Rigetti Computing (NASDAQ:RGTI) Shares Down 1.1% – Should You Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s stock price dropped 1.1% during mid-day trading on Monday . The stock traded as low as $7.68 and last traded at $8.06. Approximately 13,872,317 shares traded hands during trading, a decline of 71% from the average daily volume of 47,306,922 shares. The stock had previously closed at $8.15.

Analyst Upgrades and Downgrades

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

Rigetti Computing Price Performance

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 business’s 50-day simple moving average is $10.72 and its 200-day simple moving average is $6.81. The stock has a market cap of $2.28 billion, a PE ratio of -20.99 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. On average, research analysts expect that Rigetti Computing, Inc. will post -0.34 EPS for the current fiscal year.

Insider Buying and Selling at Rigetti Computing

In related news, CTO David Rivas sold 351,785 shares of the stock in a transaction dated 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 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 represents a 24.32 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 2.81% of the company’s stock.

Institutional Investors Weigh In On Rigetti Computing

Institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. raised 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. lifted its stake in shares of Rigetti Computing by 7,367.2% in the 4th 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. Geode Capital Management LLC boosted its holdings in shares of Rigetti Computing by 6.3% in the fourth quarter. Geode Capital Management LLC now owns 3,850,220 shares of the company’s stock worth $58,767,000 after buying an additional 228,391 shares during the last quarter. State Street Corp boosted its holdings in shares of Rigetti Computing by 12.9% in the third quarter. State Street Corp now owns 2,715,223 shares of the company’s stock worth $2,126,000 after buying an additional 309,831 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its position in 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 buying an additional 2,055,203 shares during the period. Institutional investors 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.