Rigetti Computing (NASDAQ:RGTI) Stock Price Down 4% – Time to Sell?

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) were down 4% on Thursday . The company traded as low as $8.45 and last traded at $8.59. Approximately 32,207,557 shares were traded during trading, a decline of 28% from the average daily volume of 44,910,951 shares. The stock had previously closed at $8.95.

Wall Street Analyst Weigh In

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

Rigetti Computing Stock Up 28.2 %

The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84. The stock has a market cap of $2.16 billion, a PE ratio of -29.53 and a beta of 1.37. The business has a fifty day moving average of $11.11 and a 200-day moving average of $6.13.

Rigetti Computing (NASDAQ:RGTI) last issued its quarterly earnings data on Wednesday, March 5th. The company reported ($0.08) EPS for the quarter, hitting analysts’ consensus estimates of ($0.08). The company had revenue of $2.27 million during the quarter, compared to the consensus estimate 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 quarter in the previous year, the firm posted ($0.04) earnings per share. Equities research analysts anticipate that Rigetti Computing, Inc. will post -0.34 earnings per share for the current year.

Insider Buying and Selling

In related news, CTO David Rivas sold 351,785 shares of the business’s 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 completion of the transaction, the chief technology officer now owns 1,094,738 shares of the company’s stock, valued at $8,495,166.88. The trade was a 24.32 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 2.81% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Rigetti Computing

A number of large investors have recently bought and sold shares of the business. Mackenzie Financial Corp acquired a new position in shares of Rigetti Computing during the fourth quarter worth $168,000. Fourth Dimension Wealth LLC acquired a new position in shares of Rigetti Computing during the fourth quarter worth $99,000. Orion Capital Management LLC acquired a new position in shares of Rigetti Computing during the fourth quarter worth $46,000. Soviero Asset Management LP acquired a new position in shares of Rigetti Computing during the fourth quarter worth $3,205,000. Finally, Squarepoint Ops LLC acquired a new position in shares of Rigetti Computing during the fourth quarter worth $2,892,000. 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.