Rigetti Computing (NASDAQ:RGTI) Stock Price Down 2.5% – Should You Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price traded down 2.5% during mid-day trading on Tuesday . The company traded as low as $23.71 and last traded at $24.99. 45,691,057 shares were traded during mid-day trading, an increase of 36% from the average session volume of 33,501,000 shares. The stock had previously closed at $25.62.

Analyst Upgrades and Downgrades

RGTI has been the topic of a number of recent analyst reports. Wall Street Zen raised shares of Rigetti Computing from a “sell” rating to a “hold” rating in a research report on Saturday, November 15th. Benchmark dropped their target price on Rigetti Computing from $50.00 to $40.00 and set a “buy” rating on the stock in a report on Tuesday, November 11th. Mizuho initiated coverage on Rigetti Computing in a research note on Thursday, December 11th. They issued an “outperform” rating and a $50.00 price target on the stock. B. Riley lowered their price objective on Rigetti Computing from $42.00 to $35.00 and set a “neutral” rating for the company in a research report on Wednesday, November 12th. Finally, Williams Trading set a $40.00 price objective on Rigetti Computing in a report on Tuesday, November 11th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Rigetti Computing currently has an average rating of “Moderate Buy” and a consensus price target of $32.10.

Rigetti Computing Stock Down 2.5%

The firm has a 50-day simple moving average of $25.17 and a 200 day simple moving average of $25.16. The company has a market cap of $8.25 billion, a price-to-earnings ratio of -19.22 and a beta of 1.70.

Rigetti Computing (NASDAQ:RGTI) last posted its quarterly earnings data on Monday, November 10th. The company reported ($0.03) earnings per share for the quarter, beating the consensus estimate of ($0.05) by $0.02. The business had revenue of $1.95 million during the quarter, compared to the consensus estimate of $2.17 million. Rigetti Computing had a negative return on equity of 21.98% and a negative net margin of 4,741.49%.The firm’s revenue was down 18.1% compared to the same quarter last year. As a group, research analysts expect that Rigetti Computing, Inc. will post -0.34 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Harbor Capital Advisors Inc. acquired a new stake in shares of Rigetti Computing during the fourth quarter worth about $365,000. Genesis Financial Group LLC acquired a new position in Rigetti Computing in the 4th quarter valued at about $341,000. Keystone Financial Group Inc. acquired a new position in Rigetti Computing in the 4th quarter valued at about $44,000. Empirical Financial Services LLC d.b.a. Empirical Wealth Management purchased a new stake in Rigetti Computing during the 4th quarter valued at approximately $206,000. Finally, Allspring Global Investments Holdings LLC lifted its position in Rigetti Computing by 9.2% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 25,341 shares of the company’s stock worth $598,000 after acquiring an additional 2,128 shares during the period. 35.38% of the stock is currently owned by institutional investors and hedge funds.

About Rigetti Computing

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.