Rigetti Computing (NASDAQ:RGTI) Stock Price Down 1.8% - Should You Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report)'s stock price traded down 1.8% on Tuesday . The stock traded as low as $16.23 and last traded at $16.69. 66,538,860 shares changed hands during trading, an increase of 195% from the average session volume of 22,525,396 shares. The stock had previously closed at $17.00.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. 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 price target for the company. B. Riley raised their target price on Rigetti Computing from $3.50 to $4.00 and gave the stock a "buy" rating in a research note on Monday, November 25th. Benchmark reaffirmed a "buy" rating and set a $2.50 price target on shares of Rigetti Computing in a research report on Thursday, November 14th. Finally, Needham & Company LLC reissued a "buy" rating and issued a $2.00 price objective on shares of Rigetti Computing in a report on Wednesday, November 13th. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Rigetti Computing currently has a consensus rating of "Buy" and a consensus target price of $4.80.

Rigetti Computing Price Performance

The firm has a market cap of $2.93 billion, a PE ratio of -40.16 and a beta of 2.72. The stock has a 50 day simple moving average of $4.77 and a two-hundred day simple moving average of $2.27. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.84 and a current ratio of 4.84.

Insider Buying and Selling

In related news, Director Michael S. Clifton sold 125,000 shares of the stock in a transaction on Monday, December 9th. The shares were sold at an average price of $5.03, for a total transaction of $628,750.00. Following the sale, the director now directly owns 1,063,864 shares of the company's stock, valued at approximately $5,351,235.92. This represents a 10.51 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, 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 transaction of $1,954,893.28. Following the completion of the transaction, the insider now directly owns 19,582,218 shares of the company's stock, valued at $29,764,971.36. The trade was a 6.16 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,955,125 shares of company stock valued at $5,489,354 over the last ninety days. Company insiders own 2.81% of the company's stock.

Hedge Funds Weigh In On Rigetti Computing

Large investors have recently bought and sold shares of the business. Caprock Group LLC purchased a new stake in shares of Rigetti Computing in the second quarter valued at approximately $42,000. Arete Wealth Advisors LLC acquired a new stake in Rigetti Computing in the 3rd quarter valued at $45,000. SG Americas Securities LLC increased its holdings in Rigetti Computing by 166.9% in the 3rd quarter. SG Americas Securities LLC now owns 63,202 shares of the company's stock worth $49,000 after acquiring an additional 39,526 shares in the last quarter. JPMorgan Chase & Co. raised its position 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. Finally, Point72 DIFC Ltd purchased a new position in Rigetti Computing during the second quarter valued at $88,000. Institutional investors and hedge funds own 35.38% of the company's stock.

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.