Rigetti Computing (NASDAQ:RGTI) Stock Price Down 7.5% – Time to Sell?

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) dropped 7.5% on Thursday . The stock traded as low as $13.93 and last traded at $14.10. Approximately 25,510,253 shares changed hands during trading, a decline of 27% from the average daily volume of 34,710,656 shares. The stock had previously closed at $15.25.

Wall Street Analyst Weigh In

A number of brokerages have commented on RGTI. Needham & Company LLC reaffirmed a “buy” rating and issued a $31.00 price target on shares of Rigetti Computing in a research note on Tuesday, May 12th. Weiss Ratings restated a “sell (e+)” rating on shares of Rigetti Computing in a report on Tuesday, June 2nd. Wall Street Zen downgraded shares of Rigetti Computing from a “hold” rating to a “sell” rating in a research note on Sunday. Rosenblatt Securities reiterated a “buy” rating and set a $40.00 price target on shares of Rigetti Computing in a report on Thursday, June 11th. Finally, Northland Securities initiated coverage on shares of Rigetti Computing in a report on Monday, April 20th. They issued a “market perform” rating and a $20.00 price target on the stock. Seven analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $32.00.

Rigetti Computing Stock Performance

The stock has a market capitalization of $4.69 billion, a P/E ratio of -16.21 and a beta of 1.95. The stock has a 50-day moving average price of $20.26 and a two-hundred day moving average price of $19.08.

Rigetti Computing (NASDAQ:RGTI) last announced its earnings results on Monday, May 11th. The company reported ($0.04) EPS for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.01. Rigetti Computing had a negative return on equity of 10.40% and a negative net margin of 2,789.71%.The company had revenue of $4.40 million during the quarter, compared to the consensus estimate of $4.09 million. During the same quarter in the prior year, the company earned ($0.05) earnings per share. The firm’s revenue for the quarter was up 198.9% on a year-over-year basis. Equities analysts anticipate that Rigetti Computing, Inc. will post -0.22 earnings per share for the current fiscal year.

Insider Buying and Selling at Rigetti Computing

In other news, CFO Jeffrey A. Bertelsen sold 3,682 shares of the firm’s stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $22.95, for a total value of $84,501.90. Following the completion of the sale, the chief financial officer directly owned 171,927 shares of the company’s stock, valued at approximately $3,945,724.65. This trade represents a 2.10% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Ray O. Johnson sold 122,188 shares of Rigetti Computing stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $21.30, for a total transaction of $2,602,604.40. Following the sale, the director directly owned 171,273 shares in the company, valued at $3,648,114.90. The trade was a 41.64% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 728,901 shares of company stock valued at $17,546,343. 1.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Rigetti Computing

Institutional investors have recently bought and sold shares of the stock. Handelsbanken Fonder AB lifted its holdings in Rigetti Computing by 21.0% in the second quarter. Handelsbanken Fonder AB now owns 122,500 shares of the company’s stock worth $2,367,000 after buying an additional 21,300 shares during the period. Valeo Financial Advisors LLC purchased a new position in shares of Rigetti Computing during the 2nd quarter worth approximately $197,000. NewEdge Advisors LLC grew its holdings in shares of Rigetti Computing by 6.7% during the 1st quarter. NewEdge Advisors LLC now owns 65,694 shares of the company’s stock worth $922,000 after acquiring an additional 4,149 shares during the period. Janus Henderson Group PLC raised its position in shares of Rigetti Computing by 7.3% in the 1st quarter. Janus Henderson Group PLC now owns 199,987 shares of the company’s stock worth $2,809,000 after acquiring an additional 13,666 shares in the last quarter. Finally, Encore Global Management LP bought a new position in shares of Rigetti Computing in the 1st quarter worth approximately $1,685,000. 35.38% of the stock is owned by institutional investors.

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.