Rigetti Computing (NASDAQ:RGTI) Shares Down 4.3% – Should You Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI) shares traded down 4.3% during trading on Tuesday . The stock traded as low as $14.81 and last traded at $14.99. Approximately 13,049,442 shares were traded during mid-day trading, a decline of 59% from the average daily volume of 31,628,842 shares. The stock had previously closed at $15.66.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on RGTI. Jefferies Financial Group restated a “hold” rating and set a $18.00 price objective on shares of Rigetti Computing in a research report on Friday, August 7th. Mizuho cut their target price on Rigetti Computing from $33.00 to $27.00 and set an “outperform” rating on the stock in a research report on Tuesday, May 12th. Wall Street Zen lowered Rigetti Computing from a “hold” rating to a “sell” rating in a report on Saturday, August 8th. Benchmark began coverage on Rigetti Computing in a report on Monday, July 27th. They set a “buy” rating and a $25.00 price target on the stock. Finally, Zacks Research downgraded Rigetti Computing from a “hold” rating to a “strong sell” rating in a research report on Wednesday, August 19th. Seven equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $30.67.

Rigetti Computing Price Performance

The stock has a market capitalization of $5.00 billion, a PE ratio of -16.66 and a beta of 1.99. The firm has a fifty day moving average price of $16.76 and a two-hundred day moving average price of $17.69.

Rigetti Computing (NASDAQ:RGTI) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($0.05) EPS for the quarter, meeting the consensus estimate of ($0.05). The company had revenue of $5.14 million for the quarter, compared to the consensus estimate 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 expect that Rigetti Computing, Inc. will post -0.27 earnings per share for the current fiscal year.

Insider Activity at Rigetti Computing

In other Rigetti Computing news, CTO Andrew Joseph Bestwick sold 5,791 shares of the business’s stock in a transaction dated Thursday, August 20th. The shares were sold at an average price of $16.81, for a total value of $97,346.71. Following the completion of the sale, the chief technology officer directly owned 1,036,121 shares of the company’s stock, valued at $17,417,194.01. The trade was a 0.56% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Jeffrey A. Bertelsen sold 3,860 shares of the firm’s stock in a transaction that occurred on Thursday, August 20th. The stock was sold at an average price of $16.89, for a total transaction of $65,195.40. Following the transaction, the chief financial officer directly owned 168,067 shares in the company, valued at approximately $2,838,651.63. This trade represents a 2.25% decrease in their ownership of the stock. 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 90 days, insiders have sold 225,821 shares of company stock worth $4,662,494. Corporate insiders own 1.60% of the company’s stock.

Institutional Investors Weigh In On Rigetti Computing

Several hedge funds have recently made changes to their positions in RGTI. Corient Private Wealth LP increased its stake in shares of Rigetti Computing by 200.4% during the second quarter. Corient Private Wealth LP now owns 61,212 shares of the company’s stock valued at $1,183,000 after buying an additional 40,836 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in Rigetti Computing during the 2nd quarter worth about $655,000. California State Teachers Retirement System grew its holdings in Rigetti Computing by 1,861.8% during the 2nd quarter. California State Teachers Retirement System now owns 7,414,688 shares of the company’s stock worth $143,252,000 after acquiring an additional 7,036,733 shares in the last quarter. Ameritas Advisory Services LLC purchased a new position in Rigetti Computing during the 2nd quarter valued at about $133,000. Finally, Compass Financial Management LLC bought a new stake in shares of Rigetti Computing in the 2nd quarter valued at about $34,000. 35.38% of the stock is currently owned by hedge funds and other 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.