Rigetti Computing (NASDAQ:RGTI) Shares Down 7.2% – Should You Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s stock price was down 7.2% during mid-day trading on Monday . The stock traded as low as $21.41 and last traded at $21.76. Approximately 29,868,841 shares were traded during trading, a decline of 12% from the average daily volume of 34,025,324 shares. The stock had previously closed at $23.45.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on RGTI shares. Benchmark decreased their target price on Rigetti Computing from $50.00 to $40.00 and set a “buy” rating on the stock in a research note on Tuesday, November 11th. Mizuho began coverage on shares of Rigetti Computing in a research report on Thursday, December 11th. They issued an “outperform” rating and a $50.00 price objective on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Rigetti Computing in a research note on Monday, December 29th. Williams Trading set a $40.00 target price on shares of Rigetti Computing in a research report on Tuesday, November 11th. Finally, Royal Bank Of Canada lowered shares of Rigetti Computing to a “hold” rating in a report on Thursday. Eight investment 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, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $32.60.

Rigetti Computing Price Performance

The business’s 50-day moving average is $24.90 and its 200 day moving average is $25.47.

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

Institutional Trading of Rigetti Computing

A number of institutional investors have recently made changes to their positions in RGTI. Vanguard Group Inc. increased its stake in shares of Rigetti Computing by 40.4% in the third quarter. Vanguard Group Inc. now owns 32,046,477 shares of the company’s stock worth $954,665,000 after buying an additional 9,228,888 shares during the period. Marex Group plc bought a new stake in Rigetti Computing in the 2nd quarter worth $87,414,000. Ameriprise Financial Inc. purchased a new position in shares of Rigetti Computing in the second quarter valued at about $21,887,000. Clear Street Group Inc. bought a new position in shares of Rigetti Computing during the third quarter valued at about $47,752,000. Finally, UBS Group AG boosted its holdings in shares of Rigetti Computing by 90.9% during the third quarter. UBS Group AG now owns 3,081,174 shares of the company’s stock worth $91,788,000 after purchasing an additional 1,467,483 shares during the period. Hedge funds and other 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.