Rigetti Computing (NASDAQ:RGTI) Shares Down 4% - Time to Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) shares traded down 4% on Thursday . The company traded as low as $7.91 and last traded at $8.15. 11,641,892 shares were traded during mid-day trading, a decline of 75% from the average session volume of 47,495,205 shares. The stock had previously closed at $8.49.

Wall Street Analysts Forecast Growth

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

Rigetti Computing Stock Down 8.0 %

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 stock has a market capitalization of $2.14 billion, a P/E ratio of -19.74 and a beta of 1.36. The company has a fifty day moving average price of $10.23 and a 200-day moving average price of $6.98.

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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 (EPS) for the quarter, hitting analysts' consensus estimates of ($0.08). The business had revenue of $2.27 million for the quarter, compared to the consensus estimate 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 in the previous year, the company posted ($0.04) EPS. As a group, research analysts forecast that Rigetti Computing, Inc. will post -0.34 EPS for the current fiscal year.

Insider Buying and Selling at Rigetti Computing

In other news, CTO David Rivas sold 351,785 shares of the business'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 sale, the chief technology officer now directly owns 1,094,738 shares in the company, valued at $8,495,166.88. The trade was a 24.32 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 2.81% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in RGTI. Modus Advisors LLC bought a new stake in shares of Rigetti Computing in the 1st quarter valued at approximately $84,000. Wellington Management Group LLP bought a new stake in Rigetti Computing in the fourth quarter worth $2,876,000. California State Teachers Retirement System boosted its position in shares of Rigetti Computing by 12.7% during the fourth 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. Mackenzie Financial Corp purchased a new stake in shares of Rigetti Computing in the fourth quarter worth approximately $168,000. Finally, Fourth Dimension Wealth LLC bought a new stake in shares of Rigetti Computing during the 4th quarter worth approximately $99,000. Hedge funds and other institutional investors own 35.38% of the company's stock.

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.