Rigetti Computing (NASDAQ:RGTI) Shares Down 5.4% – Should You Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s stock price dropped 5.4% on Friday . The company traded as low as $7.78 and last traded at $8.02. Approximately 12,685,142 shares changed hands during mid-day trading, a decline of 73% from the average daily volume of 47,175,693 shares. The stock had previously closed at $8.47.

Analysts Set New Price Targets

RGTI has been the topic of several research reports. Benchmark reiterated a “buy” rating and set a $14.00 price target on shares of Rigetti Computing in a research report on Thursday, March 6th. 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. Craig Hallum began coverage on shares of Rigetti Computing in a report on Friday, December 20th. They issued a “buy” rating and a $12.00 price target for the company. Alliance Global Partners reaffirmed a “buy” rating on shares of Rigetti Computing in a report on Thursday, March 6th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $17.00 target price on shares of Rigetti Computing in a research note on Thursday, March 6th. Five research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has an average rating of “Buy” and an average target price of $14.50.

Rigetti Computing Price Performance

The firm has a market capitalization of $2.28 billion, a price-to-earnings ratio of -20.99 and a beta of 1.36. 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 company’s fifty day moving average is $10.76 and its two-hundred day moving average is $6.68.

Rigetti Computing (NASDAQ:RGTI) last announced its quarterly earnings data on Wednesday, March 5th. The company reported ($0.08) EPS for the quarter, hitting 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 business had revenue of $2.27 million during the quarter, compared to analysts’ expectations of $2.40 million. During the same period in the previous year, the firm earned ($0.04) earnings per share. Equities research analysts anticipate that Rigetti Computing, Inc. will post -0.34 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Rigetti Computing news, CTO David Rivas sold 351,785 shares of the 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 sale, the chief technology officer now directly owns 1,094,738 shares in the company, valued at approximately $8,495,166.88. This trade represents a 24.32 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 2.81% of the stock is owned by insiders.

Institutional Trading of Rigetti Computing

Large investors have recently made changes to their positions in the company. Silverleafe Capital Partners LLC acquired a new position in Rigetti Computing in the fourth quarter valued at about $554,000. State Street Corp increased its stake in Rigetti Computing by 12.9% during the 3rd quarter. State Street Corp now owns 2,715,223 shares of the company’s stock worth $2,126,000 after purchasing an additional 309,831 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in Rigetti Computing by 14.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,149,934 shares of the company’s stock worth $901,000 after purchasing an additional 144,742 shares in the last quarter. Geode Capital Management LLC raised its holdings in Rigetti Computing by 20.6% during the 3rd quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company’s stock worth $2,837,000 after buying an additional 617,506 shares during the period. Finally, Veracity Capital LLC bought a new position in Rigetti Computing in the fourth quarter valued at approximately $410,000. Institutional investors 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.