Rigetti Computing (NASDAQ:RGTI) Trading Down 4.3% – Time to Sell?

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) traded down 4.3% on Tuesday . The stock traded as low as $14.81 and last traded at $14.99. Approximately 13,049,442 shares traded hands during mid-day trading, a decline of 59% from the average daily volume of 31,628,842 shares. The stock had previously closed at $15.66.

Analyst Upgrades and Downgrades

Several analysts recently commented on RGTI shares. Weiss Ratings downgraded shares of Rigetti Computing from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Tuesday, August 11th. Rosenblatt Securities restated a “buy” rating and issued a $40.00 price objective on shares of Rigetti Computing in a research note on Friday, August 7th. Jefferies Financial Group reiterated a “hold” rating and set a $18.00 target price on shares of Rigetti Computing in a research note on Friday, August 7th. Mizuho dropped their price target on Rigetti Computing from $33.00 to $27.00 and set an “outperform” rating on the stock in a research report on Tuesday, May 12th. Finally, Wall Street Zen downgraded Rigetti Computing from a “hold” rating to a “sell” rating in a research note on Saturday, August 8th. Seven investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, Rigetti Computing presently has a consensus rating of “Hold” and an average price target of $30.67.

Rigetti Computing Trading Up 1.1%

The company has a market cap of $5.02 billion, a price-to-earnings ratio of -16.71 and a beta of 2.01. The company’s 50 day moving average price is $16.55 and its 200 day moving average price is $17.68.

Rigetti Computing (NASDAQ:RGTI) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.05). The business had revenue of $5.14 million for the quarter, compared to analyst estimates of $5.09 million. Rigetti Computing had a negative net margin of 2,189.54% and a negative return on equity of 17.50%. Sell-side analysts predict that Rigetti Computing, Inc. will post -0.27 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO Jeffrey A. Bertelsen sold 3,860 shares of the firm’s stock in a transaction that occurred on Thursday, August 20th. The stock was sold at an average price of $16.89, for a total value of $65,195.40. Following the completion of the sale, the chief financial officer directly owned 168,067 shares of the company’s stock, valued at $2,838,651.63. This trade represents a 2.25% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO Andrew Joseph Bestwick sold 5,791 shares of Rigetti Computing stock in a transaction that occurred on Thursday, August 20th. The shares were sold at an average price of $16.81, for a total value of $97,346.71. Following the completion of the sale, the chief technology officer owned 1,036,121 shares in the company, valued at approximately $17,417,194.01. This trade represents a 0.56% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders sold 225,821 shares of company stock valued at $4,662,494. Corporate insiders own 1.60% of the company’s stock.

Institutional Trading of Rigetti Computing

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Heritage Wealth Advisors grew its holdings in shares of Rigetti Computing by 454.3% in the 4th quarter. Heritage Wealth Advisors now owns 1,164 shares of the company’s stock worth $26,000 after acquiring an additional 954 shares during the period. Larson Financial Group LLC boosted its position in Rigetti Computing by 138.4% during the fourth quarter. Larson Financial Group LLC now owns 1,218 shares of the company’s stock worth $27,000 after purchasing an additional 707 shares in the last quarter. PeakShares LLC purchased a new position in shares of Rigetti Computing in the first quarter valued at $28,000. EFG International AG acquired a new position in shares of Rigetti Computing during the 4th quarter worth $28,000. Finally, Tsfg LLC raised its stake in shares of Rigetti Computing by 320.5% during the 4th quarter. Tsfg LLC now owns 1,312 shares of the company’s stock worth $29,000 after buying an additional 1,000 shares during the last quarter. Institutional investors and hedge funds own 35.38% of the company’s stock.

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.