Rigetti Computing (NASDAQ:RGTI) Trading Down 3.5% – Time to Sell?

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) fell 3.5% during mid-day trading on Tuesday . The stock traded as low as $16.79 and last traded at $16.97. 23,588,582 shares changed hands during trading, a decline of 28% from the average session volume of 32,597,508 shares. The stock had previously closed at $17.59.

Analysts Set New Price Targets

RGTI has been the subject of several research reports. Mizuho initiated coverage on shares of Rigetti Computing in a research report on Thursday, December 11th. They set an “outperform” rating and a $50.00 price objective for the company. B. Riley Financial raised Rigetti Computing from a “neutral” rating to a “buy” rating and set a $35.00 target price for the company in a research report on Thursday, January 22nd. Jefferies Financial Group began coverage on Rigetti Computing in a research report on Tuesday, December 16th. They set a “hold” rating and a $30.00 price objective for the company. Williams Trading set a $40.00 price target on shares of Rigetti Computing in a research report on Tuesday, November 11th. Finally, Alliance Global Partners restated a “buy” rating on shares of Rigetti Computing in a report on Tuesday, November 11th. Eight analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $32.60.

Rigetti Computing Trading Down 3.5%

The stock has a fifty day moving average price of $23.55 and a 200 day moving average price of $25.77. The firm has a market cap of $5.60 billion, a price-to-earnings ratio of -13.06 and a beta of 1.70.

Rigetti Computing (NASDAQ:RGTI) last announced its quarterly earnings results on Monday, November 10th. The company reported ($0.03) EPS for the quarter, beating the consensus estimate 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 company had revenue of $1.95 million for the quarter, compared to the consensus estimate of $2.17 million. The business’s revenue for the quarter was down 18.1% on a year-over-year basis. On average, sell-side analysts forecast that Rigetti Computing, Inc. will post -0.34 EPS for the current year.

Institutional Trading of Rigetti Computing

A number of hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. grew its stake in shares of Rigetti Computing by 40.4% during the third quarter. Vanguard Group Inc. now owns 32,046,477 shares of the company’s stock valued at $954,665,000 after purchasing an additional 9,228,888 shares during the last quarter. Marex Group plc bought a new position in shares of Rigetti Computing during the second quarter worth $87,414,000. Ameriprise Financial Inc. bought a new stake in shares of Rigetti Computing in the second quarter worth about $21,887,000. Norges Bank acquired a new stake in shares of Rigetti Computing during the fourth quarter worth $38,889,000. Finally, Clear Street Group Inc. bought a new position in shares of Rigetti Computing during the third quarter worth about $47,752,000. 35.38% of the stock is owned by institutional investors.

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.