Rigetti Computing (NASDAQ:RGTI) Shares Down 2.5% – Time to Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI) shares were down 2.5% on Monday . The company traded as low as $17.23 and last traded at $17.71. Approximately 25,046,088 shares changed hands during trading, a decline of 24% from the average daily volume of 32,800,512 shares. The stock had previously closed at $18.17.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. Mizuho initiated coverage on shares of Rigetti Computing in a research note on Thursday, December 11th. They issued an “outperform” rating and a $50.00 target price on the stock. Jefferies Financial Group started coverage on Rigetti Computing in a research report on Tuesday, December 16th. They set a “hold” rating and a $30.00 price objective on the stock. Williams Trading set a $40.00 price objective on Rigetti Computing in a research note on Tuesday, November 11th. B. Riley raised Rigetti Computing from a “neutral” rating to a “buy” rating and set a $35.00 target price for the company in a research note on Thursday, January 22nd. Finally, Royal Bank Of Canada cut shares of Rigetti Computing to a “hold” rating in a research report on Thursday, January 22nd. Eight investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $32.60.

Rigetti Computing Stock Performance

The company has a 50 day moving average price of $24.54 and a 200 day moving average price of $25.73. The firm has a market cap of $5.84 billion, a price-to-earnings ratio of -13.62 and a beta of 1.70.

Rigetti Computing (NASDAQ:RGTI) last issued its quarterly earnings data on Monday, November 10th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping 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 firm had revenue of $1.95 million during the quarter, compared to the consensus estimate of $2.17 million. The firm’s revenue was down 18.1% compared to the same quarter last year. On average, research analysts forecast that Rigetti Computing, Inc. will post -0.34 earnings per share for the current year.

Hedge Funds Weigh In On Rigetti Computing

Several large investors have recently made changes to their positions in the stock. Danske Bank A S boosted its position in shares of Rigetti Computing by 180.0% during the fourth quarter. Danske Bank A S now owns 2,800 shares of the company’s stock worth $62,000 after buying an additional 1,800 shares during the period. Sigma Planning Corp boosted its holdings in Rigetti Computing by 11.7% during the 4th quarter. Sigma Planning Corp now owns 13,181 shares of the company’s stock valued at $288,000 after acquiring an additional 1,381 shares during the period. Bogart Wealth LLC boosted its holdings in Rigetti Computing by 2,550.0% during the 4th quarter. Bogart Wealth LLC now owns 2,650 shares of the company’s stock valued at $59,000 after acquiring an additional 2,550 shares during the period. Wealthfront Advisers LLC grew its position in Rigetti Computing by 48.9% in the 4th quarter. Wealthfront Advisers LLC now owns 21,906 shares of the company’s stock valued at $485,000 after acquiring an additional 7,190 shares in the last quarter. Finally, M&T Bank Corp purchased a new stake in Rigetti Computing during the fourth quarter worth about $254,000. 35.38% of the stock is currently 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.