Rigetti Computing (NASDAQ:RGTI) Shares Down 1.6% – Time to Sell?

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) fell 1.6% during trading on Monday . The stock traded as low as $17.49 and last traded at $17.65. Approximately 17,992,107 shares traded hands during trading, a decline of 46% from the average daily volume of 33,258,727 shares. The stock had previously closed at $17.94.

Analyst Ratings Changes

RGTI has been the subject of several recent analyst reports. Wedbush began coverage on shares of Rigetti Computing in a report on Monday, August 3rd. They issued an “outperform” rating and a $40.00 target price for the company. Jefferies Financial Group reissued a “hold” rating and set a $18.00 price target on shares of Rigetti Computing in a report on Friday. Needham & Company LLC restated a “buy” rating and issued a $31.00 price objective on shares of Rigetti Computing in a research report on Tuesday, May 12th. Northland Securities began coverage on Rigetti Computing in a research note on Monday, April 20th. They issued a “market perform” rating and a $20.00 price objective for the company. Finally, Rosenblatt Securities reiterated a “buy” rating and set a $40.00 target price on shares of Rigetti Computing in a research report on Friday. Seven research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $30.67.

Rigetti Computing Stock Performance

The company has a market capitalization of $5.87 billion, a P/E ratio of -19.61 and a beta of 1.99. The business’s fifty day simple moving average is $18.28 and its 200-day simple moving average is $18.01.

Rigetti Computing (NASDAQ:RGTI) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($0.05) EPS for the quarter, hitting the consensus estimate of ($0.05). Rigetti Computing had a negative net margin of 2,189.54% and a negative return on equity of 17.82%. The business had revenue of $5.14 million for the quarter, compared to analysts’ expectations of $5.09 million. As a group, analysts forecast that Rigetti Computing, Inc. will post -0.22 EPS for the current year.

Insider Transactions at Rigetti Computing

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 value of $1,745,599.20. Following the sale, the director directly owned 95,537 shares in the company, valued at approximately $1,963,285.35. The trade was a 47.07% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO David Rivas sold 499,328 shares of the stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $25.40, for a total value of $12,682,931.20. Following the transaction, the chief technology officer directly owned 325,945 shares of the company’s stock, valued at approximately $8,279,003. The trade was a 60.50% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 728,901 shares of company stock valued at $17,546,343. 1.60% of the stock is currently owned by insiders.

Institutional Trading of Rigetti Computing

A number of large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in shares of Rigetti Computing by 12.2% in the 4th quarter. Vanguard Group Inc. now owns 35,970,648 shares of the company’s stock worth $796,750,000 after buying an additional 3,924,171 shares in the last quarter. Victory Capital Management Inc. increased its holdings in shares of Rigetti Computing by 1,632.5% in the 4th quarter. Victory Capital Management Inc. now owns 2,571,289 shares of the company’s stock worth $56,954,000 after buying an additional 2,422,873 shares during the last quarter. Ameriprise Financial Inc. purchased a new stake in shares of Rigetti Computing during the 2nd quarter valued at about $21,887,000. Norges Bank purchased a new stake in shares of Rigetti Computing during the 4th quarter valued at about $38,889,000. Finally, Defiance ETFs LLC bought a new position in shares of Rigetti Computing in the 4th quarter valued at about $34,267,000. Institutional investors own 35.38% of the company’s stock.

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.