Rigetti Computing (NASDAQ:RGTI) Stock Price Down 45.4% - Should You Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report)'s stock price fell 45.4% during trading on Thursday . The company traded as low as $9.00 and last traded at $10.04. 302,555,905 shares changed hands during mid-day trading, an increase of 72% from the average session volume of 176,394,219 shares. The stock had previously closed at $18.39.

Analysts Set New Price Targets

Several equities analysts recently commented on RGTI shares. Needham & Company LLC reiterated a "buy" rating and issued a $2.00 target price on shares of Rigetti Computing in a research note on Wednesday, November 13th. Benchmark reiterated a "buy" rating and set a $2.50 price objective on shares of Rigetti Computing in a report on Thursday, November 14th. Craig Hallum started 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. Finally, B. Riley increased their price target on shares of Rigetti Computing from $3.50 to $4.00 and gave the stock a "buy" rating in a research note on Monday, November 25th. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has a consensus rating of "Buy" and an average target price of $4.80.

Rigetti Computing Price Performance

The firm has a market cap of $1.93 billion, a price-to-earnings ratio of -26.42 and a beta of 1.31. 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 fifty day moving average is $6.83 and its two-hundred day moving average is $2.99.

Insider Activity

In related 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 shares were sold at an average price of $1.52, for a total value of $1,954,893.28. Following the completion of the sale, the insider now owns 19,582,218 shares in the company, valued at approximately $29,764,971.36. The trade was a 6.16 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Michael S. Clifton sold 125,000 shares of the company's 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 completion of the sale, the director now directly owns 1,188,864 shares in the company, valued at $4,755,456. This represents a 9.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 2,955,125 shares of company stock worth $5,489,354. 2.81% of the stock is currently owned by company insiders.

Institutional Trading of Rigetti Computing

Institutional investors and hedge funds have recently bought and sold shares of the company. 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 acquiring an additional 2,045 shares during the period. Silverleafe Capital Partners LLC acquired a new stake in shares of Rigetti Computing during the 4th quarter worth approximately $554,000. SG Americas Securities LLC increased its position in Rigetti Computing by 166.9% in the third quarter. SG Americas Securities LLC now owns 63,202 shares of the company's stock worth $49,000 after buying an additional 39,526 shares during the period. Caprock Group LLC bought a new stake in Rigetti Computing in the second quarter valued at $42,000. Finally, Jane Street Group LLC boosted its holdings in shares of Rigetti Computing by 23.8% during the third 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. Institutional investors and hedge funds own 35.38% of the company's stock.

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.