Rigetti Computing (NASDAQ:RGTI) Trading Down 49.4% – Should You Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI) fell 49.4% during mid-day trading on Wednesday . The stock traded as low as $9.21 and last traded at $9.30. 174,618,348 shares were traded during mid-day trading, an increase of 18% from the average session volume of 147,941,406 shares. The stock had previously closed at $18.39.

Analyst Ratings Changes

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

Rigetti Computing Stock Down 11.1 %

The firm’s 50-day moving average price is $6.98 and its 200 day moving average price is $3.04. The firm has a market capitalization of $1.72 billion, a price-to-earnings ratio of -23.50 and a beta of 1.31. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84.

Insider Activity

In other Rigetti Computing news, Director Michael S. Clifton sold 125,000 shares of the stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $3.00, for a total transaction of $375,000.00. Following the transaction, the director now owns 1,313,864 shares of the company’s stock, valued at $3,941,592. This trade represents a 8.69 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, major shareholder Bessemer Venture Partners X. L. sold 713,886 shares of the stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $1.52, for a total transaction of $1,085,106.72. Following the transaction, the insider now directly owns 20,868,332 shares in the company, 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. Insiders have sold 2,955,125 shares of company stock worth $5,489,354 over the last ninety days. 2.81% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Rigetti Computing

A number of large investors have recently bought and sold shares of the stock. JPMorgan Chase & Co. raised its stake in Rigetti Computing by 3.4% during 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. Silverleafe Capital Partners LLC purchased a new position in shares of Rigetti Computing in the 4th quarter valued at $554,000. SG Americas Securities LLC raised its stake in shares of Rigetti Computing by 166.9% in the 3rd quarter. SG Americas Securities LLC now owns 63,202 shares of the company’s stock valued at $49,000 after acquiring an additional 39,526 shares during the period. Caprock Group LLC purchased a new position in shares of Rigetti Computing in the 2nd quarter valued at $42,000. Finally, Jane Street Group LLC raised its stake in shares of Rigetti Computing by 23.8% in the 3rd quarter. Jane Street Group LLC now owns 244,496 shares of the company’s stock valued at $191,000 after acquiring an additional 47,013 shares during the period. Hedge funds and other 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.