Rigetti Computing (NASDAQ:RGTI) Shares Down 3.9% - Should You Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) was down 3.9% during trading on Thursday . The company traded as low as $9.30 and last traded at $9.52. Approximately 19,759,188 shares traded hands during trading, a decline of 57% from the average daily volume of 46,271,920 shares. The stock had previously closed at $9.91.

Analyst Ratings Changes

RGTI has been the topic of a number of research reports. Benchmark restated a "buy" rating and issued a $14.00 price objective on shares of Rigetti Computing in a research note on Thursday, March 6th. Craig Hallum assumed coverage on shares of Rigetti Computing in a research note on Friday, December 20th. They issued a "buy" rating and a $12.00 price objective for the company. B. Riley increased their target price on Rigetti Computing from $8.50 to $15.00 and gave the stock a "buy" rating in a research report on Friday, February 14th. Needham & Company LLC reiterated a "buy" rating and set a $17.00 price objective on shares of Rigetti Computing in a research note on Thursday, March 6th. Finally, Alliance Global Partners restated a "buy" rating on shares of Rigetti Computing in a research note on Thursday, March 6th. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and an average target price of $14.50.

Rigetti Computing Trading Up 0.9 %

The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84. The stock has a market cap of $2.59 billion, a P/E ratio of -23.87 and a beta of 1.36. The firm's fifty day moving average price is $10.75 and its two-hundred day moving average price is $6.48.

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Rigetti Computing (NASDAQ:RGTI - Get Free Report) last announced its earnings results on Wednesday, March 5th. The company reported ($0.08) earnings per share for the quarter, hitting analysts' consensus estimates of ($0.08). The business had revenue of $2.27 million for the quarter, compared to analyst estimates of $2.40 million. Rigetti Computing had a negative return on equity of 51.56% and a negative net margin of 509.58%. During the same period in the prior year, the company earned ($0.04) EPS. As a group, equities research analysts forecast that Rigetti Computing, Inc. will post -0.34 EPS for the current year.

Insider Buying and Selling at Rigetti Computing

In related news, CTO David Rivas sold 351,785 shares of the stock in a transaction 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 transaction, the chief technology officer now owns 1,094,738 shares of the company's stock, valued at approximately $8,495,166.88. This trade represents a 24.32 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 2.81% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Rigetti Computing

Institutional investors have recently added to or reduced their stakes in the company. Signaturefd LLC purchased a new stake in shares of Rigetti Computing during the fourth quarter worth about $25,000. EverSource Wealth Advisors LLC bought a new stake in shares of Rigetti Computing in the 4th quarter worth approximately $28,000. Tucker Asset Management LLC purchased a new position in shares of Rigetti Computing during the fourth quarter valued at approximately $32,000. Arete Wealth Advisors LLC bought a new position in shares of Rigetti Computing during the third quarter valued at approximately $45,000. Finally, Spire Wealth Management purchased a new stake in Rigetti Computing in the fourth quarter worth $46,000. Hedge funds and other institutional investors own 35.38% of the company's stock.

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.