Rigetti Computing (NASDAQ:RGTI) Stock Price Down 4% – Should You Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI) dropped 4% during trading on Thursday . The company traded as low as $8.45 and last traded at $8.59. Approximately 32,207,557 shares traded hands during mid-day trading, a decline of 28% from the average daily volume of 44,910,951 shares. The stock had previously closed at $8.95.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on RGTI shares. Benchmark reiterated a “buy” rating and issued a $14.00 price target on shares of Rigetti Computing in a report on Thursday, March 6th. B. Riley increased their target price on Rigetti Computing from $8.50 to $15.00 and gave the company a “buy” rating in a research report on Friday, February 14th. Alliance Global Partners reissued a “buy” rating on shares of Rigetti Computing in a research report on Thursday, March 6th. Needham & Company LLC reiterated a “buy” rating and issued a $17.00 target price on shares of Rigetti Computing in a research note on Thursday, March 6th. Finally, Craig Hallum began coverage on shares of Rigetti Computing in a report on Friday, December 20th. They issued a “buy” rating and a $12.00 price target on the stock. Five analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $14.50.

Rigetti Computing Stock Performance

The firm’s 50-day simple moving average is $11.49 and its two-hundred day simple moving average is $6.04. The company has a market cap of $1.61 billion, a PE ratio of -22.02 and a beta of 1.37. The company has a current ratio of 4.84, a quick ratio of 4.84 and a debt-to-equity ratio of 0.02.

Rigetti Computing (NASDAQ:RGTI) last released its earnings results on Wednesday, March 5th. The company reported ($0.08) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.08). Rigetti Computing had a negative return on equity of 51.56% and a negative net margin of 509.58%. The firm had revenue of $2.27 million for the quarter, compared to the consensus estimate of $2.40 million. During the same period in the prior year, the firm earned ($0.04) EPS. As a group, research analysts anticipate that Rigetti Computing, Inc. will post -0.34 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Rigetti Computing news, CTO David Rivas sold 351,785 shares of Rigetti Computing stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $7.76, for a total transaction of $2,729,851.60. Following the completion of the sale, the chief technology officer now directly owns 1,094,738 shares in the company, valued at approximately $8,495,166.88. The trade was a 24.32 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Corporate insiders own 2.81% of the company’s stock.

Institutional Investors Weigh In On Rigetti Computing

Hedge funds have recently added to or reduced their stakes in the business. Mackenzie Financial Corp acquired a new position in Rigetti Computing in the fourth quarter valued at approximately $168,000. Fourth Dimension Wealth LLC acquired a new stake in shares of Rigetti Computing during the 4th quarter valued at about $99,000. Orion Capital Management LLC purchased a new position in shares of Rigetti Computing in the 4th quarter valued at about $46,000. Soviero Asset Management LP acquired a new position in Rigetti Computing during the fourth quarter worth $3,205,000. Finally, Squarepoint Ops LLC acquired a new stake in shares of Rigetti Computing in the fourth quarter valued at about $2,892,000. 35.38% of the stock is owned by hedge funds and other institutional investors.

About Rigetti Computing

Rigetti Computing, Inc, through its subsidiaries, builds quantum computers and the superconducting quantum processors. The company offers cloud in a form of quantum processing unit, such as 9-qubit chip and Ankaa-2 system under the Novera brand name; and sells access to its quantum computers through quantum computing as a service.