Rigetti Computing (NASDAQ:RGTI) Trading Down 4.5% – Time to Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI) shares fell 4.5% during trading on Thursday . The stock traded as low as $8.35 and last traded at $8.87. 20,905,447 shares traded hands during trading, a decline of 85% from the average session volume of 137,872,969 shares. The stock had previously closed at $9.28.

Analysts Set New Price Targets

Several brokerages have commented on RGTI. Benchmark lifted their target price on Rigetti Computing from $2.50 to $14.00 and gave the stock a “buy” rating in a report on Friday, February 21st. Craig Hallum began coverage on Rigetti Computing in a report on Friday, December 20th. They set a “buy” rating and a $12.00 target price on the stock. B. Riley lifted their target price on Rigetti Computing from $8.50 to $15.00 and gave the stock a “buy” rating in a report on Friday, February 14th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $2.00 price objective on shares of Rigetti Computing in a research report on Wednesday, November 13th. 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 a consensus price target of $9.30.

Rigetti Computing Price Performance

The firm has a market capitalization of $1.63 billion, a P/E ratio of -22.26 and a beta of 1.26. The business has a 50-day moving average of $12.43 and a 200 day moving average of $5.59. The company has a current ratio of 4.84, a quick ratio of 4.84 and a debt-to-equity ratio of 0.02.

Insiders Place Their Bets

In other Rigetti Computing news, Director Michael S. Clifton sold 125,000 shares of Rigetti Computing stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $5.03, for a total value of $628,750.00. Following the sale, the director now owns 1,063,864 shares of the company’s stock, valued at approximately $5,351,235.92. The trade was a 10.51 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 2.81% of the company’s stock.

Institutional Trading of Rigetti Computing

Several hedge funds have recently added to or reduced their stakes in the stock. Mackenzie Financial Corp bought a new stake in Rigetti Computing in the fourth quarter worth about $168,000. Fourth Dimension Wealth LLC purchased a new position in shares of Rigetti Computing in the fourth quarter worth about $99,000. Orion Capital Management LLC purchased a new stake in shares of Rigetti Computing during the 4th quarter valued at approximately $46,000. Soviero Asset Management LP bought a new position in Rigetti Computing in the 4th quarter worth approximately $3,205,000. Finally, Squarepoint Ops LLC purchased a new position in Rigetti Computing in the 4th quarter valued at approximately $2,892,000. 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.