Rigetti Computing (NASDAQ:RGTI) Shares Down 1.7% – Time to Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price fell 1.7% during trading on Monday . The company traded as low as $10.65 and last traded at $11.03. 50,684,902 shares traded hands during mid-day trading, an increase of 11% from the average session volume of 45,823,638 shares. The stock had previously closed at $11.22.

Wall Street Analyst Weigh In

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

Rigetti Computing Stock Down 8.1 %

The company’s 50-day moving average price is $10.78 and its 200 day moving average price is $6.34. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.84 and a current ratio of 4.84. The stock has a market cap of $2.93 billion, a PE ratio of -27.00 and a beta of 1.36.

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

Insider Buying and Selling

In other Rigetti Computing news, CTO David Rivas sold 351,785 shares of the company’s stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $7.76, for a total value of $2,729,851.60. Following the completion of the sale, the chief technology officer now owns 1,094,738 shares in the company, valued at $8,495,166.88. This represents a 24.32 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 2.81% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Silverleafe Capital Partners LLC bought a new stake in Rigetti Computing during the 4th quarter worth approximately $554,000. State Street Corp raised its position in shares of Rigetti Computing by 12.9% during the 3rd quarter. State Street Corp now owns 2,715,223 shares of the company’s stock valued at $2,126,000 after purchasing an additional 309,831 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in shares of Rigetti Computing by 14.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,149,934 shares of the company’s stock valued at $901,000 after buying an additional 144,742 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Rigetti Computing by 20.6% in the 3rd quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company’s stock worth $2,837,000 after buying an additional 617,506 shares during the period. Finally, Veracity Capital LLC purchased a new stake in Rigetti Computing in the 4th quarter worth $410,000. 35.38% of the stock is currently owned by institutional investors.

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.