Rigetti Computing (NASDAQ:RGTI) Trading Down 1.3% – Time to Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s stock price traded down 1.3% during trading on Wednesday . The stock traded as low as $21.66 and last traded at $22.01. 25,673,564 shares were traded during trading, a decline of 22% from the average session volume of 32,957,613 shares. The stock had previously closed at $22.31.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on RGTI. Williams Trading set a $40.00 price objective on Rigetti Computing in a research note on Tuesday, November 11th. Weiss Ratings restated a “sell (d-)” rating on shares of Rigetti Computing in a research report on Monday, December 29th. Rosenblatt Securities reaffirmed a “buy” rating and set a $40.00 price target on shares of Rigetti Computing in a research note on Wednesday, January 21st. B. Riley upgraded shares of Rigetti Computing from a “neutral” rating to a “buy” rating and set a $35.00 price objective on the stock in a research report on Thursday, January 22nd. Finally, Benchmark dropped their target price on shares of Rigetti Computing from $50.00 to $40.00 and set a “buy” rating for the company in a report on Tuesday, November 11th. Eight investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $32.60.

Rigetti Computing Stock Down 1.3%

The firm has a market cap of $7.26 billion, a price-to-earnings ratio of -16.93 and a beta of 1.70. The business has a 50 day moving average of $24.78 and a 200 day moving average of $25.60.

Rigetti Computing (NASDAQ:RGTI) last released its earnings results on Monday, November 10th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.02. Rigetti Computing had a negative net margin of 4,741.49% and a negative return on equity of 21.98%. The company had revenue of $1.95 million for the quarter, compared to analyst estimates of $2.17 million. The firm’s revenue for the quarter was down 18.1% on a year-over-year basis. Research analysts predict that Rigetti Computing, Inc. will post -0.34 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. Osaic Holdings Inc. raised its stake in shares of Rigetti Computing by 119.2% during the second quarter. Osaic Holdings Inc. now owns 260,307 shares of the company’s stock valued at $3,087,000 after purchasing an additional 141,541 shares during the period. Atria Wealth Solutions Inc. acquired a new stake in Rigetti Computing during the 2nd quarter valued at $392,000. Avior Wealth Management LLC purchased a new stake in Rigetti Computing during the 2nd quarter worth $121,000. Cavalier Investments LLC acquired a new position in Rigetti Computing in the 2nd quarter worth $589,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in Rigetti Computing in the 2nd quarter worth $217,000. Hedge funds and other institutional investors 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.