Rigetti Computing (NASDAQ:RGTI) Stock Price Down 2% – Time to Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s stock price fell 2% on Wednesday . The stock traded as low as $25.29 and last traded at $25.57. 28,672,175 shares were traded during mid-day trading, a decline of 61% from the average session volume of 72,920,578 shares. The stock had previously closed at $26.08.

Wall Street Analyst Weigh In

Several research analysts have recently commented on RGTI shares. B. Riley cut their price objective on Rigetti Computing from $42.00 to $35.00 and set a “neutral” rating for the company in a report on Wednesday, November 12th. Williams Trading set a $40.00 target price on shares of Rigetti Computing in a research report on Tuesday, November 11th. Benchmark decreased their price target on shares of Rigetti Computing from $50.00 to $40.00 and set a “buy” rating on the stock in a report on Tuesday, November 11th. Wall Street Zen raised shares of Rigetti Computing from a “sell” rating to a “hold” rating in a report on Saturday, November 15th. Finally, Alliance Global Partners reiterated a “buy” rating on shares of Rigetti Computing in a research report on Tuesday, November 11th. Five research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $25.43.

Rigetti Computing Price Performance

The firm’s 50 day simple moving average is $35.52 and its two-hundred day simple moving average is $21.59. The firm has a market capitalization of $8.44 billion, a P/E ratio of -19.67 and a beta of 1.64.

Rigetti Computing (NASDAQ:RGTI) last released its earnings results on Monday, November 10th. The company reported ($0.03) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.02. Rigetti Computing had a negative return on equity of 21.98% and a negative net margin of 4,741.49%.The company had revenue of $1.95 million during the quarter, compared to analyst estimates of $2.17 million. The company’s revenue for the quarter was down 18.1% on a year-over-year basis. As a group, equities research analysts forecast that Rigetti Computing, Inc. will post -0.34 EPS for the current year.

Insider Activity

In other Rigetti Computing news, Director Helene Gail Sandford sold 62,000 shares of the business’s stock in a transaction dated Friday, October 17th. The shares were sold at an average price of $44.89, for a total value of $2,783,180.00. Following the transaction, the director owned 120,371 shares in the company, valued at approximately $5,403,454.19. The trade was a 34.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Thomas J. Iannotti sold 100,000 shares of the company’s stock in a transaction dated Friday, September 12th. The shares were sold at an average price of $19.50, for a total transaction of $1,950,000.00. Following the transaction, the director directly owned 14,902 shares of the company’s stock, valued at approximately $290,589. This trade represents a 87.03% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 405,930 shares of company stock valued at $9,584,046 in the last three months.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. IFP Advisors Inc lifted its holdings in Rigetti Computing by 146.1% in the 2nd quarter. IFP Advisors Inc now owns 2,190 shares of the company’s stock worth $26,000 after buying an additional 1,300 shares during the period. Danske Bank A S bought a new position in shares of Rigetti Computing during the third quarter valued at approximately $30,000. Quarry LP purchased a new stake in Rigetti Computing in the first quarter worth $31,000. Parallel Advisors LLC boosted its holdings in Rigetti Computing by 403.2% in the third quarter. Parallel Advisors LLC now owns 1,087 shares of the company’s stock valued at $32,000 after acquiring an additional 871 shares in the last quarter. Finally, Armstrong Advisory Group Inc. increased its position in Rigetti Computing by 225.4% during the 2nd quarter. Armstrong Advisory Group Inc. now owns 2,974 shares of the company’s stock valued at $35,000 after purchasing an additional 2,060 shares during the period. 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.