Rigetti Computing (NASDAQ:RGTI) Shares Gap Down – Should You Sell?

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) gapped down before the market opened on Tuesday . The stock had previously closed at $9.78, but opened at $9.56. Rigetti Computing shares last traded at $9.73, with a volume of 7,482,710 shares traded.

Analyst Ratings Changes

Several brokerages recently weighed in on RGTI. B. Riley raised their target price on shares of Rigetti Computing from $8.50 to $15.00 and gave the company a “buy” rating in a report on Friday, February 14th. Craig Hallum initiated coverage on shares of Rigetti Computing in a research report on Friday, December 20th. They set a “buy” rating and a $12.00 price objective for the company. Benchmark reissued a “buy” rating and issued a $14.00 target price on shares of Rigetti Computing in a report on Thursday, March 6th. Needham & Company LLC reaffirmed a “buy” rating and set a $17.00 price target on shares of Rigetti Computing in a report on Thursday, March 6th. Finally, Alliance Global Partners reiterated a “buy” rating on shares of Rigetti Computing in a report on Thursday, March 6th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $14.50.

Rigetti Computing Stock Down 6.5 %

The firm’s 50 day simple moving average is $10.81 and its 200-day simple moving average is $6.66. The company has a market cap of $2.62 billion, a price-to-earnings ratio of -24.16 and a beta of 1.36. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84.

Rigetti Computing (NASDAQ:RGTI) last announced its earnings results on Wednesday, March 5th. The company reported ($0.08) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates 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 prior year, the firm earned ($0.04) EPS. As a group, sell-side analysts anticipate that Rigetti Computing, Inc. will post -0.34 earnings per share for the current year.

Insider Activity at Rigetti Computing

In other Rigetti Computing news, CTO David Rivas sold 351,785 shares of Rigetti Computing stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $7.76, for a total value of $2,729,851.60. Following the transaction, the chief technology officer now directly owns 1,094,738 shares in the company, valued at approximately $8,495,166.88. The trade was a 24.32 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 2.81% of the stock is owned by insiders.

Institutional Investors Weigh In On Rigetti Computing

Several hedge funds have recently made changes to their positions in RGTI. Wellington Management Group LLP purchased a new stake in Rigetti Computing during the 4th quarter valued at approximately $2,876,000. California State Teachers Retirement System increased its holdings in shares of Rigetti Computing by 12.7% in the fourth quarter. California State Teachers Retirement System now owns 11,551 shares of the company’s stock valued at $176,000 after purchasing an additional 1,301 shares during the period. Mackenzie Financial Corp purchased a new stake in shares of Rigetti Computing during the fourth quarter worth approximately $168,000. Fourth Dimension Wealth LLC acquired a new stake in shares of Rigetti Computing during the fourth quarter worth $99,000. Finally, Orion Capital Management LLC purchased a new position in Rigetti Computing in the 4th quarter valued at $46,000. 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.