Rigetti Computing (NASDAQ:RGTI) Shares Down 2.3% - Time to Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report)'s stock price was down 2.3% during mid-day trading on Tuesday . The company traded as low as $8.89 and last traded at $9.01. Approximately 9,577,160 shares were traded during trading, a decline of 81% from the average daily volume of 49,336,015 shares. The stock had previously closed at $9.22.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. Alliance Global Partners reaffirmed a "buy" rating on shares of Rigetti Computing in a research report on Thursday, March 6th. Needham & Company LLC reiterated a "buy" rating and issued a $17.00 price objective on shares of Rigetti Computing in a research report on Thursday, March 6th. B. Riley upped their target price on shares of Rigetti Computing from $8.50 to $15.00 and gave the stock a "buy" rating in a research report on Friday, February 14th. Finally, Benchmark reaffirmed a "buy" rating and set a $14.00 price target on shares of Rigetti Computing in a report on Thursday, March 6th. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of $14.50.

Rigetti Computing Stock Down 3.0 %

The firm's fifty day moving average is $8.91 and its two-hundred day moving average is $8.02. The firm has a market cap of $2.56 billion, a price-to-earnings ratio of -23.49 and a beta of 1.41. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last issued its quarterly earnings results on Wednesday, March 5th. The company reported ($0.08) earnings per share for the quarter, hitting analysts' consensus estimates of ($0.08). Rigetti Computing had a negative net margin of 509.58% and a negative return on equity of 51.56%. The company had revenue of $2.27 million during the quarter, compared to analyst estimates of $2.40 million. During the same period in the prior year, the business posted ($0.04) EPS. On average, sell-side analysts expect that Rigetti Computing, Inc. will post -0.34 EPS for the current fiscal year.

Insider Transactions at Rigetti Computing

In related news, CTO David Rivas sold 351,785 shares of the business's stock in a transaction that occurred on 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 document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 2.81% of the company's stock.

Institutional Trading of Rigetti Computing

Large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its position in shares of Rigetti Computing by 81.7% during the 4th quarter. Vanguard Group Inc. now owns 11,746,361 shares of the company's stock valued at $179,249,000 after acquiring an additional 5,280,128 shares during the last quarter. Invesco Ltd. lifted its holdings in shares of Rigetti Computing by 7,367.2% during the fourth quarter. Invesco Ltd. now owns 4,580,317 shares of the company's stock valued at $69,896,000 after purchasing an additional 4,518,978 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Rigetti Computing by 6.3% in the 4th quarter. Geode Capital Management LLC now owns 3,850,220 shares of the company's stock valued at $58,767,000 after purchasing an additional 228,391 shares during the period. State Street Corp increased its stake in Rigetti Computing by 12.9% in the 3rd quarter. State Street Corp now owns 2,715,223 shares of the company's stock worth $2,126,000 after purchasing an additional 309,831 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its holdings in Rigetti Computing by 3,295.7% during the 4th quarter. JPMorgan Chase & Co. now owns 2,117,563 shares of the company's stock worth $32,314,000 after buying an additional 2,055,203 shares during the period. 35.38% of the stock is currently owned by institutional investors.

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.

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