Rigetti Computing (NASDAQ:RGTI) Shares Down 3.2% – Should You Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price was down 3.2% during mid-day trading on Monday . The company traded as low as $12.53 and last traded at $12.90. Approximately 26,342,909 shares changed hands during mid-day trading, a decline of 12% from the average daily volume of 29,779,873 shares. The stock had previously closed at $13.32.

Analysts Set New Price Targets

Several research firms have issued reports on RGTI. Royal Bank Of Canada lowered shares of Rigetti Computing to a “hold” rating in a report on Thursday, January 22nd. Benchmark decreased their price objective on Rigetti Computing from $35.00 to $25.00 and set a “buy” rating for the company in a report on Friday, March 20th. Weiss Ratings restated a “sell (d-)” rating on shares of Rigetti Computing in a research note on Monday, December 29th. B. Riley Financial raised Rigetti Computing from a “neutral” rating to a “buy” rating and set a $35.00 target price on the stock in a research report on Thursday, January 22nd. Finally, Wall Street Zen cut Rigetti Computing from a “hold” rating to a “sell” rating in a research note on Saturday, February 21st. Eight equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $31.70.

Rigetti Computing Price Performance

The stock has a fifty day moving average of $17.68 and a 200 day moving average of $25.93. The stock has a market cap of $4.28 billion, a price-to-earnings ratio of -18.97 and a beta of 1.72.

Rigetti Computing (NASDAQ:RGTI) last released its quarterly earnings data on Wednesday, March 4th. The company reported ($0.03) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.02. Rigetti Computing had a negative net margin of 3,111.92% and a negative return on equity of 14.91%. The firm had revenue of $1.87 million for the quarter, compared to analyst estimates of $2.33 million. The business’s revenue was down 17.9% compared to the same quarter last year. As a group, equities analysts expect that Rigetti Computing, Inc. will post -0.34 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Rigetti Computing news, CFO Jeffrey A. Bertelsen sold 4,270 shares of the company’s stock in a transaction dated Tuesday, March 10th. The shares were sold at an average price of $17.52, for a total value of $74,810.40. Following the completion of the transaction, the chief financial officer owned 175,609 shares in the company, valued at approximately $3,076,669.68. This represents a 2.37% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CTO David Rivas sold 36,719 shares of the firm’s stock in a transaction dated Tuesday, March 10th. The shares were sold at an average price of $17.52, for a total value of $643,316.88. Following the sale, the chief technology officer owned 651,914 shares in the company, valued at $11,421,533.28. This trade represents a 5.33% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in RGTI. Vanguard Group Inc. lifted its holdings in Rigetti Computing by 40.4% during the third quarter. Vanguard Group Inc. now owns 32,046,477 shares of the company’s stock valued at $954,665,000 after purchasing an additional 9,228,888 shares in the last quarter. Marex Group plc purchased a new stake in shares of Rigetti Computing during the second quarter worth about $87,414,000. Victory Capital Management Inc. increased its stake in shares of Rigetti Computing by 1,632.5% during the fourth quarter. Victory Capital Management Inc. now owns 2,571,289 shares of the company’s stock worth $56,954,000 after purchasing an additional 2,422,873 shares in the last quarter. Ameriprise Financial Inc. acquired a new position in shares of Rigetti Computing during the 2nd quarter worth about $21,887,000. Finally, Norges Bank acquired a new position in shares of Rigetti Computing during the 4th quarter worth about $38,889,000. 35.38% of the stock is owned by institutional investors and hedge funds.

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.