Rigetti Computing (NASDAQ:RGTI) Stock Price Down 3.1% - Time to Sell?

Key Points

• Rigetti Computing shares fell 3.1% to $14.14, with trading volume below its average. The stock remains below both its 50-day and 200-day moving averages.
• Analyst sentiment is mixed: seven analysts rate the stock a Buy, five a Hold, and one a Sell. The consensus rating is Hold, with a $30.67 target price.
• Rigetti reported quarterly revenue of $5.14 million and an adjusted loss of $0.05 per share, while maintaining deeply negative profitability metrics. Insiders sold about $2.57 million of shares over the past three months.

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report)'s share price fell 3.1% during trading on Thursday. The stock traded as low as $13.74 and last traded at $14.14. 17,036,942 shares were traded during trading, a decline of 42% from the average session volume of 29,564,396 shares. The stock had previously closed at $14.59.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on RGTI. Weiss Ratings downgraded shares of Rigetti Computing from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Thursday, September 17th. Wedbush assumed coverage on shares of Rigetti Computing in a research report on Monday, August 3rd. They issued an "outperform" rating and a $40.00 target price for the company. Rosenblatt Securities restated a "buy" rating and issued a $40.00 price target on shares of Rigetti Computing in a research note on Friday, August 7th. Zacks Research raised Rigetti Computing from a "strong sell" rating to a "hold" rating in a report on Tuesday. Finally, Benchmark started coverage on Rigetti Computing in a report on Monday, July 27th. They set a "buy" rating and a $25.00 price target on the stock. Seven research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $30.67.

Rigetti Computing Trading Down 3.1%

The stock has a market cap of $4.72 billion, a P/E ratio of -15.71 and a beta of 2.02. The stock's 50-day moving average is $16.19 and its 200-day moving average is $17.49.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.05) EPS for the quarter, hitting analysts' consensus estimates of ($0.05). The company had revenue of $5.14 million for the quarter, compared to the consensus estimate 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, equities analysts forecast that Rigetti Computing, Inc. will post -0.27 EPS for the current year.

Insider Transactions at Rigetti Computing

In other Rigetti Computing news, COO David Rivas sold 9,038 shares of the stock in a transaction on Thursday, August 20th. The stock was sold at an average price of $16.79, for a total transaction of $151,748.02. Following the completion of the transaction, the chief operating officer directly owned 316,907 shares of the company's stock, valued at approximately $5,320,868.53. This trade represents a 2.77% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Subodh K. Kulkarni sold 120,000 shares of Rigetti Computing stock in a transaction on Wednesday, September 9th. The shares were sold at an average price of $15.68, for a total value of $1,881,600.00. Following the transaction, the chief executive officer owned 140,411 shares in the company, valued at approximately $2,201,644.48. This trade represents a 46.08% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 163,689 shares of company stock worth $2,570,890 in the last three months. 1.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Compass Financial Management LLC bought a new stake in Rigetti Computing in the second quarter worth about $34,000. PeakShares LLC acquired a new position in shares of Rigetti Computing in the 1st quarter worth approximately $28,000. Ancora Advisors LLC bought a new stake in shares of Rigetti Computing in the 2nd quarter worth approximately $87,000. EverSource Wealth Advisors LLC raised its holdings in shares of Rigetti Computing by 31.8% in the 1st quarter. EverSource Wealth Advisors LLC now owns 4,651 shares of the company's stock worth $65,000 after purchasing an additional 1,121 shares in the last quarter. Finally, OP Asset Management Ltd acquired a new stake in Rigetti Computing during the first quarter valued at approximately $75,000. Institutional investors own 35.38% of the company's stock.

Rigetti Computing Company Profile

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 and control systems used to operate them, and provides access to its quantum computing capabilities through cloud-based services.

Rigetti's products and services include its quantum processing units (QPUs), quantum-classical computing infrastructure, and the Rigetti Quantum Cloud Services platform.

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