Rigetti Computing (NASDAQ:RGTI) Trading Down 3.6% – Time to Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price was down 3.6% during mid-day trading on Monday . The stock traded as low as $11.43 and last traded at $11.81. Approximately 48,048,684 shares were traded during mid-day trading, a decline of 72% from the average daily volume of 169,707,248 shares. The stock had previously closed at $12.25.

Analysts Set New Price Targets

RGTI has been the subject of a number of recent analyst reports. 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. 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 for the company. B. Riley increased their target price on shares of Rigetti Computing from $8.50 to $15.00 and gave the company a “buy” rating in a research report on Friday. Finally, Needham & Company LLC reissued a “buy” rating and set a $2.00 target price on shares of Rigetti Computing in a research report on Wednesday, November 13th. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $7.00.

Rigetti Computing Price Performance

The stock has a market capitalization of $2.27 billion, a P/E ratio of -31.08 and a beta of 1.26. The business has a fifty day simple moving average of $11.99 and a 200-day simple moving average of $5.01. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.84 and a current ratio of 4.84.

Insiders Place Their Bets

In other Rigetti Computing news, Director Michael S. Clifton sold 125,000 shares of the stock in a transaction that occurred 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 in the company, valued at approximately $5,351,235.92. This represents a 10.51 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In the last three months, insiders have sold 375,000 shares of company stock worth $1,503,750. Corporate insiders own 2.81% of the company’s stock.

Hedge Funds Weigh In On Rigetti Computing

A number of large investors have recently modified their holdings of RGTI. Signaturefd LLC bought a new position in shares of Rigetti Computing in the 4th quarter worth $25,000. EverSource Wealth Advisors LLC bought a new position in shares of Rigetti Computing in the 4th quarter worth $28,000. Tucker Asset Management LLC bought a new position in Rigetti Computing during the 4th quarter valued at $32,000. Arete Wealth Advisors LLC bought a new position in Rigetti Computing during the 3rd quarter valued at $45,000. Finally, Spire Wealth Management bought a new position in Rigetti Computing during the 4th quarter valued at $46,000. 35.38% of the stock is currently 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.