Rigetti Computing (NASDAQ:RGTI) Stock Price Down 1.8% – Should You Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price traded down 1.8% during mid-day trading on Tuesday . The stock traded as low as $16.23 and last traded at $16.69. 66,538,860 shares were traded during trading, an increase of 195% from the average session volume of 22,525,396 shares. The stock had previously closed at $17.00.

Analyst Ratings Changes

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

Rigetti Computing Stock Down 10.2 %

The stock has a 50 day moving average of $4.77 and a 200 day moving average of $2.27. The firm has a market capitalization of $2.93 billion, a price-to-earnings ratio of -40.16 and a beta of 2.72. The company has a quick ratio of 4.84, a current ratio of 4.84 and a debt-to-equity ratio of 0.02.

Insider Activity at Rigetti Computing

In other news, Director Michael S. Clifton sold 125,000 shares of the stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $3.00, for a total transaction of $375,000.00. Following the sale, the director now directly owns 1,313,864 shares in the company, valued at approximately $3,941,592. This represents a 8.69 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the stock in a transaction on Monday, November 11th. The stock was sold at an average price of $1.52, for a total value of $1,954,893.28. Following the completion of the sale, the insider now directly owns 19,582,218 shares in the company, valued at $29,764,971.36. This represents a 6.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 2,955,125 shares of company stock valued at $5,489,354. Corporate insiders own 2.81% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of RGTI. Caprock Group LLC bought a new position in Rigetti Computing in the 2nd quarter worth approximately $42,000. Arete Wealth Advisors LLC acquired a new position in shares of Rigetti Computing during the third quarter valued at $45,000. SG Americas Securities LLC raised its stake in shares of Rigetti Computing by 166.9% during the third quarter. SG Americas Securities LLC now owns 63,202 shares of the company’s stock valued at $49,000 after purchasing an additional 39,526 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in Rigetti Computing by 3.4% in the third quarter. JPMorgan Chase & Co. now owns 62,360 shares of the company’s stock worth $49,000 after purchasing an additional 2,045 shares during the period. Finally, Point72 DIFC Ltd bought a new position in Rigetti Computing in the 2nd quarter valued at about $88,000. Institutional investors own 35.38% of the company’s stock.

About Rigetti Computing

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.