Rigetti Computing (NASDAQ:RGTI) Stock Price Down 6.9% – Should You Sell?

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) fell 6.9% during trading on Monday . The company traded as low as $16.02 and last traded at $16.62. 30,972,138 shares changed hands during trading, an increase of 3% from the average session volume of 30,005,742 shares. The stock had previously closed at $17.85.

Wall Street Analyst Weigh In

A number of research firms have commented on RGTI. Benchmark reduced their price objective on shares of Rigetti Computing from $35.00 to $25.00 and set a “buy” rating for the company in a research note on Friday, March 20th. Royal Bank Of Canada lowered shares of Rigetti Computing to a “hold” rating in a research note on Thursday, January 22nd. Wall Street Zen lowered shares of Rigetti Computing from a “hold” rating to a “sell” rating in a research note on Sunday, April 26th. B. Riley Financial raised shares of Rigetti Computing from a “neutral” rating to a “buy” rating and set a $35.00 price target for the company in a research report on Thursday, January 22nd. Finally, Mizuho reduced their price target 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. Eight equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $29.18.

Rigetti Computing Stock Up 5.8%

The business’s 50-day moving average price is $16.54 and its 200-day moving average price is $21.18. The firm has a market capitalization of $5.61 billion, a PE ratio of -19.40 and a beta of 1.79.

Rigetti Computing (NASDAQ:RGTI) last posted its quarterly earnings results on Monday, May 11th. The company reported ($0.04) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.01. The business had revenue of $4.40 million during the quarter, compared to analyst estimates of $4.09 million. Rigetti Computing had a negative net margin of 2,789.71% and a negative return on equity of 10.40%. The firm’s revenue was up 198.9% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.05) earnings per share. On average, analysts anticipate that Rigetti Computing, Inc. will post -0.19 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CTO David Rivas sold 36,719 shares of the stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $17.52, for a total value of $643,316.88. Following the transaction, the chief technology officer owned 651,914 shares in the company, valued at approximately $11,421,533.28. This represents a 5.33% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Jeffrey A. Bertelsen sold 4,270 shares of the stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $17.52, for a total value of $74,810.40. Following the completion of the transaction, the chief financial officer owned 175,609 shares in the company, valued at $3,076,669.68. This represents a 2.37% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 1.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Rigetti Computing

Hedge funds have recently added to or reduced their stakes in the company. Danske Bank A S acquired a new position in Rigetti Computing in the third quarter worth approximately $30,000. Parallel Advisors LLC increased its holdings in Rigetti Computing by 403.2% in the third quarter. Parallel Advisors LLC now owns 1,087 shares of the company’s stock worth $32,000 after buying an additional 871 shares during the last quarter. Clearstead Advisors LLC acquired a new position in Rigetti Computing during the third quarter valued at approximately $35,000. Heritage Wealth Advisors grew its holdings in Rigetti Computing by 454.3% during the fourth quarter. Heritage Wealth Advisors now owns 1,164 shares of the company’s stock valued at $26,000 after purchasing an additional 954 shares during the last quarter. Finally, Larson Financial Group LLC grew its holdings in Rigetti Computing by 138.4% during the fourth quarter. Larson Financial Group LLC now owns 1,218 shares of the company’s stock valued at $27,000 after purchasing an additional 707 shares during the last quarter. 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.