Rigetti Computing (NASDAQ:RGTI) Stock Price Down 2.6% – Time to Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s stock price fell 2.6% on Friday . The stock traded as low as $16.37 and last traded at $16.54. 17,646,510 shares changed hands during trading, a decline of 50% from the average session volume of 35,045,766 shares. The stock had previously closed at $16.99.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on RGTI shares. Northland Securities started coverage on shares of Rigetti Computing in a research note on Monday, April 20th. They issued a “market perform” rating and a $20.00 price target on the stock. Needham & Company LLC reiterated a “buy” rating and issued a $31.00 target price on shares of Rigetti Computing in a research note on Tuesday, May 12th. Weiss Ratings reissued a “sell (e+)” rating on shares of Rigetti Computing in a research report on Tuesday, June 2nd. Benchmark decreased their price objective on shares of Rigetti Computing from $35.00 to $25.00 and set a “buy” rating for the company in a report on Friday, March 20th. Finally, Mizuho lowered their price objective on Rigetti Computing from $33.00 to $27.00 and set an “outperform” rating on the stock in a research report on Tuesday, May 12th. Seven research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $30.60.

Rigetti Computing Stock Performance

The stock has a 50-day simple moving average of $20.43 and a two-hundred day simple moving average of $19.35. The firm has a market cap of $5.50 billion, a PE ratio of -19.01 and a beta of 1.95.

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

Insider Activity at Rigetti Computing

In other Rigetti Computing news, CTO David Rivas sold 499,328 shares of the business’s stock in a transaction on Friday, May 29th. The shares were sold at an average price of $25.40, for a total transaction of $12,682,931.20. Following the completion of the sale, the chief technology officer directly owned 325,945 shares in the company, valued at approximately $8,279,003. The trade was a 60.50% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Jeffrey A. Bertelsen sold 3,682 shares of the stock in a transaction 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 transaction, the chief financial officer directly owned 171,927 shares in the company, valued at $3,945,724.65. The trade was a 2.10% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 728,901 shares of company stock worth $17,546,343 over the last quarter. Company insiders own 1.60% of the company’s stock.

Institutional Trading of Rigetti Computing

A number of hedge funds have recently bought and sold shares of the company. Clear Street Group Inc. bought a new position in shares of Rigetti Computing in the third quarter worth about $47,752,000. Intech Investment Management LLC lifted its holdings in shares of Rigetti Computing by 66.3% in the fourth quarter. Intech Investment Management LLC now owns 120,260 shares of the company’s stock worth $2,664,000 after buying an additional 47,935 shares in the last quarter. Patriot Financial Group Insurance Agency LLC boosted its holdings in shares of Rigetti Computing by 105.3% during the 1st quarter. Patriot Financial Group Insurance Agency LLC now owns 123,460 shares of the company’s stock valued at $1,733,000 after purchasing an additional 63,331 shares during the last quarter. Van ECK Associates Corp boosted its stake in Rigetti Computing by 384.2% during the third quarter. Van ECK Associates Corp now owns 548,217 shares of the company’s stock valued at $16,331,000 after buying an additional 434,995 shares during the last quarter. Finally, Spear Advisors LLC purchased a new position in shares of Rigetti Computing in the fourth quarter valued at $2,062,000. Hedge funds and other institutional investors 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.