Rigetti Computing (NASDAQ:RGTI) Stock Price Down 5.5% - Time to Sell?

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) fell 5.5% during trading on Thursday . The company traded as low as $10.01 and last traded at $10.34. 130,935,895 shares traded hands during trading, a decline of 38% from the average session volume of 212,314,656 shares. The stock had previously closed at $10.94.

Analysts Set New Price Targets

RGTI has been the topic of a number of recent research reports. Benchmark reaffirmed a "buy" rating and issued a $2.50 price objective on shares of Rigetti Computing in a research note on Thursday, November 14th. B. Riley raised their price target on shares of Rigetti Computing from $4.00 to $8.50 and gave the company a "buy" rating in a research report on Tuesday. Craig Hallum initiated coverage on Rigetti Computing in a report on Friday, December 20th. They set a "buy" rating and a $12.00 price objective for the company. Finally, 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. Five investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of $5.70.

Rigetti Computing Price Performance

The stock has a market cap of $2.16 billion, a PE ratio of -29.58 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 business has a 50 day moving average price of $7.43 and a two-hundred day moving average price of $3.22.

Insiders Place Their Bets

In other Rigetti Computing news, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the business's stock in a transaction dated 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 transaction, 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Michael S. Clifton sold 125,000 shares of the firm's stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $4.00, for a total transaction of $500,000.00. Following the sale, the director now owns 1,188,864 shares of the company's stock, valued at approximately $4,755,456. The trade was a 9.51 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 2,955,125 shares of company stock valued at $5,489,354.

Institutional Trading of Rigetti Computing

Several institutional investors and hedge funds have recently bought and sold shares of RGTI. JPMorgan Chase & Co. increased its position 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 worth $49,000 after purchasing an additional 2,045 shares during the last quarter. Sovereign Financial Group Inc. purchased a new stake in shares of Rigetti Computing during the 4th quarter valued at $215,000. Greenhouse Wealth Management LLC bought a new stake in shares of Rigetti Computing during the 4th quarter worth $223,000. Pure Financial Advisors LLC bought a new stake in shares of Rigetti Computing during the 4th quarter worth $252,000. Finally, LVW Advisors LLC purchased a new position in Rigetti Computing in the fourth quarter worth $305,000. 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.