Rigetti Computing (NASDAQ:RGTI) Stock Price Down 8.5% – Time to Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s stock price dropped 8.5% on Friday . The stock traded as low as $17.63 and last traded at $18.17. Approximately 33,792,668 shares traded hands during trading, an increase of 2% from the average daily volume of 33,286,508 shares. The stock had previously closed at $19.85.

Analyst Upgrades and Downgrades

Several research firms recently commented on RGTI. Benchmark dropped their price target on shares of Rigetti Computing from $50.00 to $40.00 and set a “buy” rating on the stock in a research report on Tuesday, November 11th. B. Riley raised shares of Rigetti Computing from a “neutral” rating to a “buy” rating and set a $35.00 target price on the stock in a research note on Thursday, January 22nd. Williams Trading set a $40.00 target price on Rigetti Computing in a research report on Tuesday, November 11th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $40.00 price target on shares of Rigetti Computing in a report on Wednesday, January 21st. Finally, Wall Street Zen upgraded Rigetti Computing from a “sell” rating to a “hold” rating in a research report on Saturday, November 15th. Eight analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $32.60.

Rigetti Computing Stock Performance

The company has a 50 day moving average of $24.65 and a 200 day moving average of $25.53. The stock has a market capitalization of $6.00 billion, a price-to-earnings ratio of -13.98 and a beta of 1.70.

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, topping the consensus estimate of ($0.05) by $0.02. The company had revenue of $1.95 million for the quarter, compared to analysts’ expectations of $2.17 million. Rigetti Computing had a negative net margin of 4,741.49% and a negative return on equity of 21.98%. The business’s revenue for the quarter was down 18.1% on a year-over-year basis. On average, equities analysts predict that Rigetti Computing, Inc. will post -0.34 EPS for the current fiscal year.

Institutional Trading of Rigetti Computing

Hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. grew its position in shares of Rigetti Computing by 12.2% in the fourth quarter. Vanguard Group Inc. now owns 35,970,648 shares of the company’s stock valued at $796,750,000 after purchasing an additional 3,924,171 shares in the last quarter. State Street Corp grew its holdings in Rigetti Computing by 12.0% in the 2nd quarter. State Street Corp now owns 8,853,006 shares of the company’s stock valued at $104,997,000 after buying an additional 946,850 shares in the last quarter. Marex Group plc purchased a new stake in Rigetti Computing in the 2nd quarter valued at $87,414,000. Geode Capital Management LLC increased its stake in shares of Rigetti Computing by 22.9% in the 2nd quarter. Geode Capital Management LLC now owns 6,484,155 shares of the company’s stock worth $76,910,000 after acquiring an additional 1,206,925 shares during the last quarter. Finally, UBS Group AG raised its holdings in shares of Rigetti Computing by 90.9% during the 3rd quarter. UBS Group AG now owns 3,081,174 shares of the company’s stock worth $91,788,000 after acquiring an additional 1,467,483 shares during the period. Institutional investors and hedge funds own 35.38% of the company’s stock.

Rigetti Computing Company Profile

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.