Rigetti Computing (NASDAQ:RGTI) Trading Down 7.6% - Should You Sell?

Key Points

• Rigetti Computing's stock price fell by 7.6% during trading, closing at $40.00 after reaching a low of $39.05.
• Analysts have set a new price target for Rigetti Computing, with Benchmark raising it significantly from $20.00 to $50.00 and maintaining a "buy" rating.
• Insider transactions reveal a decline in ownership, with significant sales by directors, indicating potential concerns about the company's future performance.

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report)'s share price fell 7.6% during trading on Tuesday . The stock traded as low as $39.05 and last traded at $40.00. 81,676,500 shares changed hands during mid-day trading, an increase of 10% from the average session volume of 74,346,242 shares. The stock had previously closed at $43.31.

Analysts Set New Price Targets

Several brokerages have issued reports on RGTI. Benchmark boosted their target price on Rigetti Computing from $20.00 to $50.00 and gave the company a "buy" rating in a research note on Tuesday, October 7th. Alliance Global Partners reissued a "buy" rating on shares of Rigetti Computing in a report on Wednesday, July 16th. Williams Trading set a $50.00 price objective on shares of Rigetti Computing in a report on Tuesday, October 7th. B. Riley lifted their target price on shares of Rigetti Computing from $19.00 to $35.00 and gave the stock a "buy" rating in a research note on Monday, September 22nd. Finally, Industrial Alliance Securities set a $18.00 price objective on shares of Rigetti Computing in a research note on Wednesday, July 16th. Six research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $28.29.

Rigetti Computing Stock Down 7.6%

The business's 50-day moving average price is $26.82 and its 200 day moving average price is $17.16. The company has a market capitalization of $12.97 billion, a P/E ratio of -52.63 and a beta of 1.60.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last posted its earnings results on Tuesday, August 12th. The company reported ($0.05) earnings per share for the quarter, topping analysts' consensus estimates of ($0.06) by $0.01. Rigetti Computing had a negative net margin of 2,134.92% and a negative return on equity of 29.05%. The business had revenue of $1.80 million for the quarter, compared to analyst estimates of $1.87 million. Analysts anticipate 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 Michael S. Clifton sold 75,000 shares of the company's stock in a transaction that occurred on Friday, September 12th. The shares were sold at an average price of $19.00, for a total value of $1,425,000.00. Following the transaction, the director directly owned 653,766 shares in the company, valued at approximately $12,421,554. This represents a 10.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Ray O. Johnson sold 126,295 shares of Rigetti Computing stock in a transaction that occurred on Friday, September 12th. The shares were sold at an average price of $20.00, for a total transaction of $2,525,900.00. Following the sale, the director owned 293,461 shares of the company's stock, valued at approximately $5,869,220. The trade was a 30.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 454,204 shares of company stock valued at $10,300,876 over the last 90 days. Insiders own 1.90% of the company's stock.

Institutional Trading of Rigetti Computing

A number of hedge funds have recently made changes to their positions in the stock. GAMMA Investing LLC grew its position in Rigetti Computing by 15,050.9% in the first quarter. GAMMA Investing LLC now owns 25,605 shares of the company's stock worth $203,000 after acquiring an additional 25,436 shares in the last quarter. Wealth Enhancement Advisory Services LLC bought a new stake in Rigetti Computing during the first quarter worth about $126,000. Janney Montgomery Scott LLC purchased a new position in shares of Rigetti Computing in the 1st quarter worth about $206,000. Kingswood Wealth Advisors LLC bought a new position in shares of Rigetti Computing during the 1st quarter valued at about $144,000. Finally, PFG Investments LLC purchased a new position in shares of Rigetti Computing during the 1st quarter valued at about $687,000. 35.38% of the stock is owned by institutional investors.

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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