Rigetti Computing (NASDAQ:RGTI) Shares Down 2.5% – Time to Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price fell 2.5% on Tuesday . The stock traded as low as $13.29 and last traded at $13.84. 20,197,237 shares traded hands during mid-day trading, a decline of 31% from the average session volume of 29,288,654 shares. The stock had previously closed at $14.20.

Analyst Ratings Changes

Several brokerages have recently weighed in on RGTI. Weiss Ratings restated a “sell (d-)” rating on shares of Rigetti Computing in a report on Monday, December 29th. Wall Street Zen lowered Rigetti Computing from a “hold” rating to a “sell” rating in a report on Saturday, February 21st. Benchmark cut their price objective on Rigetti Computing from $35.00 to $25.00 and set a “buy” rating for the company in a report on Friday, March 20th. Wedbush upped their price objective on Rigetti Computing from $35.00 to $40.00 and gave the company an “outperform” rating in a report on Wednesday, January 21st. Finally, Jefferies Financial Group began coverage on Rigetti Computing in a report on Tuesday, December 16th. They issued a “hold” rating and a $30.00 price objective for the company. Eight analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $31.70.

Rigetti Computing Stock Down 2.5%

The business has a 50-day moving average price of $16.45 and a 200-day moving average price of $25.66. The company has a market capitalization of $4.60 billion, a price-to-earnings ratio of -20.35 and a beta of 1.82.

Rigetti Computing (NASDAQ:RGTI) last announced its earnings results on Wednesday, March 4th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.02. The company had revenue of $1.87 million for the quarter, compared to analyst estimates of $2.33 million. Rigetti Computing had a negative return on equity of 14.91% and a negative net margin of 3,111.92%.Rigetti Computing’s revenue for the quarter was down 17.9% compared to the same quarter last year. As a group, sell-side analysts predict that Rigetti Computing, Inc. will post -0.34 EPS for the current year.

Insider Buying and Selling at Rigetti Computing

In related news, CFO Jeffrey A. Bertelsen sold 4,270 shares of the company’s stock in a transaction on Tuesday, March 10th. The stock was sold at an average price of $17.52, for a total transaction of $74,810.40. Following the transaction, the chief financial officer directly owned 175,609 shares of the company’s stock, valued at approximately $3,076,669.68. The trade was a 2.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO David Rivas sold 36,719 shares of the company’s stock in a transaction dated Tuesday, March 10th. The stock was sold at an average price of $17.52, for a total value of $643,316.88. Following the completion of the transaction, the chief technology officer directly owned 651,914 shares in the company, valued at approximately $11,421,533.28. The trade was a 5.33% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 1.90% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Rothschild Investment LLC increased its position in Rigetti Computing by 26.1% in the 3rd quarter. Rothschild Investment LLC now owns 1,665 shares of the company’s stock worth $50,000 after purchasing an additional 345 shares during the last quarter. Trust Co. of Toledo NA OH increased its position in Rigetti Computing by 1.7% in the 3rd quarter. Trust Co. of Toledo NA OH now owns 21,178 shares of the company’s stock worth $631,000 after purchasing an additional 357 shares during the last quarter. Prospera Financial Services Inc increased its position in Rigetti Computing by 1.0% in the 3rd quarter. Prospera Financial Services Inc now owns 41,789 shares of the company’s stock worth $1,245,000 after purchasing an additional 419 shares during the last quarter. Kestra Private Wealth Services LLC increased its position in Rigetti Computing by 1.4% in the 4th quarter. Kestra Private Wealth Services LLC now owns 37,534 shares of the company’s stock worth $831,000 after purchasing an additional 535 shares during the last quarter. Finally, MAI Capital Management increased its position in Rigetti Computing by 17.7% in the 3rd quarter. MAI Capital Management now owns 3,763 shares of the company’s stock worth $112,000 after purchasing an additional 566 shares during the last quarter. 35.38% of the stock is owned by institutional investors and hedge funds.

Rigetti Computing Company Profile

Rigetti Computing is a pioneering quantum computing company that designs and manufactures superconducting quantum processors alongside a complementary software stack. Founded in 2013 by CEO Chad Rigetti, the company has developed end-to-end quantum systems—from cryogenic hardware to control electronics—to advance the performance and scalability of quantum machines.

At the core of Rigetti’s offering is its Quantum Cloud Services (QCS) platform, which enables developers and enterprises to access quantum processing units (QPUs) and hybrid quantum-classical workflows via the cloud.