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

Key Points

• Rigetti Computing's shares gapped down from a previous close of $28.52 to open at $26.33, with recent trading around $27.93 and a volume of 30,777,858 shares.
• Despite the drop in share price, Rigetti has an average analyst rating of "Buy" with several analysts adjusting their price targets, including a notable increase from $19.00 to $35.00 by B. Riley.
• Insider transactions indicate significant selling activity, with Director Michael S. Clifton selling 75,000 shares for about $1.43 million, resulting in a 10.29% decrease in his ownership of the stock.

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) shares gapped down before the market opened on Monday . The stock had previously closed at $28.52, but opened at $26.33. Rigetti Computing shares last traded at $27.93, with a volume of 30,777,858 shares.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. Benchmark increased their price target on shares of Rigetti Computing from $14.00 to $20.00 and gave the company a "buy" rating in a report on Wednesday, August 13th. Industrial Alliance Securities set a $18.00 price target on shares of Rigetti Computing in a report on Wednesday, July 16th. Cantor Fitzgerald began coverage on shares of Rigetti Computing in a research report on Wednesday, July 2nd. They issued an "overweight" rating and a $15.00 price objective for the company. Williams Trading set a $20.00 price target on shares of Rigetti Computing in a research report on Wednesday, August 13th. Finally, Needham & Company LLC lifted their price objective on shares of Rigetti Computing from $15.00 to $18.00 and gave the stock a "buy" rating in a research note on Monday, August 4th. Six investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus price target of $19.71.

Rigetti Computing Price Performance

The company's fifty day simple moving average is $16.72 and its 200 day simple moving average is $12.71. The firm has a market capitalization of $9.73 billion, a PE ratio of -39.51 and a beta of 1.44.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last announced its quarterly earnings results on Tuesday, August 12th. The company reported ($0.05) earnings per share for the quarter, beating the consensus estimate of ($0.06) by $0.01. The firm had revenue of $1.80 million for the quarter, compared to analysts' expectations of $1.87 million. Rigetti Computing had a negative return on equity of 29.05% and a negative net margin of 2,134.92%. On average, analysts anticipate that Rigetti Computing, Inc. will post -0.34 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Jeffrey A. Bertelsen sold 3,919 shares of the stock in a transaction that occurred on Wednesday, August 20th. The stock was sold at an average price of $14.84, for a total transaction of $58,157.96. Following the completion of the sale, the chief financial officer owned 183,581 shares of the company's stock, valued at approximately $2,724,342.04. This represents a 2.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Thomas J. Iannotti sold 100,000 shares of the firm's stock in a transaction on Friday, September 12th. The stock was sold at an average price of $19.50, for a total value of $1,950,000.00. Following the completion of the sale, the director directly owned 14,902 shares of the company's stock, valued at $290,589. The trade was a 87.03% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 457,624 shares of company stock valued at $8,498,996.

Hedge Funds Weigh In On Rigetti Computing

Several institutional investors have recently made changes to their positions in the business. IFP Advisors Inc increased its holdings in Rigetti Computing by 146.1% in the 2nd quarter. IFP Advisors Inc now owns 2,190 shares of the company's stock worth $26,000 after acquiring an additional 1,300 shares in the last quarter. Armstrong Advisory Group Inc. boosted its position in shares of Rigetti Computing by 225.4% during the 2nd quarter. Armstrong Advisory Group Inc. now owns 2,974 shares of the company's stock valued at $35,000 after acquiring an additional 2,060 shares during the last quarter. GAMMA Investing LLC boosted its position in shares of Rigetti Computing by 1,813.0% during the 1st quarter. GAMMA Investing LLC now owns 3,233 shares of the company's stock valued at $26,000 after acquiring an additional 3,064 shares during the last quarter. Center for Financial Planning Inc. bought a new stake in Rigetti Computing in the first quarter worth $30,000. Finally, Quarry LP bought a new stake in Rigetti Computing in the first quarter worth $31,000. Institutional investors own 35.38% of the company's stock.

About Rigetti Computing

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.