Rigetti Computing (NASDAQ:RGTI) Stock Price Down 0.8% - Should You Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report)'s share price dropped 0.8% during mid-day trading on Thursday . The company traded as low as $1.18 and last traded at $1.20. Approximately 6,120,155 shares were traded during mid-day trading, an increase of 19% from the average daily volume of 5,143,708 shares. The stock had previously closed at $1.21.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the stock. B. Riley initiated coverage on shares of Rigetti Computing in a research note on Thursday, July 25th. They set a "buy" rating and a $3.00 price objective for the company. Needham & Company LLC reduced their price target on Rigetti Computing from $3.00 to $2.00 and set a "buy" rating on the stock in a research report on Friday, August 9th.

Rigetti Computing Trading Up 1.7 %

The stock has a market cap of $233.31 million, a price-to-earnings ratio of -2.60 and a beta of 2.28. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.29 and a quick ratio of 4.29. The company's fifty day moving average price is $0.86 and its 200-day moving average price is $1.00.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last issued its quarterly earnings results on Thursday, August 8th. The company reported ($0.07) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.10) by $0.03. The business had revenue of $3.09 million for the quarter, compared to analyst estimates of $3.53 million. Rigetti Computing had a negative net margin of 538.72% and a negative return on equity of 54.61%. During the same quarter in the prior year, the business posted ($0.13) EPS. On average, research analysts expect that Rigetti Computing, Inc. will post -0.34 EPS for the current fiscal year.

Insider Buying and Selling

In other Rigetti Computing news, Director Helene Gail Sandford sold 43,200 shares of the business's stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $0.82, for a total transaction of $35,424.00. Following the sale, the director now owns 257,752 shares in the company, valued at approximately $211,356.64. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.81% of the stock is currently owned by company insiders.

Institutional Trading of Rigetti Computing

Several institutional investors and hedge funds have recently bought and sold shares of the business. SG Americas Securities LLC purchased a new position in shares of Rigetti Computing during the second quarter worth $25,000. Cetera Advisors LLC purchased a new position in shares of Rigetti Computing during the 1st quarter valued at about $38,000. Comprehensive Financial Consultants Institutional Inc. acquired a new position in shares of Rigetti Computing in the 2nd quarter valued at about $27,000. PEAK6 Investments LLC acquired a new position in shares of Rigetti Computing in the 1st quarter valued at about $40,000. Finally, Caprock Group LLC purchased a new stake in shares of Rigetti Computing in the second quarter worth about $42,000. 35.38% of the stock is currently owned by institutional investors and hedge funds.

Rigetti Computing Company Profile

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.