Rigetti Computing (NASDAQ:RGTI) Stock Price Down 1.2% – Time to Sell?

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) dropped 1.2% during trading on Tuesday . The stock traded as low as $14.99 and last traded at $15.09. Approximately 12,233,873 shares traded hands during mid-day trading, a decline of 60% from the average daily volume of 30,875,568 shares. The stock had previously closed at $15.27.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the stock. Weiss Ratings upgraded shares of Rigetti Computing from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Wednesday, September 2nd. Zacks Research downgraded shares of Rigetti Computing from a “hold” rating to a “strong sell” rating in a research report on Wednesday, August 19th. Wedbush initiated coverage on Rigetti Computing in a report on Monday, August 3rd. They issued an “outperform” rating and a $40.00 price objective on the stock. Benchmark began coverage on Rigetti Computing in a research report on Monday, July 27th. They set a “buy” rating and a $25.00 target price on the stock. Finally, Rosenblatt Securities reissued a “buy” rating and set a $40.00 target price on shares of Rigetti Computing in a research note on Friday, August 7th. Seven equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $30.67.

Rigetti Computing Stock Performance

The stock’s fifty day moving average price is $15.96 and its 200-day moving average price is $17.58. The firm has a market cap of $5.35 billion, a PE ratio of -17.86 and a beta of 2.00.

Rigetti Computing (NASDAQ:RGTI) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($0.05) EPS for the quarter, meeting the consensus estimate of ($0.05). Rigetti Computing had a negative net margin of 2,189.54% and a negative return on equity of 17.50%. The firm had revenue of $5.14 million during the quarter, compared to analysts’ expectations of $5.09 million. Sell-side analysts forecast that Rigetti Computing, Inc. will post -0.27 earnings per share for the current fiscal year.

Insider Buying and Selling at Rigetti Computing

In other news, CTO Andrew Bestwick sold 5,791 shares of the business’s stock in a transaction that occurred on Thursday, August 20th. The stock was sold at an average price of $16.81, for a total transaction of $97,346.71. Following the sale, the chief technology officer owned 1,036,121 shares of the company’s stock, valued at $17,417,194.01. The trade was a 0.56% decrease in their position. The sale was disclosed in a legal 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, CFO Jeffrey Bertelsen sold 25,000 shares of the company’s stock in a transaction that occurred on Thursday, September 3rd. The stock was sold at an average price of $15.00, for a total value of $375,000.00. Following the completion of the sale, the chief financial officer owned 168,067 shares in the company, valued at approximately $2,521,005. This represents a 12.95% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 248,633 shares of company stock worth $4,316,489. Corporate insiders own 1.60% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in RGTI. Global Retirement Partners LLC increased its stake in Rigetti Computing by 10.2% in the fourth quarter. Global Retirement Partners LLC now owns 6,656 shares of the company’s stock valued at $147,000 after purchasing an additional 615 shares during the last quarter. Main Management ETF Advisors LLC boosted its stake in Rigetti Computing by 1.0% in the 4th quarter. Main Management ETF Advisors LLC now owns 64,206 shares of the company’s stock worth $1,422,000 after buying an additional 656 shares during the last quarter. Larson Financial Group LLC boosted its stake in Rigetti Computing by 138.4% in the 4th quarter. Larson Financial Group LLC now owns 1,218 shares of the company’s stock worth $27,000 after buying an additional 707 shares during the last quarter. WealthPLAN Partners LLC grew its holdings in Rigetti Computing by 1.0% in the 4th quarter. WealthPLAN Partners LLC now owns 72,500 shares of the company’s stock valued at $1,606,000 after buying an additional 723 shares during the period. Finally, Tradition Wealth Management LLC grew its holdings in Rigetti Computing by 5.6% in the 4th quarter. Tradition Wealth Management LLC now owns 15,644 shares of the company’s stock valued at $347,000 after buying an additional 823 shares during the period. Hedge funds and other institutional investors own 35.38% of the company’s stock.

About Rigetti Computing

Rigetti Computing, Inc is a quantum computing company that develops full-stack quantum computing systems based on superconducting qubit technology. The company designs and manufactures quantum processors, develops the software needed to program and operate them, and provides access to its systems through cloud-based services.

Rigetti’s offerings include its quantum processing units and integrated quantum computing systems, as well as the Rigetti Quantum Cloud Services platform. Through cloud access and partnerships, organizations can experiment with quantum algorithms and explore potential applications in areas such as optimization, simulation, machine learning and other computationally intensive fields.