Rigetti Computing (NASDAQ:RGTI) Trading Down 7.1% - Time to Sell?

Key Points

• Rigetti Computing shares fell by 7.1%, trading as low as $15.03, with a significant decline in volume to 33.6 million shares, compared to the average of 68.7 million.
• Analysts have recently increased their price targets for Rigetti, with a consensus target now set at $17.43, while several firms maintain a "buy" rating.
• Institutional investors have increased their stakes in the company, with Vanguard Group growing its holdings by 20.7%, reflecting growing interest from significant investment players.

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) fell 7.1% during trading on Tuesday . The company traded as low as $15.03 and last traded at $15.08. 33,698,173 shares traded hands during trading, a decline of 51% from the average session volume of 68,749,672 shares. The stock had previously closed at $16.23.

Analysts Set New Price Targets

RGTI has been the subject of several recent research reports. B. Riley boosted their target price on shares of Rigetti Computing from $15.00 to $19.00 and gave the company a "buy" rating in a research note on Wednesday, July 23rd. Needham & Company LLC boosted their target price on shares of Rigetti Computing from $15.00 to $18.00 and gave the stock a "buy" rating in a research report on Monday, August 4th. Industrial Alliance Securities set a $18.00 target price on shares of Rigetti Computing in a research note on Wednesday, July 16th. Williams Trading set a $20.00 price target on shares of Rigetti Computing in a research report on Wednesday, August 13th. Finally, Cantor Fitzgerald initiated coverage on Rigetti Computing in a research note on Wednesday, July 2nd. They issued an "overweight" rating and a $15.00 price target for the company. Six analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus price target of $17.43.

Rigetti Computing Trading Down 6.1%

The business has a 50-day moving average price of $14.69 and a 200 day moving average price of $11.70. The stock has a market cap of $4.94 billion, a PE ratio of -20.01 and a beta of 1.44.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last announced its quarterly earnings data on Tuesday, August 12th. The company reported ($0.05) EPS 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 firm had revenue of $1.80 million for the quarter, compared to analyst estimates of $1.87 million. On average, equities analysts predict that Rigetti Computing, Inc. will post -0.34 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Michael S. Clifton sold 25,000 shares of the stock in a transaction on Wednesday, July 16th. The stock was sold at an average price of $15.00, for a total transaction of $375,000.00. Following the completion of the sale, the director owned 853,766 shares in the company, valued at approximately $12,806,490. This represents a 2.84% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Jeffrey A. Bertelsen sold 3,919 shares of the stock in a transaction dated Wednesday, August 20th. The stock was sold at an average price of $14.84, for a total value of $58,157.96. Following the sale, the chief financial officer directly owned 183,581 shares in the company, valued at $2,724,342.04. This represents a 2.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 113,694 shares of company stock valued at $1,698,130 over the last three months.

Institutional Trading of Rigetti Computing

Institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its stake in shares of Rigetti Computing by 20.7% during the first quarter. Vanguard Group Inc. now owns 14,177,119 shares of the company's stock worth $112,283,000 after purchasing an additional 2,430,758 shares in the last quarter. State Street Corp grew its position in shares of Rigetti Computing by 12.0% in the second quarter. State Street Corp now owns 8,853,006 shares of the company's stock valued at $104,997,000 after purchasing an additional 946,850 shares during the last quarter. Marex Group plc acquired a new stake in Rigetti Computing during the second quarter worth approximately $87,414,000. Geode Capital Management LLC raised its stake in Rigetti Computing by 22.9% during the second quarter. Geode Capital Management LLC now owns 6,484,155 shares of the company's stock worth $76,910,000 after purchasing an additional 1,206,925 shares during the period. Finally, UNICOM Systems Inc. raised its stake 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 worth $30,151,000 after purchasing an additional 3,521,935 shares during the period. Institutional investors and hedge funds 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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