Rigetti Computing (NASDAQ:RGTI) Shares Down 6% – Time to Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price fell 6% during mid-day trading on Friday . The company traded as low as $23.26 and last traded at $23.45. 30,029,337 shares were traded during mid-day trading, a decline of 12% from the average session volume of 34,296,766 shares. The stock had previously closed at $24.96.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Williams Trading set a $40.00 price target on shares of Rigetti Computing in a report on Tuesday, November 11th. Jefferies Financial Group started coverage on Rigetti Computing in a research report on Tuesday, December 16th. They issued a “hold” rating and a $30.00 target price on the stock. Royal Bank Of Canada downgraded Rigetti Computing to a “hold” rating in a research report on Thursday. Rosenblatt Securities restated a “buy” rating and set a $40.00 price target on shares of Rigetti Computing in a research note on Wednesday. Finally, Benchmark reduced their price objective on Rigetti Computing from $50.00 to $40.00 and set a “buy” rating on the stock in a research note on Tuesday, November 11th. Eight analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $32.60.

Rigetti Computing Stock Down 6.0%

The stock has a 50 day simple moving average of $24.94 and a 200 day simple moving average of $25.23. The company has a market cap of $7.74 billion, a price-to-earnings ratio of -18.04 and a beta of 1.70.

Rigetti Computing (NASDAQ:RGTI) last posted 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. The business had revenue of $1.95 million during the quarter, compared to analyst estimates of $2.17 million. Rigetti Computing had a negative return on equity of 21.98% and a negative net margin of 4,741.49%.The company’s revenue for the quarter was down 18.1% on a year-over-year basis. As a group, equities research analysts expect that Rigetti Computing, Inc. will post -0.34 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Danske Bank A S acquired a new stake in Rigetti Computing during the 3rd quarter valued at $30,000. Parallel Advisors LLC lifted its holdings in Rigetti Computing by 403.2% in the 3rd quarter. Parallel Advisors LLC now owns 1,087 shares of the company’s stock worth $32,000 after buying an additional 871 shares in the last quarter. Clearstead Advisors LLC purchased a new position in Rigetti Computing in the 3rd quarter valued at about $35,000. Ancora Advisors LLC acquired a new stake in shares of Rigetti Computing during the third quarter valued at about $38,000. Finally, Fifth Third Bancorp grew its stake in shares of Rigetti Computing by 13,960.0% during the third quarter. Fifth Third Bancorp now owns 1,406 shares of the company’s stock valued at $42,000 after acquiring an additional 1,396 shares in the last quarter. 35.38% of the stock is owned by institutional investors and hedge funds.

About Rigetti Computing

Rigetti Computing is a pioneering quantum computing company that designs and manufactures superconducting quantum processors alongside a complementary software stack. Founded in 2013 by CEO Chad Rigetti, the company has developed end-to-end quantum systems—from cryogenic hardware to control electronics—to advance the performance and scalability of quantum machines.

At the core of Rigetti’s offering is its Quantum Cloud Services (QCS) platform, which enables developers and enterprises to access quantum processing units (QPUs) and hybrid quantum-classical workflows via the cloud.