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

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price gapped down before the market opened on Tuesday . The stock had previously closed at $9.78, but opened at $9.56. Rigetti Computing shares last traded at $9.73, with a volume of 7,482,710 shares trading hands.

Wall Street Analyst Weigh In

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

Rigetti Computing Trading Down 1.6 %

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 company has a market cap of $2.75 billion, a price-to-earnings ratio of -25.40 and a beta of 1.36. The company’s fifty day moving average is $10.83 and its two-hundred day moving average is $6.58.

Rigetti Computing (NASDAQ:RGTI) last announced 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). The company had revenue of $2.27 million for the quarter, compared to the consensus estimate of $2.40 million. Rigetti Computing had a negative return on equity of 51.56% and a negative net margin of 509.58%. During the same period last year, the firm earned ($0.04) EPS. On average, research analysts anticipate that Rigetti Computing, Inc. will post -0.34 EPS for the current year.

Insiders Place Their Bets

In other Rigetti Computing news, CTO David Rivas sold 351,785 shares of the company’s stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $7.76, for a total transaction of $2,729,851.60. Following the completion of 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 2.81% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Rigetti Computing

Large investors have recently bought and sold shares of the company. Signaturefd LLC acquired a new stake in shares of Rigetti Computing in the fourth quarter worth approximately $25,000. EverSource Wealth Advisors LLC acquired a new stake in Rigetti Computing during the 4th quarter worth $28,000. Tucker Asset Management LLC acquired a new stake in shares of Rigetti Computing in the fourth quarter valued at about $32,000. Arete Wealth Advisors LLC acquired a new position in Rigetti Computing during the third quarter worth about $45,000. Finally, Spire Wealth Management acquired a new stake in Rigetti Computing in the 4th quarter valued at about $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.