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

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

Analyst Upgrades and Downgrades

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

Rigetti Computing Trading Down 4.9 %

The stock has a market cap of $3.66 billion, a PE ratio of -50.05 and a beta of 1.31. The company has a quick ratio of 4.84, a current ratio of 4.84 and a debt-to-equity ratio of 0.02. The firm has a 50-day simple moving average of $5.78 and a 200-day simple moving average of $2.62.

Insiders Place Their Bets

In related news, Director Michael S. Clifton sold 125,000 shares of the stock in a transaction on Monday, November 25th. The stock was sold at an average price of $3.00, for a total value of $375,000.00. Following the sale, the director now owns 1,313,864 shares in the company, valued at approximately $3,941,592. This trade represents a 8.69 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the business’s stock in a transaction dated 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 transaction, the insider now owns 19,582,218 shares of the company’s stock, valued at approximately $29,764,971.36. The trade was a 6.16 % decrease in their ownership of the stock. 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 quarter. 2.81% of the stock is owned by company insiders.

Institutional Trading of Rigetti Computing

Large investors have recently modified their holdings of the business. Bank of New York Mellon Corp increased its position in shares of Rigetti Computing by 3,788.5% in 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 during the last quarter. Rhumbline Advisers purchased a new stake in shares of Rigetti Computing during the 2nd quarter valued at $161,000. Caprock Group LLC bought a new stake in shares of Rigetti Computing during the 2nd quarter worth $42,000. XTX Topco Ltd grew its position in Rigetti Computing by 1,121.1% in the second quarter. XTX Topco Ltd now owns 156,515 shares of the company’s stock worth $167,000 after acquiring an additional 143,697 shares in the last quarter. Finally, Point72 DIFC Ltd bought a new position in Rigetti Computing in the second quarter valued at $88,000. 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.