Rigetti Computing (NASDAQ:RGTI) Stock Price Down 10.4% – Should You Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s stock price dropped 10.4% on Thursday . The stock traded as low as $22.65 and last traded at $22.80. Approximately 53,451,052 shares changed hands during trading, a decline of 27% from the average daily volume of 73,490,727 shares. The stock had previously closed at $25.46.

Analysts Set New Price Targets

RGTI has been the subject of several recent research reports. Alliance Global Partners reiterated a “buy” rating on shares of Rigetti Computing in a report on Tuesday, November 11th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Rigetti Computing in a research note on Wednesday, October 8th. Wall Street Zen upgraded Rigetti Computing from a “sell” rating to a “hold” rating in a report on Saturday, November 15th. Benchmark decreased their price target on Rigetti Computing from $50.00 to $40.00 and set a “buy” rating for the company in a report on Tuesday, November 11th. Finally, B. Riley lowered their price objective on shares of Rigetti Computing from $42.00 to $35.00 and set a “neutral” rating for the company in a research report on Wednesday, November 12th. Five research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Rigetti Computing currently has an average rating of “Moderate Buy” and an average price target of $25.43.

Rigetti Computing Price Performance

The business has a fifty day moving average of $35.03 and a 200 day moving average of $21.10. The stock has a market cap of $7.39 billion, a PE ratio of -17.54 and a beta of 1.64.

Rigetti Computing (NASDAQ:RGTI) last announced its earnings results on Monday, November 10th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.02. Rigetti Computing had a negative return on equity of 21.98% and a negative net margin of 4,741.49%.The company had revenue of $1.95 million for the quarter, compared to analyst estimates of $2.17 million. Rigetti Computing’s revenue was down 18.1% on a year-over-year basis. On average, equities research analysts expect that Rigetti Computing, Inc. will post -0.34 EPS for the current year.

Insider Activity at Rigetti Computing

In other Rigetti Computing news, Director Ray O. Johnson sold 126,295 shares of the firm’s stock in a transaction on Friday, September 12th. The shares were sold at an average price of $20.00, for a total transaction of $2,525,900.00. Following the completion of the transaction, the director directly owned 293,461 shares of the company’s stock, valued at $5,869,220. This trade represents a 30.09% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Helene Gail Sandford sold 62,000 shares of the company’s stock in a transaction dated Friday, October 17th. The shares were sold at an average price of $44.89, for a total transaction of $2,783,180.00. Following the completion of the sale, the director owned 120,371 shares in the company, valued at approximately $5,403,454.19. This trade represents a 34.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 405,930 shares of company stock valued at $9,584,046. 1.90% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the company. Danske Bank A S bought a new stake in shares of Rigetti Computing in the 3rd quarter valued at approximately $30,000. Parallel Advisors LLC increased its stake in Rigetti Computing by 403.2% during the third quarter. Parallel Advisors LLC now owns 1,087 shares of the company’s stock valued at $32,000 after purchasing an additional 871 shares during the last quarter. Clearstead Advisors LLC bought a new stake in Rigetti Computing during the third quarter valued at $35,000. Ancora Advisors LLC acquired a new stake in shares of Rigetti Computing during the third quarter worth $38,000. Finally, Fifth Third Bancorp lifted its position in shares of Rigetti Computing by 13,960.0% in the 3rd quarter. Fifth Third Bancorp now owns 1,406 shares of the company’s stock worth $42,000 after buying an additional 1,396 shares during the last quarter. Institutional investors own 35.38% of the company’s stock.

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.