1.36. The firm’s fifty day moving average is $10.77 and its two-hundred day moving average is $6.36. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84.

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

Insider Buying and Selling

In related news, CTO David Rivas sold 351,785 shares of the company’s stock in a transaction dated 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 completion of the sale, the chief technology officer now owns 1,094,738 shares of the company’s stock, valued at $8,495,166.88. This represents a 24.32 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 2.81% of the company’s stock.

Institutional Investors Weigh In On Rigetti Computing

A number of institutional investors and hedge funds have recently bought and sold shares of RGTI. Vanguard Group Inc. lifted its holdings in Rigetti Computing by 81.7% in the 4th quarter. Vanguard Group Inc. now owns 11,746,361 shares of the company’s stock valued at $179,249,000 after acquiring an additional 5,280,128 shares during the last quarter. Invesco Ltd. raised its holdings in Rigetti Computing by 7,367.2% during the 4th quarter. Invesco Ltd. now owns 4,580,317 shares of the company’s stock worth $69,896,000 after buying an additional 4,518,978 shares during the period. JPMorgan Chase & Co. raised its holdings in Rigetti Computing by 3,295.7% during the 4th quarter. JPMorgan Chase & Co. now owns 2,117,563 shares of the company’s stock worth $32,314,000 after buying an additional 2,055,203 shares during the period. Nuveen Asset Management LLC increased its holdings in shares of Rigetti Computing by 418.6% in the 4th quarter. Nuveen Asset Management LLC now owns 999,617 shares of the company’s stock valued at $15,254,000 after purchasing an additional 806,878 shares during the period. Finally, Geode Capital Management LLC increased its holdings in shares of Rigetti Computing by 20.6% in the 3rd quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company’s stock valued at $2,837,000 after purchasing an additional 617,506 shares during the period. 35.38% of the stock is owned by institutional investors and hedge funds.

About Rigetti Computing

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.