Rigetti Computing (NASDAQ:RGTI) Trading Down 5.5% - Should You Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report)'s stock price dropped 5.5% during mid-day trading on Thursday . The company traded as low as $10.01 and last traded at $10.34. Approximately 130,935,895 shares changed hands during mid-day trading, a decline of 38% from the average daily volume of 212,314,656 shares. The stock had previously closed at $10.94.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the stock. Needham & Company LLC reaffirmed a "buy" rating and set a $2.00 price objective on shares of Rigetti Computing in a research note on Wednesday, November 13th. 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 price target on the stock. Benchmark reiterated a "buy" rating and issued a $2.50 price objective on shares of Rigetti Computing in a research report on Thursday, November 14th. Finally, B. Riley upped their price target on Rigetti Computing from $4.00 to $8.50 and gave the stock a "buy" rating in a report on Tuesday. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $5.70.

Rigetti Computing Stock Down 12.5 %

The business's 50 day moving average price is $7.79 and its 200-day moving average price is $3.33. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.84 and a current ratio of 4.84. The firm has a market capitalization of $1.89 billion, a PE ratio of -25.87 and a beta of 1.31.

Insider Buying and Selling at Rigetti Computing

In other Rigetti Computing news, Director Michael S. Clifton sold 125,000 shares of the business's stock in a transaction on Monday, December 9th. The shares were sold at an average price of $5.03, for a total value 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. The trade was a 10.51 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, major shareholder Bessemer Venture Partners X. L. sold 713,886 shares of the company's stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $1.52, for a total value of $1,085,106.72. Following the sale, the insider now owns 20,868,332 shares in the company, valued at approximately $31,719,864.64. This trade represents a 3.31 % 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 quarter.

Institutional Investors Weigh In On Rigetti Computing

Several institutional investors have recently added to or reduced their stakes in the business. Sovereign Financial Group Inc. purchased a new position in shares of Rigetti Computing in the 4th quarter valued at $215,000. Greenhouse Wealth Management LLC purchased a new stake in shares of Rigetti Computing in the 4th quarter valued at about $223,000. Traynor Capital Management Inc. acquired a new stake in shares of Rigetti Computing in the 4th quarter valued at about $244,000. Pure Financial Advisors LLC purchased a new position in Rigetti Computing during the 4th quarter worth approximately $252,000. Finally, LVW Advisors LLC acquired a new position in Rigetti Computing during the fourth quarter worth approximately $305,000. Hedge funds and other institutional investors 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.

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