Rigetti Computing (NASDAQ:RGTI) Shares Gap Down - Time to Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report)'s stock price gapped down prior to trading on Tuesday . The stock had previously closed at $11.81, but opened at $11.37. Rigetti Computing shares last traded at $10.92, with a volume of 16,518,870 shares changing hands.

Analysts Set New Price Targets

A number of research firms have recently issued reports on RGTI. Craig Hallum began coverage on shares of Rigetti Computing in a research note on Friday, December 20th. They issued a "buy" rating and a $12.00 target price for the company. B. Riley boosted their price target on shares of Rigetti Computing from $8.50 to $15.00 and gave the company a "buy" rating in a report on Friday, February 14th. Needham & Company LLC reissued a "buy" rating and set a $2.00 price target on shares of Rigetti Computing in a research report on Wednesday, November 13th. Finally, Benchmark boosted their price target on shares of Rigetti Computing from $2.50 to $14.00 and gave the stock a "buy" rating in a research report on Friday. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Rigetti Computing has a consensus rating of "Buy" and an average price target of $9.30.

Rigetti Computing Price Performance

The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84. The stock has a market cap of $2.07 billion, a price-to-earnings ratio of -28.29 and a beta of 1.26. The business's 50-day simple moving average is $12.40 and its two-hundred day simple moving average is $5.24.

Insider Buying and Selling at Rigetti Computing

In other news, Director Michael S. Clifton sold 125,000 shares of Rigetti Computing stock in a transaction on Monday, November 25th. The shares were sold at an average price of $3.00, for a total transaction of $375,000.00. Following the transaction, the director now owns 1,313,864 shares in the company, valued at approximately $3,941,592. The trade was a 8.69 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold 375,000 shares of company stock worth $1,503,750 over the last quarter. Corporate insiders own 2.81% of the company's stock.

Hedge Funds Weigh In On Rigetti Computing

Hedge funds and other institutional investors have recently bought and sold shares of the company. Silverleafe Capital Partners LLC acquired a new position in Rigetti Computing in the fourth quarter valued at $554,000. State Street Corp lifted its holdings in Rigetti Computing by 12.9% in the third quarter. State Street Corp now owns 2,715,223 shares of the company's stock valued at $2,126,000 after buying an additional 309,831 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in Rigetti Computing by 14.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,149,934 shares of the company's stock valued at $901,000 after buying an additional 144,742 shares during the period. Geode Capital Management LLC lifted its holdings in Rigetti Computing by 20.6% in the third quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company's stock valued at $2,837,000 after buying an additional 617,506 shares during the period. Finally, Veracity Capital LLC acquired a new position in Rigetti Computing in the fourth quarter valued at $410,000. 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.