Rigetti Computing (NASDAQ:RGTI) Trading Down 0.6% - Should You Sell?

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) fell 0.6% during trading on Thursday . The stock traded as low as $8.14 and last traded at $8.20. 4,400,740 shares traded hands during mid-day trading, a decline of 91% from the average session volume of 48,613,073 shares. The stock had previously closed at $8.25.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on RGTI shares. Alliance Global Partners reaffirmed a "buy" rating on shares of Rigetti Computing in a research report on Thursday, March 6th. B. Riley upped their price target on Rigetti Computing from $8.50 to $15.00 and gave the stock a "buy" rating in a 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 note on Thursday, March 6th. Craig Hallum began coverage on Rigetti Computing in a research report on Friday, December 20th. They set a "buy" rating and a $12.00 price objective for the company. Finally, Needham & Company LLC reaffirmed a "buy" rating and issued a $17.00 target price on shares of Rigetti Computing in a report on Thursday, March 6th. Five research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus price target of $14.50.

Rigetti Computing Price Performance

The company has a market capitalization of $2.38 billion, a PE ratio of -21.89 and a beta of 1.41. 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 stock has a fifty day simple moving average of $9.22 and a 200-day simple moving average of $7.63.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last announced its quarterly earnings results on Wednesday, March 5th. The company reported ($0.08) earnings per share (EPS) for the quarter, meeting analysts' consensus estimates 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 during the quarter, compared to the consensus estimate of $2.40 million. During the same period in the prior year, the company posted ($0.04) earnings per share. Equities analysts anticipate that Rigetti Computing, Inc. will post -0.34 earnings per share for the current year.

Insider Activity at Rigetti Computing

In other Rigetti Computing news, CTO David Rivas sold 351,785 shares of Rigetti Computing stock in a transaction on 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 in the company, valued at approximately $8,495,166.88. The trade was a 24.32 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 2.81% of the company's stock.

Institutional Investors Weigh In On Rigetti Computing

Several institutional investors have recently made changes to their positions in the stock. Signaturefd LLC acquired a new position in Rigetti Computing during the fourth quarter worth about $25,000. GAMMA Investing LLC grew its holdings in shares of Rigetti Computing by 1,813.0% in the 1st quarter. GAMMA Investing LLC now owns 3,233 shares of the company's stock worth $26,000 after acquiring an additional 3,064 shares during the period. EverSource Wealth Advisors LLC purchased a new position in Rigetti Computing in the 4th quarter valued at approximately $28,000. Tucker Asset Management LLC purchased a new stake in Rigetti Computing during the fourth quarter worth $32,000. Finally, Spire Wealth Management purchased a new stake in Rigetti Computing during the fourth quarter worth $46,000. 35.38% of the stock is currently 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.