Rigetti Computing (NASDAQ:RGTI) Trading Down 2% – Time to Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price fell 2% on Tuesday . The company traded as low as $9.52 and last traded at $9.58. 14,366,690 shares traded hands during mid-day trading, a decline of 87% from the average session volume of 114,176,984 shares. The stock had previously closed at $9.78.

Wall Street Analysts Forecast Growth

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

Rigetti Computing Stock Down 3.1 %

The business’s 50-day simple moving average is $10.81 and its 200 day simple moving average is $6.66. The firm has a market cap of $2.54 billion, a PE ratio of -23.51 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 posted its earnings results on Wednesday, March 5th. The company reported ($0.08) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.08). Rigetti Computing had a negative return on equity of 51.56% and a negative net margin of 509.58%. The company had revenue of $2.27 million during the quarter, compared to analyst estimates of $2.40 million. During the same quarter in the prior year, the business earned ($0.04) earnings per share. As a group, equities research analysts expect that Rigetti Computing, Inc. will post -0.34 earnings per share for the current year.

Insider Buying and Selling at Rigetti Computing

In other Rigetti Computing news, CTO David Rivas sold 351,785 shares of Rigetti Computing stock in a transaction 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 directly owns 1,094,738 shares of the company’s stock, valued at approximately $8,495,166.88. The trade was a 24.32 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.81% of the stock is owned by insiders.

Institutional Trading of Rigetti Computing

Several hedge funds and other institutional investors have recently made changes to their positions in RGTI. California State Teachers Retirement System boosted its holdings in Rigetti Computing by 12.7% in the fourth quarter. California State Teachers Retirement System now owns 11,551 shares of the company’s stock worth $176,000 after acquiring an additional 1,301 shares in the last quarter. Allworth Financial LP boosted its stake in Rigetti Computing by 14.9% in the 4th quarter. Allworth Financial LP now owns 11,604 shares of the company’s stock worth $161,000 after purchasing an additional 1,504 shares in the last quarter. Signaturefd LLC acquired a new position in Rigetti Computing during the 4th quarter valued at approximately $25,000. Legal & General Group Plc increased its position in shares of Rigetti Computing by 14.9% in the 4th quarter. Legal & General Group Plc now owns 14,051 shares of the company’s stock valued at $214,000 after acquiring an additional 1,817 shares during the period. Finally, EverSource Wealth Advisors LLC purchased a new position in Rigetti Computing in the 4th quarter worth $28,000. Hedge funds and other institutional investors own 35.38% of the company’s stock.

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.