Rigetti Computing (NASDAQ:RGTI) Stock Price Down 9.9% - Time to Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) shares dropped 9.9% on Friday . The stock traded as low as $7.10 and last traded at $7.35. Approximately 14,823,722 shares changed hands during mid-day trading, a decline of 69% from the average daily volume of 47,619,431 shares. The stock had previously closed at $8.15.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on RGTI. Craig Hallum initiated coverage on shares of Rigetti Computing in a report on Friday, December 20th. They set a "buy" rating and a $12.00 price target for the company. 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. B. Riley increased their price target on Rigetti Computing from $8.50 to $15.00 and gave the stock a "buy" rating in a research report on Friday, February 14th. Benchmark reiterated a "buy" rating and issued a $14.00 price objective on shares of Rigetti Computing in a research report on Thursday, March 6th. Finally, Alliance Global Partners reissued 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 stock currently has an average rating of "Buy" and an average target price of $14.50.

Rigetti Computing Trading Down 7.3 %

The company has a quick ratio of 4.84, a current ratio of 4.84 and a debt-to-equity ratio of 0.02. The business's fifty day moving average is $10.15 and its two-hundred day moving average is $7.12. The firm has a market cap of $2.21 billion, a price-to-earnings ratio of -20.32 and a beta of 1.41.

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Rigetti Computing (NASDAQ:RGTI - Get Free Report) last released its earnings results on Wednesday, March 5th. The company reported ($0.08) 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 company had revenue of $2.27 million during the quarter, compared to analysts' expectations of $2.40 million. During the same period last year, the firm earned ($0.04) EPS. Equities analysts anticipate that Rigetti Computing, Inc. will post -0.34 earnings per share for the current fiscal year.

Insider Buying and Selling at Rigetti Computing

In related news, CTO David Rivas sold 351,785 shares of Rigetti Computing stock in a transaction on Tuesday, March 11th. The stock was 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 of the company's stock, valued at $8,495,166.88. The trade was a 24.32 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 2.81% of the company's stock.

Institutional Trading of Rigetti Computing

Hedge funds have recently modified their holdings of the company. California State Teachers Retirement System grew its holdings in shares of Rigetti Computing by 12.7% in the 4th quarter. California State Teachers Retirement System now owns 11,551 shares of the company's stock valued at $176,000 after buying an additional 1,301 shares during the period. Allworth Financial LP lifted its holdings in Rigetti Computing by 14.9% during the fourth quarter. Allworth Financial LP now owns 11,604 shares of the company's stock worth $161,000 after acquiring an additional 1,504 shares in the last quarter. Signaturefd LLC bought a new position in shares of Rigetti Computing during the 4th quarter valued at about $25,000. Legal & General Group Plc grew its position in shares of Rigetti Computing by 14.9% in the 4th quarter. Legal & General Group Plc now owns 14,051 shares of the company's stock valued at $214,000 after purchasing an additional 1,817 shares during the period. Finally, EverSource Wealth Advisors LLC bought a new stake in Rigetti Computing during the 4th quarter worth approximately $28,000. 35.38% of the stock is currently owned by institutional investors and hedge funds.

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.