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

Rigetti Computing, Inc. (NASDAQ:RGTI) gapped down prior to trading on Tuesday . The stock had previously closed at $9.78, but opened at $9.56. Rigetti Computing shares last traded at $9.73, with a volume of 7,482,710 shares.

Wall Street Analyst Weigh In

A number of analysts have weighed in on RGTI shares. Benchmark restated a “buy” rating and set a $14.00 price objective on shares of Rigetti Computing in a research note on Thursday, March 6th. Craig Hallum assumed coverage on shares of Rigetti Computing in a report on Friday, December 20th. They set a “buy” rating and a $12.00 price target on the stock. Alliance Global Partners reissued a “buy” rating on shares of Rigetti Computing in a report on Thursday, March 6th. Needham & Company LLC reissued a “buy” rating and set a $17.00 price target on shares of Rigetti Computing in a report on Thursday, March 6th. Finally, B. Riley raised their price objective on shares of Rigetti Computing from $8.50 to $15.00 and gave the company a “buy” rating in a research report on Friday, February 14th. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $14.50.

Rigetti Computing Stock Down 1.6 %

The company has a quick ratio of 4.84, a current ratio of 4.84 and a debt-to-equity ratio of 0.02. The company has a market capitalization of $2.75 billion, a PE ratio of -25.40 and a beta of 1.36. The company’s 50 day moving average is $10.83 and its two-hundred day moving average is $6.58.

Rigetti Computing (NASDAQ:RGTI) last issued its earnings results on Wednesday, March 5th. The company reported ($0.08) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.08). Rigetti Computing had a negative return on equity of 51.56% and a negative net margin of 509.58%. The firm had revenue of $2.27 million for the quarter, compared to analysts’ expectations of $2.40 million. During the same period in the previous year, the firm posted ($0.04) earnings per share. On average, analysts anticipate that Rigetti Computing, Inc. will post -0.34 earnings per share for the current year.

Insiders Place Their Bets

In other news, CTO David Rivas sold 351,785 shares of the firm’s stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $7.76, for a total value of $2,729,851.60. Following the completion of the sale, the chief technology officer now owns 1,094,738 shares in the company, valued at approximately $8,495,166.88. This trade represents a 24.32 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.81% of the stock is currently owned by insiders.

Institutional Trading of Rigetti Computing

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in shares of Rigetti Computing by 81.7% during the 4th quarter. Vanguard Group Inc. now owns 11,746,361 shares of the company’s stock worth $179,249,000 after acquiring an additional 5,280,128 shares during the last quarter. Invesco Ltd. lifted its position in shares of Rigetti Computing by 7,367.2% during the fourth quarter. Invesco Ltd. now owns 4,580,317 shares of the company’s stock worth $69,896,000 after purchasing an additional 4,518,978 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Rigetti Computing by 3,295.7% during the fourth quarter. JPMorgan Chase & Co. now owns 2,117,563 shares of the company’s stock valued at $32,314,000 after purchasing an additional 2,055,203 shares during the period. Nuveen Asset Management LLC grew its holdings in shares of Rigetti Computing by 418.6% in the fourth quarter. Nuveen Asset Management LLC now owns 999,617 shares of the company’s stock worth $15,254,000 after purchasing an additional 806,878 shares during the last quarter. Finally, Geode Capital Management LLC increased its stake in Rigetti Computing by 20.6% in the 3rd quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company’s stock worth $2,837,000 after buying an additional 617,506 shares during the period. 35.38% of the stock is owned by hedge funds and other institutional investors.

Rigetti Computing Company Profile

Rigetti Computing, Inc, through its subsidiaries, builds quantum computers and the superconducting quantum processors. The company offers cloud in a form of quantum processing unit, such as 9-qubit chip and Ankaa-2 system under the Novera brand name; and sells access to its quantum computers through quantum computing as a service.