Rigetti Computing (NASDAQ:RGTI) Trading Down 2% – Should You Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s stock price was down 2% during mid-day trading on Tuesday . The stock traded as low as $9.52 and last traded at $9.58. Approximately 14,366,690 shares traded hands during mid-day trading, a decline of 87% from the average daily volume of 114,176,984 shares. The stock had previously closed at $9.78.

Analysts Set New Price Targets

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

Rigetti Computing Stock Performance

The firm has a market capitalization of $2.81 billion, a PE ratio of -26.12 and a beta of 1.36. 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 company’s fifty day moving average price is $10.83 and its two-hundred day moving average price is $6.58.

Rigetti Computing (NASDAQ:RGTI) last posted its quarterly earnings results on Wednesday, March 5th. The company reported ($0.08) EPS for the quarter, meeting the consensus estimate of ($0.08). Rigetti Computing had a negative net margin of 509.58% and a negative return on equity of 51.56%. The firm had revenue of $2.27 million for the quarter, compared to analyst estimates of $2.40 million. During the same quarter last year, the firm posted ($0.04) earnings per share. As a group, equities analysts expect that Rigetti Computing, Inc. will post -0.34 earnings per share for the current year.

Insider Activity at Rigetti Computing

In related news, CTO David Rivas sold 351,785 shares of the firm’s stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $7.76, for a total transaction of $2,729,851.60. Following the sale, the chief technology officer now directly owns 1,094,738 shares in the company, valued at approximately $8,495,166.88. This trade represents a 24.32 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 2.81% of the stock is owned by insiders.

Institutional Trading of Rigetti Computing

Hedge funds have recently made changes to their positions in the company. Signaturefd LLC purchased a new position in shares of Rigetti Computing in the fourth quarter valued at $25,000. EverSource Wealth Advisors LLC acquired a new position in Rigetti Computing in the 4th quarter worth $28,000. Tucker Asset Management LLC purchased a new position in Rigetti Computing in the 4th quarter valued at about $32,000. Spire Wealth Management acquired a new stake in shares of Rigetti Computing during the fourth quarter valued at about $46,000. Finally, Orion Capital Management LLC acquired a new stake in shares of Rigetti Computing during the fourth quarter valued at about $46,000. Hedge funds and other 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.