Rigetti Computing (NASDAQ:RGTI) Stock Price Down 20.5% - Time to Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) shares traded down 20.5% on Monday . The stock traded as low as $6.66 and last traded at $7.10. 86,350,008 shares changed hands during mid-day trading, a decline of 47% from the average session volume of 163,218,984 shares. The stock had previously closed at $8.93.

Analysts Set New Price Targets

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

Rigetti Computing Price Performance

The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84. The company has a fifty day moving average of $7.08 and a 200-day moving average of $3.11. The firm has a market cap of $1.16 billion, a P/E ratio of -15.92 and a beta of 1.31.

Insider Activity at Rigetti Computing

In other news, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of Rigetti Computing stock in a transaction on 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 in the company, valued at $29,764,971.36. The trade was a 6.16 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Michael S. Clifton sold 125,000 shares of the stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $5.03, for a total transaction of $628,750.00. Following the transaction, the director now owns 1,063,864 shares of the company's stock, valued at approximately $5,351,235.92. The trade was a 10.51 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,955,125 shares of company stock valued at $5,489,354 over the last ninety days. Corporate insiders own 2.81% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Silverleafe Capital Partners LLC purchased a new position in Rigetti Computing in the fourth quarter valued at approximately $554,000. Caprock Group LLC bought a new position in shares of Rigetti Computing during the 2nd quarter worth $42,000. Arete Wealth Advisors LLC bought a new position in shares of Rigetti Computing during the 3rd quarter worth $45,000. JPMorgan Chase & Co. increased its holdings in Rigetti Computing by 3.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 62,360 shares of the company's stock worth $49,000 after acquiring an additional 2,045 shares during the last quarter. Finally, SG Americas Securities LLC raised its stake in 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. 35.38% of the stock is currently owned by hedge funds and other institutional investors.

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.