Rigetti Computing (NASDAQ:RGTI) Stock Price Down 6.9% – Time to Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI) dropped 6.9% during mid-day trading on Wednesday . The stock traded as low as $5.78 and last traded at $6.04. Approximately 183,546,144 shares changed hands during mid-day trading, an increase of 129% from the average daily volume of 80,166,039 shares. The stock had previously closed at $6.49.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on RGTI. B. Riley increased their price objective on Rigetti Computing from $3.50 to $4.00 and gave the company a “buy” rating in a report on Monday, November 25th. Needham & Company LLC reiterated a “buy” rating and issued a $2.00 price target on shares of Rigetti Computing in a research note on Wednesday, November 13th. Finally, Benchmark restated a “buy” rating and set a $2.50 price target on shares of Rigetti Computing in a research note on Thursday, November 14th.

Rigetti Computing Stock Performance

The stock has a market capitalization of $1.41 billion, a price-to-earnings ratio of -15.89 and a beta of 2.71. The company has a current ratio of 4.84, a quick ratio of 4.84 and a debt-to-equity ratio of 0.02. The firm has a 50-day moving average of $1.71 and a 200-day moving average of $1.21.

Insider Activity

In other Rigetti Computing news, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $1.52, for a total transaction of $1,954,893.28. Following the sale, the insider now directly owns 19,582,218 shares of the company’s stock, valued at approximately $29,764,971.36. This trade represents a 6.16 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Helene Gail Sandford sold 43,200 shares of the stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $0.82, for a total value of $35,424.00. Following the sale, the director now directly owns 257,752 shares in the company, valued at $211,356.64. This represents a 14.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,998,325 shares of company stock valued at $5,524,778.

Hedge Funds Weigh In On Rigetti Computing

Several institutional investors and hedge funds have recently modified their holdings of the stock. SG Americas Securities LLC acquired a new position in Rigetti Computing in the second quarter valued at approximately $25,000. Cetera Advisors LLC acquired a new position in shares of Rigetti Computing in the 1st quarter valued at $38,000. Comprehensive Financial Consultants Institutional Inc. purchased a new stake in Rigetti Computing during the second quarter worth $27,000. Caprock Group LLC acquired a new stake in Rigetti Computing during the second quarter valued at $42,000. Finally, Jane Street Group LLC raised its position in shares of Rigetti Computing by 23.8% in the third quarter. Jane Street Group LLC now owns 244,496 shares of the company’s stock worth $191,000 after acquiring an additional 47,013 shares during the period. 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.