Rigetti Computing (NASDAQ:RGTI) Shares Down 6.4% – Time to Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s stock price fell 6.4% on Wednesday . The company traded as low as $10.20 and last traded at $10.42. 129,201,842 shares changed hands during trading, an increase of 679% from the average session volume of 16,594,379 shares. The stock had previously closed at $11.13.

Wall Street Analyst Weigh In

RGTI has been the topic of a number of analyst reports. Needham & Company LLC reaffirmed a “buy” rating and issued a $2.00 price objective on shares of Rigetti Computing in a research note on Wednesday, November 13th. Benchmark reiterated a “buy” rating and set a $2.50 price target on shares of Rigetti Computing in a report on Thursday, November 14th. B. Riley boosted their price objective on Rigetti Computing from $3.50 to $4.00 and gave the company a “buy” rating in a research note on Monday, November 25th. Finally, Craig Hallum began coverage on Rigetti Computing in a research note on Friday. They set a “buy” rating and a $12.00 target price for the company. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of $4.80.

Rigetti Computing Stock Down 30.1 %

The stock has a market cap of $1.44 billion, a price-to-earnings ratio of -19.66 and a beta of 2.72. The firm’s fifty day moving average price is $2.77 and its two-hundred day moving average price is $1.56. 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 Buying and Selling at Rigetti Computing

In other news, Director Michael S. Clifton sold 125,000 shares of the business’s stock in a transaction dated 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder Bessemer Venture Partners X. L. sold 580,125 shares of the company’s stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $1.63, for a total transaction of $945,603.75. Following the completion of the sale, the insider now owns 19,002,093 shares in the company, valued at $30,973,411.59. This represents a 2.96 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 2,955,125 shares of company stock valued at $5,489,354. Company insiders own 2.81% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of RGTI. SG Americas Securities LLC purchased a new position in Rigetti Computing during the 2nd quarter worth $25,000. Bank of New York Mellon Corp lifted its position in shares of Rigetti Computing by 3,788.5% during the second 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. Rhumbline Advisers purchased a new position in Rigetti Computing during the second quarter worth about $161,000. Caprock Group LLC bought a new stake in Rigetti Computing in the 2nd quarter worth about $42,000. Finally, XTX Topco Ltd increased its stake in Rigetti Computing by 1,121.1% in the 2nd quarter. XTX Topco Ltd now owns 156,515 shares of the company’s stock valued at $167,000 after buying an additional 143,697 shares during the last quarter. Hedge funds and other 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.