Rigetti Computing (NASDAQ:RGTI) Trading Down 5.7% – Should You Sell?

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) dropped 5.7% during trading on Thursday . The stock traded as low as $18.28 and last traded at $18.41. Approximately 27,728,187 shares traded hands during trading, a decline of 23% from the average session volume of 36,007,887 shares. The stock had previously closed at $19.53.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on RGTI shares. Rosenblatt Securities reissued a “buy” rating and issued a $40.00 price target on shares of Rigetti Computing in a research report on Thursday, June 11th. Northland Securities assumed coverage on shares of Rigetti Computing in a research note on Monday, April 20th. They issued a “market perform” rating and a $20.00 target price on the stock. Benchmark dropped their target price on shares of Rigetti Computing from $35.00 to $25.00 and set a “buy” rating on the stock in a report on Friday, March 20th. Wall Street Zen upgraded shares of Rigetti Computing from a “sell” rating to a “hold” rating in a report on Saturday, May 23rd. Finally, Mizuho dropped their price objective on Rigetti Computing from $33.00 to $27.00 and set an “outperform” rating on the stock in a research note on Tuesday, May 12th. Eight investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $29.18.

Rigetti Computing Stock Down 5.7%

The stock’s 50-day moving average is $20.43 and its 200-day moving average is $19.92. The firm has a market cap of $6.12 billion, a P/E ratio of -21.16 and a beta of 1.88.

Rigetti Computing (NASDAQ:RGTI) last released its earnings results on Monday, May 11th. The company reported ($0.04) EPS for the quarter, beating the consensus estimate of ($0.05) by $0.01. The firm had revenue of $4.40 million during the quarter, compared to analysts’ expectations of $4.09 million. Rigetti Computing had a negative net margin of 2,789.71% and a negative return on equity of 10.40%. The business’s quarterly revenue was up 198.9% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.05) EPS. As a group, analysts expect that Rigetti Computing, Inc. will post -0.22 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Ray O. Johnson sold 84,944 shares of the business’s stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $20.55, for a total transaction of $1,745,599.20. Following the transaction, the director directly owned 95,537 shares in the company, valued at $1,963,285.35. The trade was a 47.07% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Jeffrey A. Bertelsen sold 3,682 shares of the firm’s stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $22.95, for a total value of $84,501.90. Following the completion of the sale, the chief financial officer owned 171,927 shares of the company’s stock, valued at $3,945,724.65. This represents a 2.10% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 728,901 shares of company stock valued at $17,546,343 over the last three months. 1.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Rigetti Computing

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Clear Street Group Inc. acquired a new stake in Rigetti Computing in the 3rd quarter valued at $47,752,000. Intech Investment Management LLC lifted its holdings in shares of Rigetti Computing by 66.3% during the fourth quarter. Intech Investment Management LLC now owns 120,260 shares of the company’s stock valued at $2,664,000 after acquiring an additional 47,935 shares during the period. Van ECK Associates Corp lifted its holdings in shares of Rigetti Computing by 384.2% during the third quarter. Van ECK Associates Corp now owns 548,217 shares of the company’s stock valued at $16,331,000 after acquiring an additional 434,995 shares during the period. Spear Advisors LLC acquired a new stake in shares of Rigetti Computing in the 4th quarter valued at $2,062,000. Finally, Elevatus Welath Management acquired a new stake in shares of Rigetti Computing in the 3rd quarter valued at $4,284,000. 35.38% of the stock is owned by institutional investors.

About Rigetti Computing

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.