Rigetti Computing (NASDAQ:RGTI) Shares Down 5.8% - Should You Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report)'s share price dropped 5.8% during trading on Thursday . The company traded as low as $2.90 and last traded at $2.93. Approximately 22,389,249 shares changed hands during trading, a decline of 61% from the average daily volume of 58,083,980 shares. The stock had previously closed at $3.11.

Analyst Ratings Changes

Several brokerages recently weighed in on RGTI. B. Riley raised their target price on shares of Rigetti Computing from $3.50 to $4.00 and gave the company a "buy" rating in a report on Monday, November 25th. Needham & Company LLC reaffirmed a "buy" rating and set a $2.00 price objective on shares of Rigetti Computing in a research report on Wednesday, November 13th. Finally, Benchmark reissued a "buy" rating and set a $2.50 target price on shares of Rigetti Computing in a research report on Thursday, November 14th.

Rigetti Computing Stock Performance

The company has a quick ratio of 4.84, a current ratio of 4.84 and a debt-to-equity ratio of 0.02. The company has a market cap of $609.59 million, a PE ratio of -7.71 and a beta of 2.72. The firm has a fifty day simple moving average of $1.41 and a 200-day simple moving average of $1.11.

Insider Buying and Selling at Rigetti Computing

In other Rigetti Computing news, Director Helene Gail Sandford sold 43,200 shares of Rigetti Computing stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $0.82, for a total value of $35,424.00. Following the transaction, the director now directly owns 257,752 shares in the company, valued at approximately $211,356.64. This trade represents a 14.35 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the company's stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $1.52, for a total value of $1,954,893.28. Following the sale, the insider now owns 19,582,218 shares of the company's stock, valued at $29,764,971.36. This trade represents a 6.16 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 2,748,325 shares of company stock worth $4,396,028. 2.81% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. SG Americas Securities LLC purchased a new position in shares of Rigetti Computing during the 2nd quarter worth approximately $25,000. Comprehensive Financial Consultants Institutional Inc. acquired a new stake in Rigetti Computing in the second quarter valued at $27,000. Cetera Advisors LLC acquired a new position in shares of Rigetti Computing during the 1st quarter worth $38,000. Caprock Group LLC acquired a new position in shares of Rigetti Computing during the 2nd quarter worth $42,000. Finally, Arete Wealth Advisors LLC acquired a new stake in shares of Rigetti Computing in the third quarter valued at about $45,000. 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.

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