Rigetti Computing (NASDAQ:RGTI) Trading Down 1.9% – Should You Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price dropped 1.9% on Wednesday . The company traded as low as $20.17 and last traded at $20.25. Approximately 25,505,644 shares traded hands during trading, a decline of 29% from the average daily volume of 35,973,602 shares. The stock had previously closed at $20.64.

Analyst Upgrades and Downgrades

RGTI has been the subject of several recent analyst reports. Weiss Ratings reissued a “sell (e+)” rating on shares of Rigetti Computing in a report on Tuesday, June 2nd. Rosenblatt Securities reissued a “buy” rating and issued a $40.00 price target on shares of Rigetti Computing in a report on Thursday, June 11th. Needham & Company LLC reissued a “buy” rating and issued a $31.00 price target on shares of Rigetti Computing in a report on Tuesday, May 12th. Benchmark reduced their price target on Rigetti Computing from $35.00 to $25.00 and set a “buy” rating for the company in a report on Friday, March 20th. Finally, Northland Securities initiated coverage on Rigetti Computing in a report on Monday, April 20th. They issued a “market perform” rating and a $20.00 price target for the company. Eight research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $29.18.

Rigetti Computing Stock Performance

The firm has a fifty day moving average price of $19.66 and a 200 day moving average price of $20.13. The firm has a market capitalization of $6.73 billion, a price-to-earnings ratio of -23.28 and a beta of 1.88.

Rigetti Computing (NASDAQ:RGTI) last posted its quarterly earnings results on Monday, May 11th. The company reported ($0.04) EPS for the quarter, beating the consensus estimate of ($0.05) by $0.01. Rigetti Computing had a negative return on equity of 10.40% and a negative net margin of 2,789.71%.The business had revenue of $4.40 million during the quarter, compared to analysts’ expectations of $4.09 million. During the same period last year, the firm earned ($0.05) EPS. The company’s quarterly revenue was up 198.9% compared to the same quarter last year. Research analysts predict that Rigetti Computing, Inc. will post -0.22 earnings per share for the current fiscal year.

Insider Activity at Rigetti Computing

In related news, CTO David Rivas sold 499,328 shares of the firm’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 directly owned 325,945 shares of the company’s stock, valued at $8,279,003. This trade represents a 60.50% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at 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 value of $84,501.90. Following the completion of the transaction, the chief financial officer directly owned 171,927 shares of the company’s stock, valued at $3,945,724.65. The trade was a 2.10% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 643,957 shares of company stock valued at $15,800,744 in the last ninety days. Corporate insiders own 1.60% of the company’s stock.

Hedge Funds Weigh In On Rigetti Computing

Several hedge funds have recently bought and sold shares of the company. Rothschild Investment LLC increased its stake in Rigetti Computing by 26.1% in the 3rd quarter. Rothschild Investment LLC now owns 1,665 shares of the company’s stock valued at $50,000 after purchasing an additional 345 shares in the last quarter. Kestra Private Wealth Services LLC increased its stake in Rigetti Computing by 1.4% in the 4th quarter. Kestra Private Wealth Services LLC now owns 37,534 shares of the company’s stock valued at $831,000 after purchasing an additional 535 shares in the last quarter. MAI Capital Management increased its stake in Rigetti Computing by 17.7% in the 3rd quarter. MAI Capital Management now owns 3,763 shares of the company’s stock valued at $112,000 after purchasing an additional 566 shares in the last quarter. Global Retirement Partners LLC increased its position in Rigetti Computing by 10.2% during the fourth quarter. Global Retirement Partners LLC now owns 6,656 shares of the company’s stock worth $147,000 after buying an additional 615 shares in the last quarter. Finally, Huntington National Bank increased its position in Rigetti Computing by 60.6% during the third quarter. Huntington National Bank now owns 1,688 shares of the company’s stock worth $50,000 after buying an additional 637 shares in the last quarter. 35.38% of the stock is owned by hedge funds and other institutional investors.

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.