Rigetti Computing (NASDAQ:RGTI) Stock Price Down 3.6% - Time to Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) was down 3.6% during trading on Monday . The stock traded as low as $11.43 and last traded at $11.81. Approximately 48,048,684 shares were traded during trading, a decline of 72% from the average daily volume of 169,707,248 shares. The stock had previously closed at $12.25.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on RGTI shares. B. Riley lifted their price target on Rigetti Computing from $8.50 to $15.00 and gave the stock a "buy" rating in a report on Friday, February 14th. Needham & Company LLC reiterated a "buy" rating and set a $2.00 price target on shares of Rigetti Computing in a report on Wednesday, November 13th. Craig Hallum started coverage on Rigetti Computing in a report on Friday, December 20th. They set a "buy" rating and a $12.00 price target on the stock. Finally, Benchmark reiterated a "buy" rating and set a $2.50 price target on shares of Rigetti Computing in a report on Thursday, November 14th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Rigetti Computing currently has an average rating of "Buy" and a consensus target price of $7.00.

Rigetti Computing Stock Up 4.0 %

The business has a 50-day moving average of $12.40 and a 200-day moving average of $5.24. 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 stock has a market capitalization of $2.21 billion, a price-to-earnings ratio of -30.18 and a beta of 1.26.

Insider Buying and Selling

In related news, Director Michael S. Clifton sold 125,000 shares of the firm's stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $4.00, for a total transaction of $500,000.00. Following the completion of the sale, the director now directly owns 1,188,864 shares of the company's stock, valued at approximately $4,755,456. This trade represents a 9.51 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last ninety days, insiders sold 375,000 shares of company stock valued at $1,503,750. 2.81% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Rigetti Computing

Several institutional investors have recently bought and sold shares of RGTI. Signaturefd LLC acquired a new position in Rigetti Computing in the 4th quarter valued at about $25,000. EverSource Wealth Advisors LLC acquired a new position in Rigetti Computing in the 4th quarter valued at about $28,000. Tucker Asset Management LLC acquired a new position in Rigetti Computing in the 4th quarter valued at about $32,000. Arete Wealth Advisors LLC acquired a new position in Rigetti Computing in the 3rd quarter valued at about $45,000. Finally, Spire Wealth Management acquired a new position in Rigetti Computing in the 4th quarter valued at about $46,000. 35.38% of the stock is owned by institutional investors and hedge funds.

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.