Rigetti Computing (NASDAQ:RGTI) Stock Price Down 5.8% – Time to Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI) shares dropped 5.8% on Thursday . The company traded as low as $2.90 and last traded at $2.93. Approximately 22,389,249 shares traded hands during mid-day trading, a decline of 61% from the average daily volume of 58,083,980 shares. The stock had previously closed at $3.11.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on RGTI shares. Benchmark reissued a “buy” rating and set a $2.50 target price on shares of Rigetti Computing in a research note on Thursday, November 14th. Needham & Company LLC reissued a “buy” rating and set a $2.00 target price on shares of Rigetti Computing in a research note on Wednesday, November 13th. Finally, 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 note on Monday, November 25th.

Rigetti Computing Price Performance

The business’s 50 day moving average price is $1.45 and its 200 day moving average price is $1.13. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.84 and a current ratio of 4.84.

Insider Activity at Rigetti Computing

In related news, Director Helene Gail Sandford sold 43,200 shares of the company’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $0.82, for a total transaction of $35,424.00. Following the completion of the sale, the director now owns 257,752 shares of the company’s stock, valued at approximately $211,356.64. This represents a 14.35 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Bessemer Venture Partners X. L. sold 713,886 shares of the company’s 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 sale, the insider now directly owns 20,868,332 shares of the company’s stock, valued at approximately $31,719,864.64. This represents a 3.31 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 2,873,325 shares of company stock valued at $4,896,028. Corporate insiders own 2.81% of the company’s stock.

Hedge Funds Weigh In On Rigetti Computing

Institutional investors and hedge funds have recently bought and sold shares of the company. 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 valued at $3,565,000 after purchasing an additional 407,389 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Rigetti Computing by 17.0% in the 1st quarter. Vanguard Group Inc. now owns 5,185,200 shares of the company’s stock valued at $7,933,000 after purchasing an additional 753,110 shares during the last quarter. Cetera Advisors LLC acquired a new position in Rigetti Computing in the 1st quarter valued at about $38,000. Bank of New York Mellon Corp boosted its holdings in Rigetti Computing by 3,788.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 410,705 shares of the company’s stock valued at $439,000 after purchasing an additional 400,143 shares during the last quarter. Finally, Caprock Group LLC acquired a new position in Rigetti Computing in the 2nd quarter valued at about $42,000. 35.38% of the stock is currently owned by institutional investors and hedge funds.

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.