Rigetti Computing (NASDAQ:RGTI) Trading Down 14.3% – Time to Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price was down 14.3% on Monday . The company traded as low as $7.94 and last traded at $8.02. Approximately 26,594,862 shares changed hands during mid-day trading, a decline of 40% from the average daily volume of 44,441,393 shares. The stock had previously closed at $9.35.

Analyst Upgrades and Downgrades

RGTI has been the subject of several recent research reports. Craig Hallum assumed coverage on Rigetti Computing in a research note on Friday, December 20th. They set a “buy” rating and a $12.00 price objective on the stock. B. Riley upped their price target 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 target on shares of Rigetti Computing in a report on Thursday, March 6th. Alliance Global Partners reaffirmed a “buy” rating on shares of Rigetti Computing in a research note on Thursday, March 6th. Finally, Benchmark reiterated a “buy” rating and issued a $14.00 target price on shares of Rigetti Computing in a research note on Thursday, March 6th. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $14.50.

Rigetti Computing Stock Up 1.8 %

The company has a quick ratio of 4.84, a current ratio of 4.84 and a debt-to-equity ratio of 0.02. The stock has a 50-day simple moving average of $11.61 and a two-hundred day simple moving average of $6.02. The firm has a market cap of $1.55 billion, a PE ratio of -21.18 and a beta of 1.37.

Rigetti Computing (NASDAQ:RGTI) last announced its quarterly earnings data on Wednesday, March 5th. The company reported ($0.08) earnings per share (EPS) for the quarter, meeting 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 company had revenue of $2.27 million during the quarter, compared to analysts’ expectations of $2.40 million. During the same quarter in the prior year, the company earned ($0.04) EPS. Analysts expect that Rigetti Computing, Inc. will post -0.34 earnings per share for the current year.

Insider Activity

In other Rigetti Computing news, CTO David Rivas sold 351,785 shares of Rigetti Computing stock in a transaction that occurred on 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 transaction, the chief technology officer now directly owns 1,094,738 shares of the company’s stock, valued at $8,495,166.88. The trade was a 24.32 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 2.81% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Rigetti Computing

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