Rigetti Computing (NASDAQ:RGTI) Shares Down 20.5% - Time to Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) dropped 20.5% during mid-day trading on Monday . The stock traded as low as $6.66 and last traded at $7.10. Approximately 86,350,008 shares traded hands during trading, a decline of 47% from the average daily volume of 163,218,984 shares. The stock had previously closed at $8.93.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on RGTI shares. Needham & Company LLC reaffirmed a "buy" rating and issued a $2.00 price target on shares of Rigetti Computing in a report on Wednesday, November 13th. B. Riley raised their price objective on Rigetti Computing from $4.00 to $8.50 and gave the company a "buy" rating in a research note on Tuesday. 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. Finally, Craig Hallum started coverage on Rigetti Computing in a research report on Friday, December 20th. They issued a "buy" rating and a $12.00 price target for the company. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Rigetti Computing presently has an average rating of "Buy" and a consensus target price of $5.70.

Rigetti Computing Stock Up 22.2 %

The firm has a market cap of $2.10 billion, a PE ratio of -28.79 and a beta of 1.31. The company has a 50-day simple moving average of $7.24 and a 200-day simple moving average of $3.16. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84.

Insider Activity at Rigetti Computing

In related news, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of Rigetti Computing stock in a transaction dated 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 sale, the insider now owns 19,582,218 shares in the company, valued at $29,764,971.36. This trade represents a 6.16 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Michael S. Clifton sold 125,000 shares of the company's stock in a transaction dated 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 transaction, the director now owns 1,063,864 shares in the company, valued at $5,351,235.92. This represents a 10.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,955,125 shares of company stock worth $5,489,354 in the last quarter. 2.81% of the stock is owned by company insiders.

Institutional Investors Weigh In On Rigetti Computing

A number of institutional investors and hedge funds have recently bought and sold shares of RGTI. Penserra Capital Management LLC grew its position in shares of Rigetti Computing by 9.8% during the 3rd quarter. Penserra Capital Management LLC now owns 4,553,633 shares of the company's stock worth $3,565,000 after buying an additional 407,389 shares in the last quarter. Geode Capital Management LLC grew its holdings in Rigetti Computing by 20.6% during the 3rd quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company's stock worth $2,837,000 after acquiring an additional 617,506 shares in the last quarter. State Street Corp grew its holdings in Rigetti Computing by 12.9% during the 3rd quarter. State Street Corp now owns 2,715,223 shares of the company's stock worth $2,126,000 after acquiring an additional 309,831 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in Rigetti Computing by 14.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,149,934 shares of the company's stock valued at $901,000 after purchasing an additional 144,742 shares during the period. Finally, Bank of New York Mellon Corp raised its holdings in shares of Rigetti Computing by 3,788.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 410,705 shares of the company's stock valued at $439,000 after purchasing an additional 400,143 shares in the last quarter. 35.38% of the stock is owned by institutional investors.

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.