Rigetti Computing (NASDAQ:RGTI) Shares Down 9.8% – Time to Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI) traded down 9.8% during trading on Thursday . The stock traded as low as $19.27 and last traded at $19.85. 33,750,646 shares changed hands during mid-day trading, an increase of 2% from the average session volume of 33,247,102 shares. The stock had previously closed at $22.01.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the stock. Royal Bank Of Canada cut shares of Rigetti Computing to a “hold” rating in a research report on Thursday, January 22nd. Wedbush boosted their price target on Rigetti Computing from $35.00 to $40.00 and gave the company an “outperform” rating in a report on Wednesday, January 21st. Mizuho assumed coverage on Rigetti Computing in a report on Thursday, December 11th. They issued an “outperform” rating and a $50.00 price objective for the company. Jefferies Financial Group assumed coverage on Rigetti Computing in a report on Tuesday, December 16th. They set a “hold” rating and a $30.00 target price for the company. Finally, Williams Trading set a $40.00 price target on shares of Rigetti Computing in a report on Tuesday, November 11th. Eight analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Rigetti Computing presently has a consensus rating of “Moderate Buy” and an average target price of $32.60.

Rigetti Computing Stock Performance

The stock has a 50-day moving average of $24.71 and a two-hundred day moving average of $25.57. The company has a market cap of $6.55 billion, a P/E ratio of -15.27 and a beta of 1.70.

Rigetti Computing (NASDAQ:RGTI) last posted its quarterly earnings results on Monday, November 10th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.05) by $0.02. The firm had revenue of $1.95 million during the quarter, compared to analyst estimates 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 company’s quarterly revenue was down 18.1% on a year-over-year basis. Research analysts predict that Rigetti Computing, Inc. will post -0.34 EPS for the current year.

Institutional Trading of Rigetti Computing

Institutional investors and hedge funds have recently modified their holdings of the business. IFP Advisors Inc lifted 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 purchasing an additional 1,300 shares in the last quarter. Danske Bank A S purchased a new stake in shares of Rigetti Computing during the 3rd quarter valued at about $30,000. Parallel Advisors LLC raised its position in Rigetti Computing by 403.2% in the third quarter. Parallel Advisors LLC now owns 1,087 shares of the company’s stock worth $32,000 after acquiring an additional 871 shares during the period. Valley National Advisers Inc. raised its holdings in Rigetti Computing by 1,400.0% in the 4th quarter. Valley National Advisers Inc. now owns 1,500 shares of the company’s stock worth $33,000 after purchasing an additional 1,400 shares during the period. Finally, Clearstead Advisors LLC purchased a new position in shares of Rigetti Computing during the 3rd quarter valued at about $35,000. Institutional investors own 35.38% of the company’s stock.

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.