Rigetti Computing (NASDAQ:RGTI) Stock Price Down 1.4% - Should You Sell?

Key Points

• Rigetti shares fell 1.4% to $15.76 in mid-day trading, with volume below the average session level. The stock remains below its 200-day moving average of $17.57.
• Analyst views are mixed: seven analysts rate the stock Buy, four Hold, and two Sell. The consensus rating is Hold, with an average price target of $30.67 versus the recent share price.
• Rigetti met quarterly EPS expectations and slightly exceeded revenue estimates, but it continues to report steep losses, including a negative net margin of 2,189.54%. Insiders sold $4.3 million of stock over the past 90 days, while institutional investors own 35.38% of the company.

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report)'s stock price fell 1.4% during mid-day trading on Friday . The company traded as low as $15.09 and last traded at $15.76. Approximately 19,080,392 shares changed hands during trading, a decline of 38% from the average session volume of 30,647,340 shares. The stock had previously closed at $15.99.

Analysts Set New Price Targets

A number of research firms have recently weighed in on RGTI. Rosenblatt Securities reaffirmed a "buy" rating and set a $40.00 price target on shares of Rigetti Computing in a report on Friday, August 7th. Zacks Research lowered Rigetti Computing from a "hold" rating to a "strong sell" rating in a research note on Wednesday, August 19th. Wedbush initiated coverage on Rigetti Computing in a research note on Monday, August 3rd. They issued an "outperform" rating and a $40.00 price objective on the stock. Weiss Ratings upgraded Rigetti Computing from a "sell (e+)" rating to a "sell (d-)" rating in a report on Wednesday, September 2nd. Finally, Benchmark started coverage on Rigetti Computing in a research note on Monday, July 27th. They set a "buy" rating and a $25.00 target price for the company. Seven research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, Rigetti Computing currently has a consensus rating of "Hold" and an average target price of $30.67.

Rigetti Computing Trading Down 1.4%

The company's 50-day moving average is $15.94 and its 200 day moving average is $17.57. The firm has a market cap of $5.26 billion, a PE ratio of -17.51 and a beta of 2.00.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.05) earnings per share for the quarter, hitting the consensus estimate of ($0.05). The firm had revenue of $5.14 million for the quarter, compared to analysts' expectations of $5.09 million. Rigetti Computing had a negative net margin of 2,189.54% and a negative return on equity of 17.50%. On average, research analysts predict that Rigetti Computing, Inc. will post -0.27 EPS for the current fiscal year.

Insider Buying and Selling at Rigetti Computing

In other Rigetti Computing news, CFO Jeffrey A. Bertelsen sold 25,000 shares of the stock in a transaction that occurred on Thursday, September 3rd. The shares were sold at an average price of $15.00, for a total value of $375,000.00. Following the completion of the sale, the chief financial officer owned 168,067 shares in the company, valued at $2,521,005. This represents a 12.95% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO David Rivas sold 9,038 shares of Rigetti Computing stock in a transaction on Thursday, August 20th. The shares were sold at an average price of $16.79, for a total transaction of $151,748.02. Following the sale, the chief operating officer directly owned 316,907 shares of the company's stock, valued at $5,320,868.53. This trade represents a 2.77% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 248,633 shares of company stock valued at $4,316,489 in the last 90 days. Corporate insiders own 1.60% of the company's stock.

Institutional Trading of Rigetti Computing

Institutional investors have recently bought and sold shares of the company. Geode Capital Management LLC increased its position in Rigetti Computing by 2.6% in the 4th quarter. Geode Capital Management LLC now owns 7,879,325 shares of the company's stock worth $174,930,000 after purchasing an additional 196,891 shares during the last quarter. Clear Street Group Inc. grew its stake in shares of Rigetti Computing by 71.1% in the 4th quarter. Clear Street Group Inc. now owns 2,743,150 shares of the company's stock valued at $60,761,000 after buying an additional 1,140,183 shares in the last quarter. Norges Bank bought a new stake in shares of Rigetti Computing in the 4th quarter valued at approximately $38,889,000. Westfield Capital Management Co. LP acquired a new position in Rigetti Computing in the fourth quarter worth approximately $20,727,000. Finally, Clearbridge Investments LLC increased its holdings in Rigetti Computing by 37.5% in the fourth quarter. Clearbridge Investments LLC now owns 918,829 shares of the company's stock worth $20,352,000 after buying an additional 250,827 shares during the last quarter. Institutional investors and hedge funds own 35.38% of the company's stock.

About Rigetti Computing

Rigetti Computing, Inc is a quantum computing company that develops full-stack quantum computing systems based on superconducting qubit technology. The company designs and manufactures quantum processors, develops the software needed to program and operate them, and provides access to its systems through cloud-based services.

Rigetti's offerings include its quantum processing units and integrated quantum computing systems, as well as the Rigetti Quantum Cloud Services platform. Through cloud access and partnerships, organizations can experiment with quantum algorithms and explore potential applications in areas such as optimization, simulation, machine learning and other computationally intensive fields.

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