Rigetti Computing (NASDAQ:RGTI) Shares Down 3.4% – Time to Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price fell 3.4% during trading on Wednesday . The company traded as low as $15.61 and last traded at $15.67. 25,540,563 shares traded hands during mid-day trading, a decline of 16% from the average session volume of 30,523,818 shares. The stock had previously closed at $16.22.

Analyst Ratings Changes

A number of research firms recently issued reports on RGTI. Mizuho dropped their target price on shares of Rigetti Computing from $50.00 to $43.00 and set an “outperform” rating for the company in a research report on Thursday, March 5th. Wedbush lifted their price target on shares of Rigetti Computing from $35.00 to $40.00 and gave the company an “outperform” rating in a research report on Wednesday, January 21st. Jefferies Financial Group assumed coverage on shares of Rigetti Computing in a research note on Tuesday, December 16th. They set a “hold” rating and a $30.00 price objective for the company. Wall Street Zen downgraded shares of Rigetti Computing from a “hold” rating to a “sell” rating in a research note on Saturday, February 21st. Finally, Needham & Company LLC reduced their target price on shares of Rigetti Computing from $51.00 to $31.00 and set a “buy” rating on the stock in a report on Thursday, March 5th. Eight research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Rigetti Computing currently has a consensus rating of “Moderate Buy” and a consensus price target of $31.70.

Rigetti Computing Stock Down 3.4%

The firm has a 50 day moving average price of $18.91 and a two-hundred day moving average price of $25.82. The company has a market capitalization of $4.94 billion, a price-to-earnings ratio of -21.88 and a beta of 1.71.

Rigetti Computing (NASDAQ:RGTI) last announced its earnings results on Wednesday, March 4th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.02. The company had revenue of $1.87 million for the quarter, compared to analyst estimates of $2.33 million. Rigetti Computing had a negative return on equity of 14.91% and a negative net margin of 3,111.92%.Rigetti Computing’s revenue was down 17.9% on a year-over-year basis. Analysts predict that Rigetti Computing, Inc. will post -0.34 earnings per share for the current year.

Insider Buying and Selling at Rigetti Computing

In other news, CTO David Rivas sold 36,719 shares of the business’s stock in a transaction dated Tuesday, March 10th. The shares were sold at an average price of $17.52, for a total value of $643,316.88. Following the completion of the sale, the chief technology officer owned 651,914 shares of the company’s stock, valued at approximately $11,421,533.28. The trade was a 5.33% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Jeffrey A. Bertelsen sold 4,270 shares of the company’s stock in a transaction dated Tuesday, March 10th. The shares were sold at an average price of $17.52, for a total transaction of $74,810.40. Following the completion of the sale, the chief financial officer owned 175,609 shares in the company, valued at approximately $3,076,669.68. This trade represents a 2.37% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 1.90% of the company’s stock.

Hedge Funds Weigh In On Rigetti Computing

Several large investors have recently modified their holdings of RGTI. Royal Bank of Canada raised its stake in Rigetti Computing by 106.2% during the first quarter. Royal Bank of Canada now owns 220,701 shares of the company’s stock valued at $1,748,000 after buying an additional 113,644 shares in the last quarter. AQR Capital Management LLC lifted its holdings in Rigetti Computing by 138.9% in the first quarter. AQR Capital Management LLC now owns 81,047 shares of the company’s stock worth $642,000 after acquiring an additional 47,115 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Rigetti Computing by 25.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 112,409 shares of the company’s stock valued at $890,000 after purchasing an additional 22,770 shares during the period. NewEdge Advisors LLC grew its stake in Rigetti Computing by 197.8% during the 1st quarter. NewEdge Advisors LLC now owns 25,592 shares of the company’s stock worth $203,000 after buying an additional 16,998 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC bought a new position in Rigetti Computing during the 1st quarter worth $3,115,000. Institutional investors 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.