Rigetti Computing (NASDAQ:RGTI) Trading Down 1.7% – Should You Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI) dropped 1.7% during trading on Friday . The company traded as low as $30.62 and last traded at $33.77. Approximately 57,392,992 shares were traded during trading, a decline of 23% from the average daily volume of 74,449,094 shares. The stock had previously closed at $34.36.

Analysts Set New Price Targets

RGTI has been the topic of several recent analyst reports. Williams Trading set a $50.00 price objective on shares of Rigetti Computing in a research note on Tuesday, October 7th. Weiss Ratings restated a “sell (e+)” rating on shares of Rigetti Computing in a report on Wednesday, October 8th. Industrial Alliance Securities set a $18.00 price objective on Rigetti Computing in a research report on Wednesday, July 16th. Benchmark upped their target price on Rigetti Computing from $20.00 to $50.00 and gave the company a “buy” rating in a research note on Tuesday, October 7th. Finally, B. Riley reissued a “neutral” rating and issued a $42.00 price target (up from $35.00) on shares of Rigetti Computing in a research note on Monday, November 3rd. Five analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Rigetti Computing presently has an average rating of “Moderate Buy” and a consensus price target of $29.29.

Rigetti Computing Stock Performance

The firm has a fifty day moving average of $33.14 and a 200-day moving average of $20.08. The stock has a market capitalization of $10.95 billion, a price-to-earnings ratio of -44.43 and a beta of 1.64.

Rigetti Computing (NASDAQ:RGTI) last issued its earnings results on Tuesday, August 12th. The company reported ($0.05) earnings per share for the quarter, topping the consensus estimate of ($0.06) by $0.01. The company had revenue of $1.80 million during the quarter, compared to the consensus estimate of $1.87 million. Rigetti Computing had a negative return on equity of 29.05% and a negative net margin of 2,134.92%. On average, analysts predict that Rigetti Computing, Inc. will post -0.34 EPS for the current year.

Insider Activity at Rigetti Computing

In other news, Director Thomas J. Iannotti sold 100,000 shares of the business’s stock in a transaction on Friday, September 12th. The shares were sold at an average price of $19.50, for a total transaction of $1,950,000.00. Following the transaction, the director directly owned 14,902 shares of the company’s stock, valued at approximately $290,589. The trade was a 87.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Ray O. Johnson sold 126,295 shares of the business’s stock in a transaction on Friday, September 12th. The stock was sold at an average price of $20.00, for a total transaction of $2,525,900.00. Following the completion of the transaction, the director owned 293,461 shares in the company, valued at $5,869,220. This represents a 30.09% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 454,204 shares of company stock valued at $10,300,876. 1.90% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Rigetti Computing

Large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in shares of Rigetti Computing by 40.4% in the 3rd quarter. Vanguard Group Inc. now owns 32,046,477 shares of the company’s stock valued at $954,665,000 after buying an additional 9,228,888 shares during the period. Marex Group plc acquired a new position in Rigetti Computing during the 2nd quarter worth $87,414,000. UNICOM Systems Inc. increased its stake in Rigetti Computing by 1,235.8% during the 1st quarter. UNICOM Systems Inc. now owns 3,806,935 shares of the company’s stock valued at $30,151,000 after buying an additional 3,521,935 shares during the period. Ameriprise Financial Inc. bought a new stake in Rigetti Computing during the second quarter worth approximately $21,887,000. Finally, Geode Capital Management LLC lifted its holdings in shares of Rigetti Computing by 22.9% in the second quarter. Geode Capital Management LLC now owns 6,484,155 shares of the company’s stock valued at $76,910,000 after buying an additional 1,206,925 shares during the period. 35.38% of the stock is currently owned by institutional investors.

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.