Rigetti Computing (NASDAQ:RGTI) Shares Down 4% – Time to Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI) dropped 4% during trading on Wednesday . The company traded as low as $16.67 and last traded at $17.00. 19,153,316 shares traded hands during mid-day trading, a decline of 41% from the average daily volume of 32,501,789 shares. The stock had previously closed at $17.71.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the stock. Rosenblatt Securities reaffirmed a “buy” rating and set a $40.00 price objective on shares of Rigetti Computing in a research report on Friday, August 7th. Mizuho dropped their target price on shares of Rigetti Computing from $33.00 to $27.00 and set an “outperform” rating for the company in a research report on Tuesday, May 12th. Benchmark assumed coverage on shares of Rigetti Computing in a research report on Monday, July 27th. They issued a “buy” rating and a $25.00 target price for the company. Jefferies Financial Group reiterated a “hold” rating and set a $18.00 price target on shares of Rigetti Computing in a research report on Friday, August 7th. Finally, Needham & Company LLC restated a “buy” rating and set a $31.00 price objective on shares of Rigetti Computing in a research report on Tuesday, May 12th. Seven analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Rigetti Computing has a consensus rating of “Moderate Buy” and a consensus price target of $30.67.

Rigetti Computing Trading Down 4.0%

The company has a market capitalization of $5.67 billion, a price-to-earnings ratio of -18.89 and a beta of 1.99. The business’s 50 day moving average price is $17.58 and its two-hundred day moving average price is $17.76.

Rigetti Computing (NASDAQ:RGTI) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($0.05) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.05). Rigetti Computing had a negative return on equity of 17.50% and a negative net margin of 2,189.54%.The business had revenue of $5.14 million for the quarter, compared to analyst estimates of $5.09 million. Analysts expect that Rigetti Computing, Inc. will post -0.22 EPS for the current year.

Insider Transactions at Rigetti Computing

In other news, CTO David Rivas sold 499,328 shares of the company’s stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $25.40, for a total value of $12,682,931.20. Following the completion of the transaction, the chief technology officer owned 325,945 shares of the company’s stock, valued at $8,279,003. This represents a 60.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Jeffrey A. Bertelsen sold 3,682 shares of the firm’s stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $22.95, for a total transaction of $84,501.90. Following the completion of the transaction, the chief financial officer 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 SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders have sold 728,901 shares of company stock worth $17,546,343. Insiders own 1.60% of the company’s stock.

Hedge Funds Weigh In On Rigetti Computing

A number of hedge funds have recently modified their holdings of the business. Heritage Wealth Advisors grew its stake in shares of Rigetti Computing by 454.3% in the fourth quarter. Heritage Wealth Advisors now owns 1,164 shares of the company’s stock worth $26,000 after purchasing an additional 954 shares during the last quarter. Larson Financial Group LLC lifted its holdings in Rigetti Computing by 138.4% during the 4th quarter. Larson Financial Group LLC now owns 1,218 shares of the company’s stock worth $27,000 after buying an additional 707 shares during the period. PeakShares LLC bought a new stake in shares of Rigetti Computing in the 1st quarter valued at about $28,000. EFG International AG acquired a new stake in shares of Rigetti Computing in the fourth quarter valued at about $28,000. Finally, Tsfg LLC increased its stake in shares of Rigetti Computing by 320.5% in the fourth quarter. Tsfg LLC now owns 1,312 shares of the company’s stock valued at $29,000 after buying an additional 1,000 shares during the period. Institutional investors and hedge funds 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.