Rigetti Computing (NASDAQ:RGTI) Stock Price Down 6.5% – Should You Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price was down 6.5% during mid-day trading on Friday . The company traded as low as $27.33 and last traded at $28.11. Approximately 50,869,494 shares changed hands during mid-day trading, a decline of 29% from the average daily volume of 72,052,789 shares. The stock had previously closed at $30.06.

Wall Street Analyst Weigh In

Several research firms have commented on RGTI. Wall Street Zen upgraded shares of Rigetti Computing from a “sell” rating to a “hold” rating in a report on Saturday, November 15th. Alliance Global Partners reaffirmed a “buy” rating on shares of Rigetti Computing in a research report on Tuesday, November 11th. Weiss Ratings reissued a “sell (e+)” rating on shares of Rigetti Computing in a report on Wednesday, October 8th. B. Riley cut their price target on Rigetti Computing from $42.00 to $35.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 12th. Finally, Benchmark decreased their price target on Rigetti Computing from $50.00 to $40.00 and set a “buy” rating for the company in a report on Tuesday, November 11th. Five analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $25.43.

Rigetti Computing Stock Down 6.5%

The firm has a fifty day simple moving average of $35.14 and a 200-day simple moving average of $22.15. The company has a market cap of $9.28 billion, a PE ratio of -21.62 and a beta of 1.68.

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

Insider Transactions at Rigetti Computing

In other news, Director Michael S. Clifton sold 75,000 shares of the stock in a transaction that occurred on Friday, September 12th. The stock was sold at an average price of $19.00, for a total value of $1,425,000.00. Following the completion of the sale, the director directly owned 653,766 shares of the company’s stock, valued at approximately $12,421,554. This represents a 10.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Helene Gail Sandford sold 62,000 shares of Rigetti Computing stock in a transaction on Friday, October 17th. The shares were sold at an average price of $44.89, for a total transaction of $2,783,180.00. Following the completion of the transaction, the director directly owned 120,371 shares in the company, valued at $5,403,454.19. The trade was a 34.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 405,930 shares of company stock worth $9,584,046 in the last three months. Corporate insiders own 1.90% of the company’s stock.

Institutional Investors Weigh In On Rigetti Computing

Several hedge funds have recently made changes to their positions in the business. IFP Advisors Inc increased its position in Rigetti Computing by 146.1% in the 2nd quarter. IFP Advisors Inc now owns 2,190 shares of the company’s stock valued at $26,000 after acquiring an additional 1,300 shares during the period. Danske Bank A S purchased a new position in shares of Rigetti Computing in the 3rd quarter valued at approximately $30,000. Quarry LP acquired a new position in shares of Rigetti Computing in the first quarter valued at approximately $31,000. Parallel Advisors LLC raised its stake in shares of Rigetti Computing by 403.2% during the third quarter. Parallel Advisors LLC now owns 1,087 shares of the company’s stock worth $32,000 after purchasing an additional 871 shares during the last quarter. Finally, Armstrong Advisory Group Inc. lifted its holdings in shares of Rigetti Computing by 225.4% during the second quarter. Armstrong Advisory Group Inc. now owns 2,974 shares of the company’s stock worth $35,000 after purchasing an additional 2,060 shares during the period. Institutional investors and hedge funds 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.