Rigetti Computing (NASDAQ:RGTI) Stock Price Down 5.7% - Time to Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report)'s stock price dropped 5.7% during trading on Friday . The company traded as low as $12.79 and last traded at $12.53. Approximately 52,481,990 shares changed hands during mid-day trading, a decline of 70% from the average daily volume of 173,056,047 shares. The stock had previously closed at $13.29.

Analyst Upgrades and Downgrades

RGTI has been the topic of a number of recent analyst reports. Benchmark restated a "buy" rating and issued a $2.50 price target on shares of Rigetti Computing in a research report on Thursday, November 14th. B. Riley upped their target price on shares of Rigetti Computing from $4.00 to $8.50 and gave the stock a "buy" rating in a research report on Tuesday, January 14th. Craig Hallum initiated coverage on shares of Rigetti Computing in a research report on Friday, December 20th. They set a "buy" rating and a $12.00 target price on the stock. Finally, Needham & Company LLC reiterated a "buy" rating and set a $2.00 target price on shares of Rigetti Computing in a research report on Wednesday, November 13th. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of $5.70.

Rigetti Computing Stock 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 firm has a market capitalization of $2.37 billion, a P/E ratio of -32.50 and a beta of 1.26. The stock's 50 day moving average is $11.14 and its two-hundred day moving average is $4.63.

Insider Buying and Selling

In other Rigetti Computing news, major shareholder Bessemer Venture Partners X. L. sold 580,125 shares of the company's stock in a transaction that occurred on Thursday, November 14th. The shares were sold at an average price of $1.63, for a total value of $945,603.75. Following the completion of the sale, the insider now owns 19,002,093 shares of the company's stock, valued at approximately $30,973,411.59. This represents a 2.96 % 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. Also, Director Michael S. Clifton sold 125,000 shares of the company's stock in a transaction that occurred 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 completion of the sale, the director now directly owns 1,313,864 shares of the company's stock, valued at $3,941,592. The trade was a 8.69 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 955,125 shares of company stock valued at $2,449,354 over the last ninety days. Insiders own 2.81% of the company's stock.

Institutional Investors Weigh In On Rigetti Computing

Several large investors have recently bought and sold shares of RGTI. Signaturefd LLC bought a new stake in Rigetti Computing in the fourth quarter valued at approximately $25,000. EverSource Wealth Advisors LLC bought a new stake in shares of Rigetti Computing during the fourth quarter worth $28,000. Arete Wealth Advisors LLC bought a new stake in shares of Rigetti Computing during the third quarter worth $45,000. Spire Wealth Management bought a new stake in shares of Rigetti Computing during the fourth quarter worth $46,000. Finally, SG Americas Securities LLC increased its position in shares of Rigetti Computing by 166.9% during the third 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. Institutional investors 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.