Rigetti Computing (NASDAQ:RGTI) Shares Down 3.9% – Time to Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI) was down 3.9% during trading on Friday . The stock traded as low as $11.04 and last traded at $11.02. Approximately 42,128,531 shares changed hands during mid-day trading, a decline of 71% from the average daily volume of 147,048,516 shares. The stock had previously closed at $11.47.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on RGTI shares. 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 report on Friday, February 14th. Craig Hallum started coverage on shares of Rigetti Computing in a report on Friday, December 20th. They set a “buy” rating and a $12.00 target price for the company. Needham & Company LLC reaffirmed a “buy” rating and set a $2.00 target price on shares of Rigetti Computing in a report on Wednesday, November 13th. Finally, Benchmark upped their target price on shares of Rigetti Computing from $2.50 to $14.00 and gave the stock a “buy” rating in a report on Friday. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $9.30.

Rigetti Computing Stock Performance

The firm’s 50-day moving average price is $12.40 and its two-hundred day moving average price is $5.24. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.84 and a current ratio of 4.84. The stock has a market cap of $2.03 billion, a price-to-earnings ratio of -27.75 and a beta of 1.26.

Insider Activity

In other Rigetti Computing news, Director Michael S. Clifton sold 125,000 shares of the company’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $3.00, for a total value of $375,000.00. Following the transaction, the director now owns 1,313,864 shares of the company’s stock, valued at $3,941,592. This represents a 8.69 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. In the last quarter, insiders have sold 375,000 shares of company stock valued at $1,503,750. 2.81% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of RGTI. Signaturefd LLC acquired a new position in Rigetti Computing in the fourth quarter valued at about $25,000. EverSource Wealth Advisors LLC purchased a new position in shares of Rigetti Computing during the fourth quarter worth approximately $28,000. Tucker Asset Management LLC purchased a new position in shares of Rigetti Computing during the fourth quarter worth approximately $32,000. Arete Wealth Advisors LLC purchased a new position in shares of Rigetti Computing during the third quarter worth approximately $45,000. Finally, Spire Wealth Management purchased a new position in shares of Rigetti Computing during the fourth quarter worth approximately $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.