Rigetti Computing (NASDAQ:RGTI) Shares Down 6.6% - Should You Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report)'s stock price was down 6.6% during mid-day trading on Friday . The stock traded as low as $12.01 and last traded at $12.29. Approximately 21,669,953 shares changed hands during mid-day trading, a decline of 74% from the average daily volume of 83,838,578 shares. The stock had previously closed at $13.15.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on RGTI. Alliance Global Partners restated a "buy" rating on shares of Rigetti Computing in a research report on Thursday, March 6th. Needham & Company LLC dropped their target price on shares of Rigetti Computing from $17.00 to $15.00 and set a "buy" rating on the stock in a report on Wednesday, May 14th. 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 reissued a "buy" rating and set a $14.00 price target on shares of Rigetti Computing in a research report on Thursday, May 15th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat, Rigetti Computing presently has a consensus rating of "Buy" and an average price target of $14.00.

Rigetti Computing Price Performance

The firm has a fifty day moving average price of $9.94 and a two-hundred day moving average price of $9.72. 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 has a market capitalization of $3.56 billion, a P/E ratio of -32.26 and a beta of 1.41.

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

Insider Buying and Selling

In other Rigetti Computing news, CTO David Rivas sold 351,785 shares of Rigetti Computing stock in a transaction on 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 owns 1,094,738 shares of the company's stock, valued at approximately $8,495,166.88. This trade represents a 24.32% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 1.90% of the stock is owned by company insiders.

Institutional Investors Weigh In On Rigetti Computing

Several institutional investors have recently modified their holdings of RGTI. Vanguard Group Inc. lifted its stake in 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 period. Invesco Ltd. raised 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. UNICOM Systems Inc. lifted its position in Rigetti Computing by 1,235.8% during the first quarter. UNICOM Systems Inc. now owns 3,806,935 shares of the company's stock valued at $30,151,000 after purchasing an additional 3,521,935 shares during the period. JPMorgan Chase & Co. boosted its holdings in Rigetti Computing by 3,295.7% in the fourth quarter. JPMorgan Chase & Co. now owns 2,117,563 shares of the company's stock worth $32,314,000 after purchasing an additional 2,055,203 shares during the last quarter. Finally, Nuveen LLC bought a new stake in Rigetti Computing in the 1st quarter worth approximately $6,523,000. 35.38% of the stock is owned by hedge funds and other 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.