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

Rigetti Computing, Inc. (NASDAQ:RGTI)’s stock price gapped down prior to trading on Tuesday . The stock had previously closed at $26.88, but opened at $25.90. Rigetti Computing shares last traded at $26.0010, with a volume of 3,500,544 shares changing hands.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on RGTI shares. Alliance Global Partners reaffirmed a “buy” rating on shares of Rigetti Computing in a research report on Tuesday, November 11th. Williams Trading set a $40.00 price target on shares of Rigetti Computing in a research note on Tuesday, November 11th. Benchmark lowered their price objective on shares of Rigetti Computing from $50.00 to $40.00 and set a “buy” rating for the company in a report on Tuesday, November 11th. Mizuho initiated coverage on Rigetti Computing in a research report on Thursday, December 11th. They set an “outperform” rating and a $50.00 price objective on the stock. Finally, Wedbush began coverage on Rigetti Computing in a report on Wednesday, December 17th. They set an “outperform” rating and a $35.00 target price on the stock. Six investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Rigetti Computing presently has an average rating of “Moderate Buy” and an average price target of $31.22.

Rigetti Computing Stock Performance

The business’s 50-day moving average is $31.86 and its 200-day moving average is $23.37. The company has a market capitalization of $8.46 billion, a PE ratio of -19.74 and a beta of 1.69.

Rigetti Computing (NASDAQ:RGTI) last announced its quarterly earnings data on Monday, November 10th. 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 4,741.49% and a negative return on equity of 21.98%. The business had revenue of $1.95 million for the quarter, compared to analysts’ expectations of $2.17 million. The company’s revenue for the quarter was down 18.1% on a year-over-year basis. Analysts expect that Rigetti Computing, Inc. will post -0.34 EPS for the current year.

Insiders Place Their Bets

In related news, Director Helene Gail Sandford sold 62,000 shares of the firm’s stock in a transaction that occurred on Friday, October 17th. The stock was sold at an average price of $44.89, for a total transaction of $2,783,180.00. Following the completion of the transaction, the director owned 120,371 shares of the company’s stock, valued at $5,403,454.19. This trade represents a 34.00% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Institutional Investors Weigh In On Rigetti Computing

A number of institutional investors have recently modified their holdings of the stock. IFP Advisors Inc increased its holdings in shares of Rigetti Computing by 146.1% during the second quarter. IFP Advisors Inc now owns 2,190 shares of the company’s stock valued at $26,000 after acquiring an additional 1,300 shares in the last quarter. Danske Bank A S purchased a new stake in Rigetti Computing during the 3rd quarter valued at about $30,000. Quarry LP bought a new stake in Rigetti Computing during the 1st quarter valued at about $31,000. Parallel Advisors LLC increased its stake in Rigetti Computing by 403.2% during the 3rd quarter. Parallel Advisors LLC now owns 1,087 shares of the company’s stock valued at $32,000 after purchasing an additional 871 shares in the last quarter. Finally, Armstrong Advisory Group Inc. raised its holdings in Rigetti Computing by 225.4% in the second quarter. Armstrong Advisory Group Inc. now owns 2,974 shares of the company’s stock worth $35,000 after buying an additional 2,060 shares during the last quarter. 35.38% of the stock is owned by hedge funds and other 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.