Rigetti Computing (NASDAQ:RGTI) Trading Down 5.4% – Time to Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI) shares fell 5.4% on Friday . The company traded as low as $7.78 and last traded at $8.02. 12,685,142 shares were traded during mid-day trading, a decline of 73% from the average session volume of 47,175,693 shares. The stock had previously closed at $8.47.

Analyst Ratings Changes

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

Rigetti Computing Trading Down 3.8 %

The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84. The firm’s 50 day moving average price is $10.72 and its 200 day moving average price is $6.77. The stock has a market capitalization of $2.33 billion, a P/E ratio of -21.45 and a beta of 1.36.

Rigetti Computing (NASDAQ:RGTI) last released its quarterly earnings results on Wednesday, March 5th. The company reported ($0.08) EPS for the quarter, meeting analysts’ consensus estimates of ($0.08). The business had revenue of $2.27 million during the quarter, compared to analyst estimates 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 quarter in the prior year, the company posted ($0.04) EPS. As a group, equities research analysts expect that Rigetti Computing, Inc. will post -0.34 earnings per share for the current fiscal year.

Insider Activity at Rigetti Computing

In other news, CTO David Rivas sold 351,785 shares of the firm’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 completion of the sale, the chief technology officer now directly owns 1,094,738 shares of the company’s stock, valued at approximately $8,495,166.88. This trade represents a 24.32 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 2.81% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Rigetti Computing

A number of institutional investors have recently bought and sold shares of RGTI. Vanguard Group Inc. grew its holdings in shares of Rigetti Computing by 81.7% during the 4th quarter. Vanguard Group Inc. now owns 11,746,361 shares of the company’s stock worth $179,249,000 after acquiring an additional 5,280,128 shares during the period. Invesco Ltd. grew its stake in Rigetti Computing by 7,367.2% in the fourth quarter. Invesco Ltd. now owns 4,580,317 shares of the company’s stock worth $69,896,000 after purchasing an additional 4,518,978 shares during the period. JPMorgan Chase & Co. raised its holdings in Rigetti Computing by 3,295.7% in the fourth quarter. JPMorgan Chase & Co. now owns 2,117,563 shares of the company’s stock worth $32,314,000 after purchasing an additional 2,055,203 shares in the last quarter. Nuveen Asset Management LLC raised its holdings in Rigetti Computing by 418.6% in the fourth quarter. Nuveen Asset Management LLC now owns 999,617 shares of the company’s stock worth $15,254,000 after purchasing an additional 806,878 shares in the last quarter. Finally, Geode Capital Management LLC boosted its holdings in shares of Rigetti Computing by 20.6% during the 3rd quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company’s stock valued at $2,837,000 after buying an additional 617,506 shares in the last quarter. 35.38% of the stock is owned by institutional investors.

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.