Rigetti Computing (NASDAQ:RGTI) Stock Price Down 0.8% – Time to Sell?

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) traded down 0.8% on Tuesday . The company traded as low as $12.50 and last traded at $12.35. 47,101,635 shares changed hands during mid-day trading, a decline of 76% from the average session volume of 195,616,672 shares. The stock had previously closed at $12.45.

Wall Street Analyst Weigh In

A number of research firms have issued reports on RGTI. Needham & Company LLC restated a “buy” rating and set a $2.00 price target on shares of Rigetti Computing in a research note on Wednesday, November 13th. Craig Hallum assumed coverage on shares of Rigetti Computing in a report on Friday, December 20th. They set a “buy” rating and a $12.00 target price for the company. B. Riley lifted their price target on shares of Rigetti Computing from $4.00 to $8.50 and gave the stock a “buy” rating in a research note on Tuesday, January 14th. Finally, Benchmark restated a “buy” rating and issued 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 data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $5.70.

Rigetti Computing Stock Down 2.8 %

The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.84 and a current ratio of 4.84. The company’s 50-day moving average price is $9.61 and its 200 day moving average price is $4.01. The stock has a market capitalization of $2.37 billion, a P/E ratio of -32.37 and a beta of 1.31.

Insider Activity at Rigetti Computing

In other news, Director Michael S. Clifton sold 125,000 shares of the business’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $3.00, for a total value of $375,000.00. Following the sale, the director now directly owns 1,313,864 shares in the company, valued at $3,941,592. The trade was a 8.69 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, major shareholder Bessemer Venture Partners X. L. sold 713,886 shares of the 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 completion of the transaction, the insider now directly owns 20,868,332 shares of the company’s stock, valued at approximately $31,719,864.64. The trade was a 3.31 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,955,125 shares of company stock valued at $5,489,354. 2.81% of the stock is owned by company insiders.

Institutional Investors Weigh In On Rigetti Computing

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RGTI. Silverleafe Capital Partners LLC bought a new position in shares of Rigetti Computing during the 4th quarter valued at approximately $554,000. State Street Corp increased its position in Rigetti Computing by 12.9% during the third quarter. State Street Corp now owns 2,715,223 shares of the company’s stock valued at $2,126,000 after acquiring an additional 309,831 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Rigetti Computing by 14.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,149,934 shares of the company’s stock valued at $901,000 after acquiring an additional 144,742 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Rigetti Computing by 20.6% in the 3rd quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company’s stock worth $2,837,000 after acquiring an additional 617,506 shares during the last quarter. Finally, Veracity Capital LLC purchased a new position in shares of Rigetti Computing during the 4th quarter worth about $410,000. 35.38% of the stock is currently owned by hedge funds and other institutional investors.

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.