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

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report)'s stock price dropped 1.4% during trading on Monday . The company traded as low as $11.82 and last traded at $11.94. Approximately 11,639,380 shares were traded during mid-day trading, a decline of 79% from the average daily volume of 55,036,236 shares. The stock had previously closed at $12.11.

Analyst Ratings Changes

Several research analysts recently commented on the stock. Benchmark reiterated a "buy" rating and issued a $14.00 target price on shares of Rigetti Computing in a report on Thursday, May 15th. Needham & Company LLC dropped their price objective on Rigetti Computing from $17.00 to $15.00 and set a "buy" rating on the stock in a research note on Wednesday, May 14th. Alliance Global Partners reissued a "buy" rating on shares of Rigetti Computing in a research report on Thursday, March 6th. Finally, B. Riley raised their target price on Rigetti Computing from $8.50 to $15.00 and gave the company a "buy" rating in a report on Friday, February 14th. Five analysts have rated the stock with a buy rating, According to MarketBeat.com, Rigetti Computing presently has an average rating of "Buy" and an average price target of $14.00.

Rigetti Computing Price Performance

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's 50-day moving average price is $10.07 and its 200 day moving average price is $9.82. The firm has a market cap of $3.50 billion, a price-to-earnings ratio of -31.68 and a beta of 1.41.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last posted its quarterly earnings results on Wednesday, March 5th. The company reported ($0.08) EPS for the quarter, meeting the consensus estimate of ($0.08). Rigetti Computing had a negative return on equity of 51.56% and a negative net margin of 509.58%. The firm had revenue of $2.27 million during the quarter, compared to analysts' expectations of $2.40 million. During the same quarter in the prior year, the firm posted ($0.04) EPS. Equities research analysts predict that Rigetti Computing, Inc. will post -0.34 earnings per share for the current year.

Insider Activity at Rigetti Computing

In related news, CTO David Rivas sold 351,785 shares of the 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 completion of the transaction, the chief technology officer now owns 1,094,738 shares of the company's stock, valued at $8,495,166.88. This 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 at this hyperlink. 1.90% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Rigetti Computing

A number of institutional investors have recently added to or reduced their stakes in RGTI. California State Teachers Retirement System raised its holdings in shares of Rigetti Computing by 12.7% in the 4th quarter. California State Teachers Retirement System now owns 11,551 shares of the company's stock worth $176,000 after buying an additional 1,301 shares in the last quarter. US Bancorp DE grew its position in Rigetti Computing by 29.4% in the first quarter. US Bancorp DE now owns 6,248 shares of the company's stock valued at $49,000 after acquiring an additional 1,420 shares during the period. Allworth Financial LP raised its stake in Rigetti Computing by 14.9% during the fourth quarter. Allworth Financial LP now owns 11,604 shares of the company's stock worth $161,000 after acquiring an additional 1,504 shares in the last quarter. Signaturefd LLC bought a new position in shares of Rigetti Computing during the fourth quarter valued at $25,000. Finally, Amalgamated Bank lifted its holdings in shares of Rigetti Computing by 33.1% during the first quarter. Amalgamated Bank now owns 6,516 shares of the company's stock valued at $52,000 after acquiring an additional 1,622 shares during the period. 35.38% of the stock is owned by institutional investors and hedge funds.

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.