Rigetti Computing (NASDAQ:RGTI) Trading Down 6.6% – Time to Sell?

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) were down 6.6% during mid-day trading on Tuesday . The company traded as low as $24.91 and last traded at $25.11. Approximately 34,284,302 shares traded hands during trading, a decline of 51% from the average daily volume of 70,284,508 shares. The stock had previously closed at $26.88.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the company. Wedbush began coverage on Rigetti Computing in a research note on Wednesday, December 17th. They issued an “outperform” rating and a $35.00 price target on the stock. Jefferies Financial Group assumed coverage on shares of Rigetti Computing in a research report on Tuesday, December 16th. They set a “hold” rating and a $30.00 target price on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Rigetti Computing in a research note on Monday. Mizuho initiated coverage on shares of Rigetti Computing in a report on Thursday, December 11th. They issued an “outperform” rating and a $50.00 price target for the company. Finally, Benchmark decreased their price objective on shares of Rigetti Computing from $50.00 to $40.00 and set a “buy” rating on the stock in a report on Tuesday, November 11th. Six investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $31.22.

Rigetti Computing Stock Performance

The firm has a market capitalization of $8.29 billion, a PE ratio of -19.32 and a beta of 1.69. The firm’s 50-day moving average is $31.86 and its 200 day moving average is $23.37.

Rigetti Computing (NASDAQ:RGTI) last posted its earnings results on Monday, November 10th. The company reported ($0.03) earnings per share for the quarter, beating the consensus estimate of ($0.05) by $0.02. Rigetti Computing had a negative net margin of 4,741.49% and a negative return on equity of 21.98%. The firm had revenue of $1.95 million during the quarter, compared to the consensus estimate of $2.17 million. Rigetti Computing’s revenue for the quarter was down 18.1% compared to the same quarter last year. As a group, equities analysts anticipate that Rigetti Computing, Inc. will post -0.34 earnings per share for the current year.

Insider Buying and Selling at Rigetti Computing

In related news, Director Helene Gail Sandford sold 62,000 shares of Rigetti Computing stock in a transaction that occurred on Friday, October 17th. The stock was sold at an average price of $44.89, for a total transaction of $2,783,180.00. Following the completion of the transaction, the director directly owned 120,371 shares in the company, valued at $5,403,454.19. The trade was a 34.00% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink.

Hedge Funds Weigh In On Rigetti Computing

Hedge funds have recently bought and sold shares of the stock. Nuveen LLC acquired a new position in shares of Rigetti Computing in the first quarter worth $6,523,000. American Century Companies Inc. increased its position in Rigetti Computing by 1,309.0% during the 1st quarter. American Century Companies Inc. now owns 573,022 shares of the company’s stock worth $4,538,000 after purchasing an additional 532,352 shares in the last quarter. Cresset Asset Management LLC raised its stake in Rigetti Computing by 60.1% in the 1st quarter. Cresset Asset Management LLC now owns 57,521 shares of the company’s stock valued at $456,000 after purchasing an additional 21,601 shares during the last quarter. Northern Trust Corp raised its stake in Rigetti Computing by 29.3% in the 1st quarter. Northern Trust Corp now owns 1,716,562 shares of the company’s stock valued at $13,595,000 after purchasing an additional 388,479 shares during the last quarter. Finally, Wellington Management Group LLP lifted its holdings in Rigetti Computing by 18.2% in the 1st quarter. Wellington Management Group LLP now owns 222,758 shares of the company’s stock valued at $1,764,000 after purchasing an additional 34,312 shares in the last quarter. Hedge funds and other institutional investors own 35.38% of the company’s stock.

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.