Rigetti Computing (NASDAQ:RGTI) Trading Down 3.6% - Should You Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report)'s share price was down 3.6% during trading on Tuesday . The company traded as low as $11.87 and last traded at $11.91. Approximately 26,897,481 shares were traded during mid-day trading, a decline of 84% from the average daily volume of 165,242,219 shares. The stock had previously closed at $12.35.

Analyst Ratings Changes

A number of brokerages have issued reports on RGTI. Benchmark reiterated a "buy" rating and issued a $2.50 price target on shares of Rigetti Computing in a research note on Thursday, November 14th. Craig Hallum initiated coverage on Rigetti Computing in a research report on Friday, December 20th. They issued a "buy" rating and a $12.00 target price on the stock. 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 increased their price objective on shares of Rigetti Computing from $8.50 to $15.00 and gave the company a "buy" rating in a report on Friday. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat, Rigetti Computing has an average rating of "Buy" and an average target price of $7.00.

Rigetti Computing Price Performance

The company's 50-day moving average price is $11.99 and its 200-day moving average price is $4.98. 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 Transactions at Rigetti Computing

In related news, Director Michael S. Clifton sold 125,000 shares of Rigetti Computing stock in a transaction on Friday, December 6th. The shares were sold at an average price of $4.00, for a total transaction of $500,000.00. Following the sale, the director now directly owns 1,188,864 shares in the company, valued at $4,755,456. This trade represents a 9.51 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In the last three months, insiders sold 375,000 shares of company stock valued at $1,503,750. Insiders own 2.81% of the company's stock.

Institutional Investors Weigh In On Rigetti Computing

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Allworth Financial LP increased its stake in shares of Rigetti Computing by 14.9% during the fourth quarter. Allworth Financial LP now owns 11,604 shares of the company's stock worth $161,000 after acquiring an additional 1,504 shares during the period. Signaturefd LLC purchased a new position in shares of Rigetti Computing during the fourth quarter valued at approximately $25,000. Legal & General Group Plc increased its position in Rigetti Computing by 14.9% during the fourth quarter. Legal & General Group Plc now owns 14,051 shares of the company's stock worth $214,000 after purchasing an additional 1,817 shares during the last quarter. EverSource Wealth Advisors LLC acquired a new stake in shares of Rigetti Computing in the fourth quarter worth $28,000. Finally, JPMorgan Chase & Co. boosted its stake in shares of Rigetti Computing by 3.4% in the third quarter. JPMorgan Chase & Co. now owns 62,360 shares of the company's stock valued at $49,000 after purchasing an additional 2,045 shares during the period. 35.38% of the stock is currently owned by institutional investors and hedge funds.

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.