Rigetti Computing (NASDAQ:RGTI) Stock Price Down 5.6% – Time to Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI) shares traded down 5.6% on Wednesday . The company traded as low as $16.24 and last traded at $17.19. 35,778,498 shares traded hands during trading, an increase of 9% from the average session volume of 32,938,305 shares. The stock had previously closed at $18.21.

Analysts Set New Price Targets

Several analysts recently commented on the company. Williams Trading set a $40.00 target price on Rigetti Computing in a research report on Tuesday, November 11th. Benchmark reduced their price objective on shares of Rigetti Computing from $50.00 to $40.00 and set a “buy” rating for the company 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 target price for the company in a research report on Thursday, January 22nd. Rosenblatt Securities restated a “buy” rating and set a $40.00 price target on shares of Rigetti Computing in a research report on Wednesday, January 21st. Finally, Wall Street Zen raised shares of Rigetti Computing from a “sell” rating to a “hold” rating in a research note on Saturday, November 15th. Eight 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 company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $32.60.

Rigetti Computing Stock Down 5.6%

The stock has a market capitalization of $5.67 billion, a P/E ratio of -13.22 and a beta of 1.69. The firm’s 50-day simple moving average is $24.21 and its 200 day simple moving average is $25.74.

Rigetti Computing (NASDAQ:RGTI) last posted its quarterly earnings data 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 company had revenue of $1.95 million during the quarter, compared to analyst estimates of $2.17 million. The company’s revenue for the quarter was down 18.1% on a year-over-year basis. As a group, equities analysts anticipate that Rigetti Computing, Inc. will post -0.34 EPS for the current fiscal year.

Institutional Investors Weigh In On Rigetti Computing

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Independent Advisor Alliance boosted its position in shares of Rigetti Computing by 11.2% in the 4th quarter. Independent Advisor Alliance now owns 23,407 shares of the company’s stock valued at $518,000 after purchasing an additional 2,359 shares during the period. Tsfg LLC lifted its stake in Rigetti Computing by 320.5% during 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 in the last quarter. Fortem Financial Group LLC boosted its holdings in shares of Rigetti Computing by 7.0% in the fourth quarter. Fortem Financial Group LLC now owns 53,906 shares of the company’s stock worth $1,194,000 after buying an additional 3,515 shares during the period. Kessler Investment Group LLC acquired a new position in shares of Rigetti Computing in the fourth quarter worth about $1,174,000. Finally, International Assets Investment Management LLC purchased a new position in shares of Rigetti Computing in the fourth quarter worth approximately $90,000. Institutional investors and hedge funds 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.