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

Rigetti Computing, Inc. (NASDAQ:RGTI) gapped down prior to trading on Monday . The stock had previously closed at $19.02, but opened at $18.54. Rigetti Computing shares last traded at $20.83, with a volume of 26,124,376 shares changing hands.

Analysts Set New Price Targets

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

Rigetti Computing Stock Down 45.4 %

The business’s fifty day simple moving average is $6.48 and its two-hundred day simple moving average is $2.89. The company has a market cap of $1.93 billion, a PE ratio of -26.42 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 Activity at Rigetti Computing

In other Rigetti Computing news, Director Michael S. Clifton sold 125,000 shares of the stock in a transaction on Friday, December 6th. The shares were sold at an average price of $4.00, for a total transaction of $500,000.00. Following the transaction, the director now directly owns 1,188,864 shares of the company’s stock, valued at $4,755,456. This trade represents a 9.51 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, major shareholder Bessemer Venture Partners X. L. sold 713,886 shares of Rigetti Computing stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $1.52, for a total transaction of $1,085,106.72. Following the completion of the sale, the insider now owns 20,868,332 shares in the company, valued at approximately $31,719,864.64. This trade represents a 3.31 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,955,125 shares of company stock worth $5,489,354 in the last 90 days. Corporate insiders own 2.81% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of RGTI. Penserra Capital Management LLC boosted its holdings in Rigetti Computing by 9.8% in the 3rd quarter. Penserra Capital Management LLC now owns 4,553,633 shares of the company’s stock worth $3,565,000 after buying an additional 407,389 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Rigetti Computing by 20.6% in the third quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company’s stock valued at $2,837,000 after acquiring an additional 617,506 shares in the last quarter. State Street Corp boosted its stake in shares of Rigetti Computing by 12.9% in the third quarter. State Street Corp now owns 2,715,223 shares of the company’s stock worth $2,126,000 after acquiring an additional 309,831 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Rigetti Computing by 14.4% during the third 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. Finally, Bank of New York Mellon Corp increased its position in shares of Rigetti Computing by 3,788.5% during the second quarter. Bank of New York Mellon Corp now owns 410,705 shares of the company’s stock worth $439,000 after purchasing an additional 400,143 shares in the last quarter. 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.