Rigetti Computing (NASDAQ:RGTI) Stock Price Down 4.7% – Should You Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI) dropped 4.7% during trading on Tuesday . The stock traded as low as $9.90 and last traded at $10.63. Approximately 27,479,807 shares traded hands during mid-day trading, a decline of 40% from the average daily volume of 45,911,947 shares. The stock had previously closed at $11.16.

Wall Street Analysts Forecast Growth

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

Rigetti Computing Stock Performance

The company has a current ratio of 4.84, a quick ratio of 4.84 and a debt-to-equity ratio of 0.02. The firm has a market capitalization of $3.06 billion, a PE ratio of -28.47 and a beta of 1.36. The stock’s 50 day moving average price is $10.94 and its two-hundred day moving average price is $6.27.

Rigetti Computing (NASDAQ:RGTI) last released its quarterly earnings results on Wednesday, March 5th. The company reported ($0.08) earnings per share for the quarter, hitting 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 during the quarter, compared to the consensus estimate of $2.40 million. During the same quarter last year, the business posted ($0.04) earnings per share. On average, equities analysts expect that Rigetti Computing, Inc. will post -0.34 earnings per share for the current 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 approximately $8,495,166.88. This represents a 24.32 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 2.81% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Rigetti Computing

Institutional investors have recently modified their holdings of the company. Allworth Financial LP boosted its position in Rigetti Computing by 14.9% during the fourth quarter. Allworth Financial LP now owns 11,604 shares of the company’s stock worth $161,000 after acquiring an additional 1,504 shares during the last quarter. Signaturefd LLC purchased a new position in shares of Rigetti Computing during the 4th quarter worth $25,000. Legal & General Group Plc boosted its holdings in shares of Rigetti Computing by 14.9% during the fourth quarter. Legal & General Group Plc now owns 14,051 shares of the company’s stock worth $214,000 after purchasing an additional 1,817 shares during the last quarter. EverSource Wealth Advisors LLC purchased a new stake in shares of Rigetti Computing in the fourth quarter valued at $28,000. Finally, JPMorgan Chase & Co. increased its stake in Rigetti Computing by 3.4% in the third quarter. JPMorgan Chase & Co. now owns 62,360 shares of the company’s stock valued at $49,000 after purchasing an additional 2,045 shares during the last quarter. 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.