Rigetti Computing (NASDAQ:RGTI) Shares Down 6.3% – Time to Sell?

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) dropped 6.3% on Friday . The stock traded as low as $17.70 and last traded at $18.74. Approximately 93,127,443 shares were traded during trading, a decline of 31% from the average daily volume of 135,329,125 shares. The stock had previously closed at $20.00.

Analysts Set New Price Targets

RGTI has been the subject of a number of research analyst reports. Benchmark reaffirmed a “buy” rating and issued a $2.50 price target on shares of Rigetti Computing in a report on Thursday, November 14th. Needham & Company LLC restated a “buy” rating and issued a $2.00 target price on shares of Rigetti Computing in a report on Wednesday, November 13th. B. Riley increased their target price on shares of Rigetti Computing from $3.50 to $4.00 and gave the company a “buy” rating in a research report on Monday, November 25th. Finally, Craig Hallum started coverage on shares of Rigetti Computing in a research report on Friday, December 20th. They issued a “buy” rating and a $12.00 price target for the company. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $4.80.

Rigetti Computing Trading Down 8.6 %

The business’s 50-day moving average price is $5.43 and its 200-day moving average price is $2.48. The firm has a market capitalization of $3.52 billion, a PE ratio of -48.10 and a beta of 1.31. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84.

Insider Buying and Selling at Rigetti Computing

In other Rigetti Computing news, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $1.52, for a total transaction of $1,954,893.28. Following the completion of the sale, the insider now directly owns 19,582,218 shares of the company’s stock, valued at approximately $29,764,971.36. This trade represents a 6.16 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Michael S. Clifton sold 125,000 shares of the business’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $5.03, for a total value of $628,750.00. Following the completion of the transaction, the director now directly owns 1,063,864 shares in the company, valued at approximately $5,351,235.92. The trade was a 10.51 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,955,125 shares of company stock worth $5,489,354. 2.81% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Caprock Group LLC purchased a new stake in Rigetti Computing during the second quarter worth $42,000. Arete Wealth Advisors LLC purchased a new position in shares of Rigetti Computing in the third quarter valued at $45,000. SG Americas Securities LLC raised its stake in shares of Rigetti Computing by 166.9% during the 3rd quarter. SG Americas Securities LLC now owns 63,202 shares of the company’s stock worth $49,000 after buying an additional 39,526 shares during the last quarter. JPMorgan Chase & Co. boosted its position in shares of Rigetti Computing by 3.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 62,360 shares of the company’s stock worth $49,000 after buying an additional 2,045 shares in the last quarter. Finally, Point72 DIFC Ltd acquired a new stake in Rigetti Computing in the 2nd quarter valued at about $88,000. 35.38% of the stock is currently owned by institutional investors and hedge funds.

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.