Rigetti Computing (NASDAQ:RGTI) Trading Down 3.9% – Time to Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI) was down 3.9% during mid-day trading on Thursday . The stock traded as low as $9.30 and last traded at $9.52. Approximately 19,759,188 shares changed hands during mid-day trading, a decline of 57% from the average daily volume of 46,271,920 shares. The stock had previously closed at $9.91.

Analyst Ratings Changes

RGTI has been the subject of a number of research analyst reports. Needham & Company LLC reaffirmed a “buy” rating and set a $17.00 price objective on shares of Rigetti Computing in a research report on Thursday, March 6th. Benchmark reaffirmed a “buy” rating and issued a $14.00 price target on shares of Rigetti Computing in a report on Thursday, March 6th. B. Riley lifted their price objective on Rigetti Computing from $8.50 to $15.00 and gave the stock a “buy” rating in a report on Friday, February 14th. Alliance Global Partners restated a “buy” rating on shares of Rigetti Computing in a research note on Thursday, March 6th. Finally, Craig Hallum assumed coverage on shares of Rigetti Computing in a research note on Friday, December 20th. They set a “buy” rating and a $12.00 price target on the stock. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $14.50.

Rigetti Computing Stock Up 0.9 %

The stock has a market cap of $2.59 billion, a P/E ratio of -23.87 and a beta of 1.36. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.84 and a current ratio of 4.84. The firm’s 50-day moving average is $10.75 and its two-hundred day moving average is $6.44.

Rigetti Computing (NASDAQ:RGTI) last posted its quarterly earnings results on Wednesday, March 5th. The company reported ($0.08) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.08). Rigetti Computing had a negative net margin of 509.58% and a negative return on equity of 51.56%. The business had revenue of $2.27 million during the quarter, compared to the consensus estimate of $2.40 million. During the same period in the previous year, the firm posted ($0.04) earnings per share. On average, equities research analysts anticipate that Rigetti Computing, Inc. will post -0.34 earnings per share for the current year.

Insider Activity

In other news, CTO David Rivas sold 351,785 shares of the company’s stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $7.76, for a total value of $2,729,851.60. Following the completion of the sale, the chief technology officer now directly owns 1,094,738 shares of the company’s stock, valued at $8,495,166.88. This represents a 24.32 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 2.81% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of RGTI. Signaturefd LLC bought a new position in shares of Rigetti Computing during the fourth quarter worth $25,000. EverSource Wealth Advisors LLC acquired a new position in shares of Rigetti Computing in the fourth quarter valued at approximately $28,000. Tucker Asset Management LLC acquired a new stake in shares of Rigetti Computing during the fourth quarter worth $32,000. Arete Wealth Advisors LLC bought a new stake in Rigetti Computing in the 3rd quarter valued at $45,000. Finally, Spire Wealth Management acquired a new position in Rigetti Computing in the 4th quarter worth $46,000. Institutional investors and hedge funds own 35.38% of the company’s stock.

Rigetti Computing Company Profile

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.