Rigetti Computing (NASDAQ:RGTI) Shares Down 5.4% – Should You Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI) traded down 5.4% during mid-day trading on Friday . The company traded as low as $7.78 and last traded at $8.02. 12,685,142 shares changed hands during trading, a decline of 73% from the average session volume of 47,175,693 shares. The stock had previously closed at $8.47.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Alliance Global Partners reaffirmed a “buy” rating on shares of Rigetti Computing in a research report on Thursday, March 6th. B. Riley lifted their price target on shares of Rigetti Computing from $8.50 to $15.00 and gave the stock a “buy” rating in a report on Friday, February 14th. Benchmark reissued a “buy” rating and set a $14.00 price objective on shares of Rigetti Computing in a report on Thursday, March 6th. Craig Hallum initiated coverage on Rigetti Computing in a research note on Friday, December 20th. They issued a “buy” rating and a $12.00 target price on the stock. Finally, Needham & Company LLC reiterated a “buy” rating and set a $17.00 price target on shares of Rigetti Computing in a research note on Thursday, March 6th. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $14.50.

Rigetti Computing Price Performance

The firm has a market cap of $2.33 billion, a P/E ratio of -21.45 and a beta of 1.36. The business’s fifty day simple moving average is $10.72 and its 200-day simple moving average is $6.77. The company has a current ratio of 4.84, a quick ratio of 4.84 and a debt-to-equity ratio of 0.02.

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

Insider Activity

In other Rigetti Computing news, CTO David Rivas sold 351,785 shares of the stock in a transaction that occurred on 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 sale, the chief technology officer now directly owns 1,094,738 shares in the company, valued at $8,495,166.88. This represents a 24.32 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.81% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Signaturefd LLC bought a new stake in Rigetti Computing during the fourth quarter valued at $25,000. EverSource Wealth Advisors LLC purchased a new stake in shares of Rigetti Computing in the 4th quarter valued at about $28,000. Tucker Asset Management LLC bought a new stake in shares of Rigetti Computing during the 4th quarter valued at about $32,000. Arete Wealth Advisors LLC purchased a new position in shares of Rigetti Computing during the third quarter worth about $45,000. Finally, Spire Wealth Management bought a new position in shares of Rigetti Computing in the fourth quarter worth approximately $46,000. Institutional investors own 35.38% of the company’s stock.

About Rigetti Computing

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.