Rigetti Computing (NASDAQ:RGTI) Stock Price Down 1.4% – Should You Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI) shares fell 1.4% during trading on Friday . The stock traded as low as $15.09 and last traded at $15.76. Approximately 19,080,392 shares changed hands during trading, a decline of 38% from the average session volume of 30,647,340 shares. The stock had previously closed at $15.99.

Wall Street Analyst Weigh In

Several research firms recently issued reports on RGTI. Jefferies Financial Group reaffirmed a “hold” rating and issued a $18.00 price objective on shares of Rigetti Computing in a research note on Friday, August 7th. Wall Street Zen cut Rigetti Computing from a “hold” rating to a “sell” rating in a research report on Saturday, August 8th. Wedbush started coverage on Rigetti Computing in a report on Monday, August 3rd. They set an “outperform” rating and a $40.00 price objective on the stock. Benchmark initiated coverage on Rigetti Computing in a report on Monday, July 27th. They issued a “buy” rating and a $25.00 target price for the company. Finally, Weiss Ratings raised Rigetti Computing from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Wednesday, September 2nd. Seven investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Rigetti Computing currently has a consensus rating of “Hold” and an average price target of $30.67.

Rigetti Computing Price Performance

The business has a fifty day moving average price of $15.94 and a 200 day moving average price of $17.57. The company has a market capitalization of $5.26 billion, a price-to-earnings ratio of -17.51 and a beta of 2.00.

Rigetti Computing (NASDAQ:RGTI) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($0.05) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.05). The firm had revenue of $5.14 million during the quarter, compared to the consensus estimate of $5.09 million. Rigetti Computing had a negative net margin of 2,189.54% and a negative return on equity of 17.50%. As a group, sell-side analysts predict that Rigetti Computing, Inc. will post -0.27 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Ray O. Johnson sold 84,944 shares of the stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $20.55, for a total value of $1,745,599.20. Following the completion of the transaction, the director directly owned 95,537 shares of the company’s stock, valued at approximately $1,963,285.35. This represents a 47.07% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Jeffrey A. Bertelsen sold 25,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 3rd. The stock was sold at an average price of $15.00, for a total value of $375,000.00. Following the transaction, the chief financial officer owned 168,067 shares of the company’s stock, valued at $2,521,005. This trade represents a 12.95% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 248,633 shares of company stock valued at $4,316,489 in the last ninety days. 1.60% of the stock is currently owned by insiders.

Institutional Trading of Rigetti Computing

Hedge funds have recently modified their holdings of the company. Global Retirement Partners LLC increased its stake in Rigetti Computing by 10.2% during the 4th quarter. Global Retirement Partners LLC now owns 6,656 shares of the company’s stock worth $147,000 after purchasing an additional 615 shares in the last quarter. Main Management ETF Advisors LLC lifted its stake in Rigetti Computing by 1.0% in the 4th quarter. Main Management ETF Advisors LLC now owns 64,206 shares of the company’s stock valued at $1,422,000 after acquiring an additional 656 shares in the last quarter. Larson Financial Group LLC lifted its stake in Rigetti Computing by 138.4% in the 4th quarter. Larson Financial Group LLC now owns 1,218 shares of the company’s stock valued at $27,000 after acquiring an additional 707 shares in the last quarter. WealthPLAN Partners LLC boosted its position in Rigetti Computing by 1.0% during the 4th quarter. WealthPLAN Partners LLC now owns 72,500 shares of the company’s stock worth $1,606,000 after acquiring an additional 723 shares during the last quarter. Finally, Tradition Wealth Management LLC grew its stake in shares of Rigetti Computing by 5.6% during the 4th quarter. Tradition Wealth Management LLC now owns 15,644 shares of the company’s stock worth $347,000 after acquiring an additional 823 shares in the last quarter. Institutional investors and hedge funds own 35.38% of the company’s stock.

Rigetti Computing Company Profile

Rigetti Computing, Inc is a quantum computing company that develops full-stack quantum computing systems based on superconducting qubit technology. The company designs and manufactures quantum processors, develops the software needed to program and operate them, and provides access to its systems through cloud-based services.

Rigetti’s offerings include its quantum processing units and integrated quantum computing systems, as well as the Rigetti Quantum Cloud Services platform. Through cloud access and partnerships, organizations can experiment with quantum algorithms and explore potential applications in areas such as optimization, simulation, machine learning and other computationally intensive fields.