Rigetti Computing (NASDAQ:RGTI) Trading Down 4% – Time to Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI) shares were down 4% during mid-day trading on Wednesday . The stock traded as low as $8.18 and last traded at $8.28. Approximately 5,068,518 shares traded hands during trading, a decline of 90% from the average daily volume of 48,583,226 shares. The stock had previously closed at $8.62.

Analysts Set New Price Targets

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

Rigetti Computing Trading Down 6.4 %

The firm has a market cap of $2.31 billion, a P/E ratio of -21.24 and a beta of 1.41. The company’s 50 day simple moving average is $9.44 and its 200-day simple moving average is $7.47. The company has a quick ratio of 4.84, a current ratio of 4.84 and a debt-to-equity ratio of 0.02.

Rigetti Computing (NASDAQ:RGTI) last announced its quarterly earnings data on Wednesday, March 5th. The company reported ($0.08) EPS for the quarter, meeting the consensus estimate of ($0.08). Rigetti Computing had a negative return on equity of 51.56% and a negative net margin of 509.58%. The company had revenue of $2.27 million for the quarter, compared to the consensus estimate of $2.40 million. During the same quarter in the prior year, the company posted ($0.04) EPS. As a group, research analysts predict that Rigetti Computing, Inc. will post -0.34 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Rigetti Computing news, CTO David Rivas sold 351,785 shares of the company’s stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $7.76, for a total value of $2,729,851.60. Following the transaction, the chief technology officer now directly owns 1,094,738 shares in the company, 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 Securities & Exchange Commission, which is available at this hyperlink. 2.81% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Signaturefd LLC purchased a new position in shares of Rigetti Computing during the fourth quarter valued at $25,000. GAMMA Investing LLC raised its holdings in shares of Rigetti Computing by 1,813.0% in the 1st quarter. GAMMA Investing LLC now owns 3,233 shares of the company’s stock valued at $26,000 after purchasing an additional 3,064 shares in the last quarter. EverSource Wealth Advisors LLC purchased a new stake in shares of Rigetti Computing in the 4th quarter worth approximately $28,000. Tucker Asset Management LLC purchased a new stake in shares of Rigetti Computing in the 4th quarter worth approximately $32,000. Finally, Spire Wealth Management bought a new position in shares of Rigetti Computing during the fourth quarter valued at approximately $46,000. 35.38% of the stock is currently owned by hedge funds and other institutional investors.

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.