Rigetti Computing (NASDAQ:RGTI) Stock Price Down 4.9% - Time to Sell?

Key Points

• Rigetti Computing's stock price dropped by 4.9% on Monday, trading as low as $28.45 before closing at $29.65, with a significant increase in trading volume.
• The company reported quarterly earnings of ($0.05) per share, beating expectations but still posting a negative return on equity of 29.05% and a net margin of -2,134.92%.
• Multiple analysts have rated Rigetti Computing as a "buy," with an average target price of $19.71, indicating a potential upside in the stock despite recent volatility.

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) was down 4.9% on Monday . The stock traded as low as $28.45 and last traded at $29.65. Approximately 95,142,667 shares changed hands during trading, an increase of 37% from the average daily volume of 69,476,211 shares. The stock had previously closed at $31.18.

Analyst Upgrades and Downgrades

RGTI has been the topic of a number of research analyst reports. Cantor Fitzgerald initiated coverage on Rigetti Computing in a report on Wednesday, July 2nd. They issued an "overweight" rating and a $15.00 target price on the stock. Alliance Global Partners reiterated a "buy" rating on shares of Rigetti Computing in a research report on Wednesday, July 16th. B. Riley increased their target price on shares of Rigetti Computing from $19.00 to $35.00 and gave the stock a "buy" rating in a report on Monday, September 22nd. Benchmark lifted 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. Finally, Williams Trading set a $20.00 price objective on shares of Rigetti Computing in a research report on Wednesday, August 13th. Six research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $19.71.

Rigetti Computing Stock Performance

The company has a market cap of $9.61 billion, a price-to-earnings ratio of -39.01 and a beta of 1.44. The company has a fifty day moving average of $17.97 and a two-hundred day moving average of $13.36.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last released its quarterly earnings data 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. Rigetti Computing had a negative return on equity of 29.05% and a negative net margin of 2,134.92%.The company had revenue of $1.80 million for the quarter, compared to the consensus estimate of $1.87 million. Equities analysts expect that Rigetti Computing, Inc. will post -0.34 EPS for the current fiscal year.

Insider Buying and Selling at Rigetti Computing

In related news, Director Ray O. Johnson sold 126,295 shares of the firm's stock in a transaction on Friday, September 12th. The stock was sold at an average price of $20.00, for a total transaction of $2,525,900.00. Following the completion of the transaction, the director directly owned 293,461 shares of the company's stock, valued at $5,869,220. This trade represents a 30.09% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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 transaction, the director directly owned 14,902 shares of the company's stock, valued at approximately $290,589. This represents a 87.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 457,624 shares of company stock worth $8,498,996 over the last 90 days.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of RGTI. IFP Advisors Inc raised its position in shares of 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. raised its position in shares of Rigetti Computing by 225.4% in the 2nd quarter. Armstrong Advisory Group Inc. now owns 2,974 shares of the company's stock worth $35,000 after acquiring an additional 2,060 shares in the last quarter. GAMMA Investing LLC raised its position in shares of Rigetti Computing by 1,813.0% in the 1st quarter. GAMMA Investing LLC now owns 3,233 shares of the company's stock worth $26,000 after acquiring an additional 3,064 shares in the last quarter. Center for Financial Planning Inc. bought a new position in shares of Rigetti Computing in the 1st quarter worth about $30,000. Finally, Quarry LP bought a new stake in shares of Rigetti Computing in the 1st quarter valued at $31,000. 35.38% of the stock is owned by institutional investors.

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.

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