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

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price gapped down prior to trading on Tuesday . The stock had previously closed at $33.08, but opened at $31.08. Rigetti Computing shares last traded at $31.1470, with a volume of 13,599,847 shares trading hands.

Wall Street Analysts Forecast Growth

RGTI has been the topic of several recent analyst reports. Alliance Global Partners restated a “buy” rating on shares of Rigetti Computing in a report on Wednesday, July 16th. Williams Trading set a $50.00 price target on Rigetti Computing in a research report on Tuesday, October 7th. Industrial Alliance Securities set a $18.00 price objective on Rigetti Computing in a report on Wednesday, July 16th. B. Riley reissued a “neutral” rating and set a $42.00 target price (up previously from $35.00) on shares of Rigetti Computing in a research note on Monday, November 3rd. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Rigetti Computing in a research report on Wednesday, October 8th. Five equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $29.29.

Rigetti Computing Price Performance

The firm has a market capitalization of $10.05 billion, a price-to-earnings ratio of -40.80 and a beta of 1.64. The firm has a 50 day moving average price of $33.48 and a 200-day moving average price of $20.33.

Rigetti Computing (NASDAQ:RGTI) last released its earnings results on Monday, November 10th. The company reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.05) by $0.02. The firm had revenue of $1.95 million during the quarter, compared to analysts’ expectations of $2.17 million. Rigetti Computing had a negative return on equity of 29.05% and a negative net margin of 2,134.92%.Rigetti Computing’s revenue was down 18.1% compared to the same quarter last year. Equities research analysts predict that Rigetti Computing, Inc. will post -0.34 earnings per share for the current year.

Insider Buying and Selling at Rigetti Computing

In other Rigetti Computing news, Director Ray O. Johnson sold 126,295 shares of Rigetti Computing stock in a transaction dated Friday, September 12th. The stock was sold at an average price of $20.00, for a total transaction of $2,525,900.00. Following the completion of the sale, the director directly owned 293,461 shares of the company’s stock, valued at $5,869,220. The trade was a 30.09% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Jeffrey A. Bertelsen sold 3,919 shares of the company’s stock in a transaction dated Wednesday, August 20th. The stock was sold at an average price of $14.84, for a total value of $58,157.96. Following the transaction, the chief financial officer directly owned 183,581 shares of the company’s stock, valued at approximately $2,724,342.04. This represents a 2.09% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 454,204 shares of company stock worth $10,300,876. 1.90% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Rigetti Computing

Several institutional investors have recently added to or reduced their stakes in RGTI. IFP Advisors Inc increased its stake in Rigetti Computing by 146.1% in the second quarter. IFP Advisors Inc now owns 2,190 shares of the company’s stock valued at $26,000 after purchasing an additional 1,300 shares during the last quarter. Quarry LP acquired a new position in shares of Rigetti Computing in the 1st quarter valued at $31,000. Armstrong Advisory Group Inc. grew its position in shares of Rigetti Computing by 225.4% in the 2nd quarter. Armstrong Advisory Group Inc. now owns 2,974 shares of the company’s stock valued at $35,000 after buying an additional 2,060 shares during the last quarter. Clearstead Advisors LLC acquired a new stake in Rigetti Computing during the 3rd quarter worth $35,000. Finally, Banque Transatlantique SA purchased a new stake in Rigetti Computing in the first quarter valued at $42,000. Hedge funds and other institutional investors own 35.38% of the company’s stock.

About Rigetti Computing

Rigetti Computing, Inc, through its subsidiaries, builds quantum computers and the superconducting quantum processors. The company offers cloud in a form of quantum processing unit, such as 9-qubit chip and Ankaa-2 system under the Novera brand name; and sells access to its quantum computers through quantum computing as a service.