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

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) fell 2% during trading on Wednesday . The company traded as low as $14.41 and last traded at $14.79. Approximately 13,555,463 shares traded hands during mid-day trading, a decline of 56% from the average daily volume of 30,778,396 shares. The stock had previously closed at $15.09.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the stock. Jefferies Financial Group reaffirmed a “hold” rating and issued a $18.00 target price on shares of Rigetti Computing in a research report on Friday, August 7th. Benchmark began coverage on Rigetti Computing in a report on Monday, July 27th. They set a “buy” rating and a $25.00 target price on the stock. Zacks Research cut Rigetti Computing from a “hold” rating to a “strong sell” rating in a research note on Wednesday, August 19th. Rosenblatt Securities reiterated a “buy” rating and issued a $40.00 price objective on shares of Rigetti Computing in a report on Friday, August 7th. Finally, Wedbush started coverage on shares of Rigetti Computing in a research note on Monday, August 3rd. They issued an “outperform” rating and a $40.00 price target for the company. Seven investment analysts have rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $30.67.

Rigetti Computing Stock Performance

The firm has a 50-day moving average of $15.94 and a 200-day moving average of $17.57. The firm has a market capitalization of $5.34 billion, a P/E ratio of -17.77 and a beta of 2.00.

Rigetti Computing (NASDAQ:RGTI) last posted its earnings results on Thursday, August 6th. The company reported ($0.05) EPS for the quarter, hitting analysts’ consensus estimates of ($0.05). The business had revenue of $5.14 million during the quarter, compared to analyst estimates of $5.09 million. Rigetti Computing had a negative return on equity of 17.50% and a negative net margin of 2,189.54%. On average, research analysts forecast that Rigetti Computing, Inc. will post -0.27 EPS for the current fiscal year.

Insider Transactions at Rigetti Computing

In other Rigetti Computing news, CEO Subodh K. Kulkarni sold 120,000 shares of the business’s stock in a transaction on Wednesday, September 9th. The shares were sold at an average price of $15.68, for a total transaction of $1,881,600.00. Following the completion of the sale, the chief executive officer directly owned 140,411 shares in the company, valued at approximately $2,201,644.48. The trade was a 46.08% decrease in their position. The sale 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 Andrew Bestwick sold 5,791 shares of the company’s stock in a transaction on Thursday, August 20th. The shares were sold at an average price of $16.81, for a total value of $97,346.71. Following the sale, the chief technology officer owned 1,036,121 shares of the company’s stock, valued at approximately $17,417,194.01. This trade represents a 0.56% 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. Over the last three months, insiders sold 248,633 shares of company stock valued at $4,316,489. Company insiders own 1.60% of the company’s stock.

Institutional Investors Weigh In On Rigetti Computing

Large investors have recently made changes to their positions in the company. Larson Financial Group LLC lifted its stake in shares of Rigetti Computing by 138.4% in the 4th quarter. Larson Financial Group LLC now owns 1,218 shares of the company’s stock worth $27,000 after purchasing an additional 707 shares during the period. Compass Financial Management LLC bought a new position in Rigetti Computing in the 2nd quarter worth $34,000. PeakShares LLC bought a new position in Rigetti Computing in the 1st quarter worth $28,000. Clearstead Advisors LLC lifted its position in Rigetti Computing by 181.6% during the fourth quarter. Clearstead Advisors LLC now owns 3,267 shares of the company’s stock valued at $72,000 after purchasing an additional 2,107 shares in the last quarter. Finally, EverSource Wealth Advisors LLC lifted its position in Rigetti Computing by 41.9% during the fourth quarter. EverSource Wealth Advisors LLC now owns 3,530 shares of the company’s stock valued at $78,000 after purchasing an additional 1,043 shares in the last quarter. 35.38% of the stock is currently owned by institutional investors.

Rigetti Computing Company Profile

Rigetti Computing, Inc is a quantum computing company that develops full-stack quantum computing systems based on superconducting qubit technology. The company designs and manufactures quantum processors, develops the software needed to program and operate them, and provides access to its systems through cloud-based services.

Rigetti’s offerings include its quantum processing units and integrated quantum computing systems, as well as the Rigetti Quantum Cloud Services platform. Through cloud access and partnerships, organizations can experiment with quantum algorithms and explore potential applications in areas such as optimization, simulation, machine learning and other computationally intensive fields.