Rigetti Computing (NASDAQ:RGTI) Shares Down 1.7% – Time to Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s stock price fell 1.7% on Thursday . The stock traded as low as $14.73 and last traded at $15.41. 23,723,899 shares traded hands during mid-day trading, a decline of 22% from the average session volume of 30,446,311 shares. The stock had previously closed at $15.67.

Wall Street Analysts Forecast Growth

RGTI has been the topic of several research analyst reports. Benchmark cut their target price on shares of Rigetti Computing from $35.00 to $25.00 and set a “buy” rating on the stock in a research note on Friday. Mizuho decreased their price target on shares of Rigetti Computing from $50.00 to $43.00 and set an “outperform” rating for the company in a research note on Thursday, March 5th. Wall Street Zen lowered shares of Rigetti Computing from a “hold” rating to a “sell” rating in a report on Saturday, February 21st. Wedbush increased their price objective on shares of Rigetti Computing from $35.00 to $40.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 21st. Finally, Rosenblatt Securities restated a “buy” rating and issued a $40.00 target price on shares of Rigetti Computing in a research note on Thursday, March 5th. Eight equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $31.70.

Rigetti Computing Stock Performance

The business has a fifty day moving average of $18.71 and a 200-day moving average of $25.81. The company has a market capitalization of $4.94 billion, a P/E ratio of -21.88 and a beta of 1.71.

Rigetti Computing (NASDAQ:RGTI) last announced its quarterly earnings results on Wednesday, March 4th. The company reported ($0.03) EPS for the quarter, beating 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 business had revenue of $1.87 million during the quarter, compared to analyst estimates of $2.33 million. The business’s revenue for the quarter was down 17.9% compared to the same quarter last year. Sell-side analysts anticipate that Rigetti Computing, Inc. will post -0.34 EPS for the current year.

Insider Transactions at Rigetti Computing

In other news, CTO David Rivas sold 36,719 shares of the business’s stock in a transaction dated Tuesday, March 10th. The shares were sold at an average price of $17.52, for a total transaction of $643,316.88. Following the completion of the sale, the chief technology officer directly owned 651,914 shares of the company’s stock, valued at $11,421,533.28. The trade was a 5.33% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Jeffrey A. Bertelsen sold 4,270 shares of the company’s stock in a transaction dated Tuesday, March 10th. The stock was sold at an average price of $17.52, for a total transaction of $74,810.40. Following the completion of the sale, the chief financial officer owned 175,609 shares in the company, valued at $3,076,669.68. This represents a 2.37% decrease in their position. The disclosure for this sale is available in the SEC filing. 1.90% of the stock is owned by company insiders.

Institutional Trading of Rigetti Computing

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Heritage Wealth Advisors lifted its holdings in shares of Rigetti Computing by 454.3% in the fourth quarter. Heritage Wealth Advisors now owns 1,164 shares of the company’s stock valued at $26,000 after purchasing an additional 954 shares in the last quarter. Larson Financial Group LLC boosted its position in shares of Rigetti Computing by 138.4% during the fourth quarter. Larson Financial Group LLC now owns 1,218 shares of the company’s stock valued at $27,000 after buying an additional 707 shares during the last quarter. EFG International AG bought a new stake in Rigetti Computing during the fourth quarter worth $28,000. Tsfg LLC grew its holdings in Rigetti Computing by 320.5% during the fourth quarter. Tsfg LLC now owns 1,312 shares of the company’s stock worth $29,000 after buying an additional 1,000 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. raised its position in Rigetti Computing by 180.3% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 1,334 shares of the company’s stock valued at $30,000 after buying an additional 858 shares during the last quarter. 35.38% of the stock is owned by institutional investors.

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.