Rigetti Computing (NASDAQ:RGTI) Stock Price Down 7.9% – Time to Sell?

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) traded down 7.9% during mid-day trading on Tuesday . The stock traded as low as $16.24 and last traded at $16.55. Approximately 26,654,533 shares traded hands during trading, a decline of 25% from the average session volume of 35,405,516 shares. The stock had previously closed at $17.96.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. Rosenblatt Securities restated a “buy” rating and set a $40.00 target price on shares of Rigetti Computing in a report on Thursday, June 11th. Northland Securities initiated coverage on Rigetti Computing in a research report on Monday, April 20th. They issued a “market perform” rating and a $20.00 price target for the company. Needham & Company LLC restated a “buy” rating and set a $31.00 price objective on shares of Rigetti Computing in a research note on Tuesday, May 12th. Benchmark dropped their price objective on Rigetti Computing from $35.00 to $25.00 and set a “buy” rating on the stock in a research report on Friday, March 20th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Rigetti Computing in a report on Tuesday, June 2nd. Seven research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $30.60.

Rigetti Computing Trading Up 0.6%

The firm’s fifty day moving average price is $20.42 and its 200 day moving average price is $19.39. The firm has a market capitalization of $5.66 billion, a PE ratio of -19.49 and a beta of 1.95.

Rigetti Computing (NASDAQ:RGTI) last issued its earnings results on Monday, May 11th. The company reported ($0.04) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.05) by $0.01. The firm had revenue of $4.40 million during the quarter, compared to analysts’ expectations of $4.09 million. Rigetti Computing had a negative net margin of 2,789.71% and a negative return on equity of 10.40%. The firm’s revenue was up 198.9% compared to the same quarter last year. During the same quarter last year, the company posted ($0.05) earnings per share. On average, analysts predict that Rigetti Computing, Inc. will post -0.22 earnings per share for the current year.

Insider Buying and Selling at Rigetti Computing

In related news, CTO David Rivas sold 499,328 shares of the firm’s stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $25.40, for a total transaction of $12,682,931.20. Following the sale, the chief technology officer directly owned 325,945 shares of the company’s stock, valued at $8,279,003. This trade represents a 60.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Jeffrey A. Bertelsen sold 3,682 shares of Rigetti Computing stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $22.95, for a total value of $84,501.90. Following the transaction, the chief financial officer owned 171,927 shares of the company’s stock, valued at approximately $3,945,724.65. This represents a 2.10% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders sold 728,901 shares of company stock worth $17,546,343. Insiders own 1.60% of the company’s stock.

Institutional Investors Weigh In On Rigetti Computing

A number of hedge funds and other institutional investors have recently made changes to their positions in RGTI. Clear Street Group Inc. purchased a new position in Rigetti Computing in the third quarter valued at $47,752,000. Intech Investment Management LLC boosted its stake in shares of Rigetti Computing by 66.3% during the 4th quarter. Intech Investment Management LLC now owns 120,260 shares of the company’s stock worth $2,664,000 after acquiring an additional 47,935 shares in the last quarter. Patriot Financial Group Insurance Agency LLC boosted its stake in shares of Rigetti Computing by 105.3% during the 1st quarter. Patriot Financial Group Insurance Agency LLC now owns 123,460 shares of the company’s stock worth $1,733,000 after acquiring an additional 63,331 shares in the last quarter. Van ECK Associates Corp grew its position in shares of Rigetti Computing by 384.2% during the 3rd quarter. Van ECK Associates Corp now owns 548,217 shares of the company’s stock valued at $16,331,000 after acquiring an additional 434,995 shares during the period. Finally, Spear Advisors LLC acquired a new stake in shares of Rigetti Computing during the 4th quarter valued at about $2,062,000. Institutional investors and hedge funds 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.