Rigetti Computing (NASDAQ:RGTI) Shares Down 0.6% - Time to Sell?

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) were down 0.6% on Friday . The stock traded as low as $8.45 and last traded at $8.94. Approximately 17,160,952 shares were traded during mid-day trading, a decline of 63% from the average daily volume of 46,490,784 shares. The stock had previously closed at $8.99.

Analysts Set New Price Targets

Several research firms have issued reports on RGTI. Craig Hallum initiated coverage on shares of Rigetti Computing in a research note on Friday, December 20th. They set a "buy" rating and a $12.00 price target on the stock. Benchmark reaffirmed a "buy" rating and issued a $14.00 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 note on Friday, February 14th. Alliance Global Partners reaffirmed a "buy" rating on shares of Rigetti Computing in a research report on Thursday, March 6th. Finally, Needham & Company LLC reiterated a "buy" rating and set a $17.00 target price on shares of Rigetti Computing in a research report on Thursday, March 6th. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat, Rigetti Computing has an average rating of "Buy" and an average price target of $14.50.

Rigetti Computing Stock Performance

The stock's fifty day simple moving average is $10.75 and its two-hundred day simple moving average is $6.52. The company has a market cap of $2.75 billion, a price-to-earnings ratio of -25.28 and a beta of 1.36. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.84 and a current ratio of 4.84.

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

Insider Activity 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 stock was 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.81% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Rigetti Computing

Hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. grew its position in Rigetti Computing by 81.7% in the fourth quarter. Vanguard Group Inc. now owns 11,746,361 shares of the company's stock valued at $179,249,000 after acquiring an additional 5,280,128 shares in the last quarter. Invesco Ltd. grew its holdings in Rigetti Computing by 7,367.2% during the 4th quarter. Invesco Ltd. now owns 4,580,317 shares of the company's stock valued at $69,896,000 after purchasing an additional 4,518,978 shares in the last quarter. Penserra Capital Management LLC grew its holdings in Rigetti Computing by 9.8% during the 3rd quarter. Penserra Capital Management LLC now owns 4,553,633 shares of the company's stock valued at $3,565,000 after purchasing an additional 407,389 shares in the last quarter. Geode Capital Management LLC increased its stake in Rigetti Computing by 6.3% during the 4th quarter. Geode Capital Management LLC now owns 3,850,220 shares of the company's stock worth $58,767,000 after buying an additional 228,391 shares during the period. Finally, State Street Corp lifted its holdings in Rigetti Computing by 12.9% in the 3rd quarter. State Street Corp now owns 2,715,223 shares of the company's stock worth $2,126,000 after buying an additional 309,831 shares in the last quarter. 35.38% of the stock is currently owned by hedge funds and other institutional investors.

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.