Rigetti Computing (NASDAQ:RGTI) Trading Down 3.3% – Should You Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price dropped 3.3% on Wednesday . The stock traded as low as $18.65 and last traded at $18.68. Approximately 24,324,976 shares were traded during mid-day trading, a decline of 32% from the average daily volume of 35,722,234 shares. The stock had previously closed at $19.32.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on RGTI. Benchmark lowered their price objective on Rigetti Computing from $35.00 to $25.00 and set a “buy” rating for the company in a research report on Friday, March 20th. Wall Street Zen upgraded Rigetti Computing from a “sell” rating to a “hold” rating in a research report on Saturday, May 23rd. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Rigetti Computing in a research note on Tuesday, June 2nd. Northland Securities assumed coverage on Rigetti Computing in a research report on Monday, April 20th. They set a “market perform” rating and a $20.00 price objective for the company. Finally, Mizuho reduced their price objective on shares of Rigetti Computing from $33.00 to $27.00 and set an “outperform” rating on the stock in a report on Tuesday, May 12th. Eight analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Rigetti Computing has an average rating of “Moderate Buy” and a consensus price target of $29.18.

Rigetti Computing Trading Down 3.3%

The stock has a market cap of $6.21 billion, a price-to-earnings ratio of -21.47 and a beta of 1.88. The company’s fifty day moving average is $20.44 and its two-hundred day moving average is $19.67.

Rigetti Computing (NASDAQ:RGTI) last released its quarterly earnings results on Monday, May 11th. The company reported ($0.04) EPS for the quarter, topping 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 analyst estimates of $4.09 million. During the same period last year, the business posted ($0.05) earnings per share. The company’s quarterly revenue was up 198.9% on a year-over-year basis. Analysts predict that Rigetti Computing, Inc. will post -0.22 EPS for the current year.

Insiders Place Their Bets

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

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in RGTI. NewEdge Advisors LLC boosted its holdings in Rigetti Computing by 6.7% in the first quarter. NewEdge Advisors LLC now owns 65,694 shares of the company’s stock valued at $922,000 after purchasing an additional 4,149 shares in the last quarter. Janus Henderson Group PLC boosted its holdings in shares of Rigetti Computing by 7.3% in the 1st quarter. Janus Henderson Group PLC now owns 199,987 shares of the company’s stock valued at $2,809,000 after buying an additional 13,666 shares in the last quarter. Encore Global Management LP purchased a new position in shares of Rigetti Computing in the 1st quarter valued at $1,685,000. Amundi lifted its position in Rigetti Computing by 124.8% in the first quarter. Amundi now owns 60,012 shares of the company’s stock valued at $843,000 after acquiring an additional 33,317 shares during the last quarter. Finally, EverSource Wealth Advisors LLC boosted its stake in Rigetti Computing by 31.8% in the first quarter. EverSource Wealth Advisors LLC now owns 4,651 shares of the company’s stock valued at $65,000 after acquiring an additional 1,121 shares in the last quarter. 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.