Rigetti Computing (NASDAQ:RGTI) Shares Gap Down - Time to Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) shares gapped down prior to trading on Tuesday . The stock had previously closed at $11.16, but opened at $10.37. Rigetti Computing shares last traded at $10.43, with a volume of 16,066,347 shares changing hands.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Needham & Company LLC reaffirmed a "buy" rating and set a $17.00 price objective on shares of Rigetti Computing in a research report on Thursday, March 6th. B. Riley lifted their target price on shares of Rigetti Computing from $8.50 to $15.00 and gave the stock a "buy" rating in a report on Friday, February 14th. 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. Benchmark restated a "buy" rating and set a $14.00 price objective on shares of Rigetti Computing in a research report on Thursday, March 6th. Finally, Alliance Global Partners reaffirmed a "buy" rating on shares of Rigetti Computing in a research report on Thursday, March 6th. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has an average rating of "Buy" and a consensus price target of $14.50.

Rigetti Computing Stock Up 0.9 %

The company has a current ratio of 4.84, a quick ratio of 4.84 and a debt-to-equity ratio of 0.02. The firm has a market cap of $2.59 billion, a price-to-earnings ratio of -23.87 and a beta of 1.36. The firm's 50 day simple moving average is $10.75 and its two-hundred day simple moving average is $6.38.

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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) EPS for the quarter, hitting the consensus estimate of ($0.08). The company had revenue of $2.27 million for the quarter, compared to analysts' expectations of $2.40 million. Rigetti Computing had a negative net margin of 509.58% and a negative return on equity of 51.56%. During the same period last year, the firm earned ($0.04) earnings per share. On average, equities analysts forecast that Rigetti Computing, Inc. will post -0.34 EPS for the current year.

Insider Buying and Selling at Rigetti Computing

In other Rigetti Computing news, CTO David Rivas sold 351,785 shares of the firm's stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $7.76, for a total value of $2,729,851.60. Following the transaction, the chief technology officer now directly owns 1,094,738 shares of the company's stock, valued at $8,495,166.88. This trade represents a 24.32 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 2.81% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in RGTI. Vanguard Group Inc. lifted its stake in Rigetti Computing by 81.7% during the fourth quarter. Vanguard Group Inc. now owns 11,746,361 shares of the company's stock worth $179,249,000 after purchasing an additional 5,280,128 shares during the last quarter. Invesco Ltd. raised its holdings in shares of Rigetti Computing by 7,367.2% during the 4th quarter. Invesco Ltd. now owns 4,580,317 shares of the company's stock worth $69,896,000 after buying an additional 4,518,978 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of Rigetti Computing by 3,295.7% during the 4th quarter. JPMorgan Chase & Co. now owns 2,117,563 shares of the company's stock worth $32,314,000 after buying an additional 2,055,203 shares during the last quarter. Nuveen Asset Management LLC boosted its stake in Rigetti Computing by 418.6% in the fourth quarter. Nuveen Asset Management LLC now owns 999,617 shares of the company's stock valued at $15,254,000 after buying an additional 806,878 shares in the last quarter. Finally, Geode Capital Management LLC boosted its stake in Rigetti Computing by 20.6% in the third quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company's stock valued at $2,837,000 after buying an additional 617,506 shares in the last quarter. 35.38% of the stock is owned by 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.