Rigetti Computing (NASDAQ:RGTI) Trading Down 2% - Should You Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) fell 2% during trading on Wednesday . The stock traded as low as $9.49 and last traded at $9.59. 6,979,557 shares were traded during mid-day trading, a decline of 86% from the average session volume of 49,923,257 shares. The stock had previously closed at $9.79.

Analyst Upgrades and Downgrades

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

Rigetti Computing Trading Down 6.0 %

The business's fifty day simple moving average is $8.87 and its 200 day simple moving average is $8.33. The stock has a market cap of $2.63 billion, a P/E ratio of -24.32 and a beta of 1.41. The company has a current ratio of 4.84, a quick ratio of 4.84 and a debt-to-equity ratio of 0.02.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last announced its quarterly earnings data on Wednesday, March 5th. The company reported ($0.08) earnings per share for the quarter, hitting 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 period in the previous year, the business posted ($0.04) EPS. As a group, analysts expect that Rigetti Computing, Inc. will post -0.34 EPS for the current year.

Insiders Place Their Bets

In other Rigetti Computing news, CTO David Rivas sold 351,785 shares of the stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $7.76, for a total value of $2,729,851.60. Following the completion of the sale, the chief technology officer now directly owns 1,094,738 shares in the company, valued at $8,495,166.88. This represents a 24.32 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 2.81% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. grew its position in Rigetti Computing by 81.7% in the fourth quarter. Vanguard Group Inc. now owns 11,746,361 shares of the company's stock valued at $179,249,000 after purchasing an additional 5,280,128 shares in the last quarter. Invesco Ltd. grew its stake in Rigetti Computing by 7,367.2% in the 4th quarter. Invesco Ltd. now owns 4,580,317 shares of the company's stock valued at $69,896,000 after buying an additional 4,518,978 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Rigetti Computing by 6.3% during the 4th quarter. Geode Capital Management LLC now owns 3,850,220 shares of the company's stock worth $58,767,000 after purchasing an additional 228,391 shares during the last quarter. UNICOM Systems Inc. grew its stake in shares of Rigetti Computing by 1,235.8% in the first quarter. UNICOM Systems Inc. now owns 3,806,935 shares of the company's stock valued at $30,151,000 after acquiring an additional 3,521,935 shares in the last quarter. Finally, Penserra Capital Management LLC increased its holdings in shares of Rigetti Computing by 41.0% during the first quarter. Penserra Capital Management LLC now owns 2,215,671 shares of the company's stock worth $17,548,000 after purchasing an additional 644,455 shares during the period. Institutional investors own 35.38% of the company's stock.

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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