Rigetti Computing (NASDAQ:RGTI) Trading Down 1.3% – Should You Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI) shares dropped 1.3% during trading on Wednesday . The stock traded as low as $21.66 and last traded at $22.01. Approximately 25,673,564 shares were traded during trading, a decline of 22% from the average daily volume of 32,957,613 shares. The stock had previously closed at $22.31.

Analyst Ratings Changes

Several research firms have weighed in on RGTI. Mizuho assumed coverage on Rigetti Computing in a research report on Thursday, December 11th. They issued an “outperform” rating and a $50.00 target price for the company. Rosenblatt Securities restated a “buy” rating and issued a $40.00 price objective on shares of Rigetti Computing in a report on Wednesday, January 21st. B. Riley upgraded shares of Rigetti Computing from a “neutral” rating to a “buy” rating and set a $35.00 price objective for the company in a research report on Thursday, January 22nd. Wedbush boosted their target price on Rigetti Computing from $35.00 to $40.00 and gave the company an “outperform” rating in a report on Wednesday, January 21st. Finally, Alliance Global Partners restated a “buy” rating on shares of Rigetti Computing in a research note on Tuesday, November 11th. Eight analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $32.60.

Rigetti Computing Stock Down 1.3%

The stock has a fifty day moving average price of $24.78 and a 200-day moving average price of $25.60. The firm has a market cap of $7.26 billion, a price-to-earnings ratio of -16.93 and a beta of 1.70.

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

Institutional Trading of Rigetti Computing

Institutional investors have recently modified their holdings of the business. Vanguard Group Inc. grew its stake in shares of Rigetti Computing by 40.4% during the 3rd quarter. Vanguard Group Inc. now owns 32,046,477 shares of the company’s stock worth $954,665,000 after purchasing an additional 9,228,888 shares during the period. State Street Corp lifted its stake in shares of Rigetti Computing by 12.0% in the second quarter. State Street Corp now owns 8,853,006 shares of the company’s stock valued at $104,997,000 after purchasing an additional 946,850 shares during the period. Marex Group plc purchased a new stake in Rigetti Computing during the second quarter worth about $87,414,000. Geode Capital Management LLC grew its position in Rigetti Computing by 22.9% during the second quarter. Geode Capital Management LLC now owns 6,484,155 shares of the company’s stock worth $76,910,000 after buying an additional 1,206,925 shares during the period. Finally, UBS Group AG increased its holdings in Rigetti Computing by 90.9% in the third quarter. UBS Group AG now owns 3,081,174 shares of the company’s stock valued at $91,788,000 after buying an additional 1,467,483 shares in the last quarter. 35.38% of the stock is currently owned by hedge funds and other institutional investors.

Rigetti Computing Company Profile

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.