Rigetti Computing (NASDAQ:RGTI) Shares Down 12.9% – Should You Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI) shares fell 12.9% during mid-day trading on Thursday . The stock traded as low as $14.83 and last traded at $14.98. 35,459,895 shares traded hands during mid-day trading, an increase of 7% from the average session volume of 33,037,188 shares. The stock had previously closed at $17.19.

Analyst Ratings Changes

RGTI has been the topic of several analyst reports. Alliance Global Partners reaffirmed a “buy” rating on shares of Rigetti Computing in a report on Tuesday, November 11th. B. Riley upgraded shares of Rigetti Computing from a “neutral” rating to a “buy” rating and set a $35.00 price objective for the company in a research report on Thursday, January 22nd. Mizuho initiated coverage on Rigetti Computing in a research report on Thursday, December 11th. They set an “outperform” rating and a $50.00 target price on the stock. Williams Trading set a $40.00 target price on Rigetti Computing in a research note on Tuesday, November 11th. Finally, Benchmark decreased their price target on Rigetti Computing from $50.00 to $40.00 and set a “buy” rating on the stock in a research note on Tuesday, November 11th. Eight equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $32.60.

Rigetti Computing Stock Down 12.9%

The stock’s fifty day simple moving average is $24.04 and its 200-day simple moving average is $25.68. The company has a market capitalization of $4.94 billion, a PE ratio of -11.52 and a beta of 1.69.

Rigetti Computing (NASDAQ:RGTI) last announced its quarterly earnings results on Monday, November 10th. The company reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.05) by $0.02. Rigetti Computing had a negative return on equity of 21.98% and a negative net margin of 4,741.49%.The business had revenue of $1.95 million for the quarter, compared to analyst estimates of $2.17 million. The company’s revenue for the quarter was down 18.1% compared to the same quarter last year. Analysts expect that Rigetti Computing, Inc. will post -0.34 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Independent Advisor Alliance raised its stake in shares of Rigetti Computing by 11.2% during the 4th quarter. Independent Advisor Alliance now owns 23,407 shares of the company’s stock worth $518,000 after buying an additional 2,359 shares during the last quarter. Tsfg LLC grew its stake in Rigetti Computing by 320.5% in the 4th quarter. Tsfg LLC now owns 1,312 shares of the company’s stock valued at $29,000 after acquiring an additional 1,000 shares during the last quarter. Fortem Financial Group LLC grew its stake in Rigetti Computing by 7.0% in the 4th quarter. Fortem Financial Group LLC now owns 53,906 shares of the company’s stock valued at $1,194,000 after acquiring an additional 3,515 shares during the last quarter. Kessler Investment Group LLC purchased a new position in Rigetti Computing during the 4th quarter valued at about $1,174,000. Finally, International Assets Investment Management LLC acquired a new position in Rigetti Computing during the fourth quarter worth about $90,000. Hedge funds and other institutional investors own 35.38% of the company’s stock.

Rigetti Computing Company Profile

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.