Rigetti Computing (NASDAQ:RGTI) Stock Price Down 4.6% - Should You Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report)'s stock price fell 4.6% during trading on Monday . The stock traded as low as $9.99 and last traded at $10.25. 20,844,712 shares changed hands during trading, a decline of 86% from the average session volume of 144,718,625 shares. The stock had previously closed at $10.75.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on RGTI shares. Craig Hallum began coverage on shares of Rigetti Computing in a report on Friday, December 20th. They issued a "buy" rating and a $12.00 target price on the stock. B. Riley boosted their price objective 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 restated a "buy" rating and issued a $2.00 target price on shares of Rigetti Computing in a report on Wednesday, November 13th. Finally, Benchmark upped their price target on Rigetti Computing from $2.50 to $14.00 and gave the stock a "buy" rating in a report on Friday, February 21st. 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 $9.30.

Rigetti Computing Stock Performance

The company's 50-day simple moving average is $12.44 and its 200 day simple moving average is $5.52. The stock has a market cap of $1.66 billion, a P/E ratio of -22.78 and a beta of 1.26. The company has a current ratio of 4.84, a quick ratio of 4.84 and a debt-to-equity ratio of 0.02.

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Insider Buying and Selling

In other news, Director Michael S. Clifton sold 125,000 shares of the firm's stock in a transaction on Monday, December 9th. The stock was sold at an average price of $5.03, for a total transaction of $628,750.00. Following the completion of the sale, the director now directly owns 1,063,864 shares of the company's stock, valued at $5,351,235.92. This trade represents a 10.51 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 2.81% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Rigetti Computing

Several institutional investors have recently added to or reduced their stakes in the stock. SG Americas Securities LLC boosted its stake in Rigetti Computing by 166.9% in the third 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 last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Rigetti Computing by 14.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,149,934 shares of the company's stock worth $901,000 after purchasing an additional 144,742 shares during the period. Penserra Capital Management LLC lifted its stake in Rigetti Computing by 9.8% in the third quarter. Penserra Capital Management LLC now owns 4,553,633 shares of the company's stock valued at $3,565,000 after purchasing an additional 407,389 shares during the last quarter. State Street Corp grew its holdings 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 purchasing an additional 309,831 shares during the period. Finally, Jane Street Group LLC increased its position in Rigetti Computing by 23.8% in the third quarter. Jane Street Group LLC now owns 244,496 shares of the company's stock worth $191,000 after buying an additional 47,013 shares during the last quarter. Institutional investors 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.