Rigetti Computing (NASDAQ:RGTI) Trading Down 4% – Should You Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI) shares fell 4% on Tuesday . The stock traded as low as $15.46 and last traded at $15.96. 20,306,699 shares traded hands during mid-day trading, a decline of 32% from the average session volume of 29,875,611 shares. The stock had previously closed at $16.62.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports 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 cut shares of Rigetti Computing to a “hold” rating in a research note on Thursday, January 22nd. Rosenblatt Securities reissued a “buy” rating and issued a $40.00 price objective on shares of Rigetti Computing in a research note on Thursday, March 5th. Mizuho reduced their price objective on shares of Rigetti Computing from $33.00 to $27.00 and set an “outperform” rating for the company in a research note on Tuesday, May 12th. Finally, Wall Street Zen cut shares of Rigetti Computing from a “hold” rating to a “sell” rating in a research note on Sunday, April 26th. Eight investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Rigetti Computing presently has a consensus rating of “Moderate Buy” and a consensus target price of $29.18.

Rigetti Computing Stock Down 4.0%

The company has a market capitalization of $5.30 billion, a PE ratio of -18.34 and a beta of 1.79. The company’s 50 day moving average is $16.56 and its two-hundred day moving average is $21.34.

Rigetti Computing (NASDAQ:RGTI) last posted its earnings results on Monday, May 11th. The company reported ($0.04) earnings per share 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 company had revenue of $4.40 million during the quarter, compared to analysts’ expectations of $4.09 million. During the same period last year, the company posted ($0.05) earnings per share. Rigetti Computing’s quarterly revenue was up 198.9% on a year-over-year basis. Analysts forecast that Rigetti Computing, Inc. will post -0.19 EPS for the current year.

Insiders Place Their Bets

In other Rigetti Computing news, CTO David Rivas sold 36,719 shares of Rigetti Computing stock in a transaction on 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 transaction, the chief technology officer directly owned 651,914 shares of the company’s stock, valued at $11,421,533.28. This trade represents a 5.33% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Jeffrey A. Bertelsen sold 4,270 shares of the firm’s stock in a transaction dated Tuesday, March 10th. The stock was 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 of the company’s stock, valued at $3,076,669.68. This trade represents a 2.37% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 1.60% of the company’s stock.

Institutional Investors Weigh In On Rigetti Computing

Institutional investors have recently made changes to their positions in the company. Danske Bank A S bought a new stake in shares of Rigetti Computing in the 3rd quarter worth about $30,000. Parallel Advisors LLC lifted its holdings in shares of Rigetti Computing by 403.2% in the 3rd quarter. Parallel Advisors LLC now owns 1,087 shares of the company’s stock worth $32,000 after acquiring an additional 871 shares during the last quarter. Clearstead Advisors LLC bought a new stake in shares of Rigetti Computing in the 3rd quarter worth about $35,000. Heritage Wealth Advisors lifted its holdings in shares of Rigetti Computing by 454.3% in the 4th quarter. Heritage Wealth Advisors now owns 1,164 shares of the company’s stock worth $26,000 after acquiring an additional 954 shares during the last quarter. Finally, Larson Financial Group LLC lifted its holdings in shares of Rigetti Computing by 138.4% in the 4th quarter. Larson Financial Group LLC now owns 1,218 shares of the company’s stock worth $27,000 after acquiring an additional 707 shares during the last quarter. 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.