Rigetti Computing (NASDAQ:RGTI) Shares Down 4.7% - Should You Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report)'s share price traded down 4.7% on Tuesday . The company traded as low as $9.90 and last traded at $10.63. 27,479,807 shares were traded during trading, a decline of 40% from the average session volume of 45,911,947 shares. The stock had previously closed at $11.16.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the company. Needham & Company LLC reissued a "buy" rating and issued a $17.00 price objective on shares of Rigetti Computing in a research report on Thursday, March 6th. Alliance Global Partners reissued a "buy" rating on shares of Rigetti Computing in a research note on Thursday, March 6th. Benchmark reaffirmed a "buy" rating and set a $14.00 price objective on shares of Rigetti Computing in a research report on Thursday, March 6th. B. Riley boosted their target price on shares of Rigetti Computing from $8.50 to $15.00 and gave the company a "buy" rating in a research report on Friday, February 14th. Finally, Craig Hallum assumed coverage on shares of Rigetti Computing in a report on Friday, December 20th. They issued a "buy" rating and a $12.00 price target for the company. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus price target of $14.50.

Rigetti Computing Price Performance

The business has a 50-day moving average price of $10.75 and a two-hundred day moving average price of $6.38. 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 company has a market capitalization of $2.59 billion, a price-to-earnings ratio of -23.87 and a beta of 1.36.

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Rigetti Computing (NASDAQ:RGTI - Get Free Report) last released its quarterly earnings data on Wednesday, March 5th. The company reported ($0.08) earnings per share for the quarter, hitting the consensus estimate of ($0.08). The firm had revenue of $2.27 million for the quarter, compared to the consensus estimate 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 quarter in the prior year, the company posted ($0.04) earnings per share. As a group, research analysts anticipate 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 Rigetti Computing stock in a transaction that occurred 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 transaction, the chief technology officer now 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 filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 2.81% of the company's stock.

Institutional Trading of Rigetti Computing

Several institutional investors have recently made changes to their positions in RGTI. Signaturefd LLC bought a new position in shares of Rigetti Computing during the fourth quarter valued at about $25,000. EverSource Wealth Advisors LLC bought a new position in shares of Rigetti Computing during the 4th quarter worth approximately $28,000. Tucker Asset Management LLC bought a new position in shares of Rigetti Computing during the 4th quarter worth approximately $32,000. Arete Wealth Advisors LLC purchased a new position in shares of Rigetti Computing in the 3rd quarter worth approximately $45,000. Finally, Spire Wealth Management purchased a new stake in shares of Rigetti Computing during the fourth quarter valued at approximately $46,000. 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.