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

Rigetti Computing, Inc. (NASDAQ:RGTI) shares gapped down prior to trading on Thursday . The stock had previously closed at $13.91, but opened at $13.11. Rigetti Computing shares last traded at $13.96, with a volume of 43,030,140 shares trading hands.

Analyst Upgrades and Downgrades

RGTI has been the subject of several analyst reports. Benchmark reissued a “buy” rating and set a $2.50 price target on shares of Rigetti Computing in a research report on Thursday, November 14th. B. Riley increased their target price on shares of Rigetti Computing from $4.00 to $8.50 and gave the company a “buy” rating in a research report on Tuesday, January 14th. 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. Finally, Craig Hallum started coverage on Rigetti Computing in a report on Friday, December 20th. They set a “buy” rating and a $12.00 price objective for the company. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Rigetti Computing has an average rating of “Buy” and an average price target of $5.70.

Rigetti Computing Price Performance

The firm has a market cap of $2.54 billion, a price-to-earnings ratio of -34.74 and a beta of 1.31. 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 stock’s 50 day simple moving average is $8.93 and its 200-day simple moving average is $3.75.

Insiders Place Their Bets

In other news, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the stock in a transaction on Monday, November 11th. The shares were sold at an average price of $1.52, for a total value of $1,954,893.28. Following the sale, the insider now owns 19,582,218 shares in the company, valued at $29,764,971.36. This represents a 6.16 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Michael S. Clifton sold 125,000 shares of the firm’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $5.03, for a total transaction of $628,750.00. Following the transaction, the director now directly owns 1,063,864 shares of the company’s stock, valued at approximately $5,351,235.92. This trade represents a 10.51 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 2,955,125 shares of company stock valued at $5,489,354. 2.81% of the stock is owned by company insiders.

Institutional Trading of Rigetti Computing

Several hedge funds and other institutional investors have recently bought and sold shares of RGTI. SkyOak Wealth LLC purchased a new stake in shares of Rigetti Computing during the 4th quarter worth about $160,000. Spire Wealth Management purchased a new position in Rigetti Computing during the fourth quarter worth approximately $46,000. Strategic Advocates LLC acquired a new stake in Rigetti Computing in the fourth quarter valued at approximately $267,000. Highland Capital Management LLC purchased a new stake in shares of Rigetti Computing in the fourth quarter valued at approximately $229,000. Finally, Masso Torrence Wealth Management Inc. purchased a new stake in shares of Rigetti Computing in the fourth quarter valued at approximately $153,000. 35.38% of the stock is owned by institutional investors and hedge funds.

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.