Rigetti Computing (NASDAQ:RGTI) Shares Down 0.6% – Time to Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price fell 0.6% during mid-day trading on Thursday . The stock traded as low as $12.72 and last traded at $12.58. 42,645,006 shares changed hands during trading, a decline of 77% from the average session volume of 185,813,172 shares. The stock had previously closed at $12.66.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. B. Riley increased their price target on shares of Rigetti Computing from $4.00 to $8.50 and gave the stock a “buy” rating in a report on Tuesday, January 14th. Craig Hallum started coverage on Rigetti Computing in a report on Friday, December 20th. They issued a “buy” rating and a $12.00 price objective on the stock. Benchmark reissued a “buy” rating and issued a $2.50 price target on shares of Rigetti Computing in a report on Thursday, November 14th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $2.00 price objective on shares of Rigetti Computing in a report on Wednesday, November 13th. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $5.70.

Rigetti Computing Stock Performance

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 business’s 50-day moving average is $9.61 and its 200-day moving average is $4.01. The company has a market capitalization of $2.37 billion, a PE ratio of -32.32 and a beta of 1.31.

Insider Buying and Selling

In related news, Director Michael S. Clifton sold 125,000 shares of the stock in a transaction on Monday, November 25th. The stock was sold at an average price of $3.00, for a total transaction of $375,000.00. Following the sale, the director now directly owns 1,313,864 shares of the company’s stock, valued at $3,941,592. This trade represents a 8.69 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, major shareholder Bessemer Venture Partners X. L. sold 580,125 shares of the business’s stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $1.63, for a total value of $945,603.75. Following the completion of the transaction, the insider now directly owns 19,002,093 shares of the company’s stock, valued at approximately $30,973,411.59. This trade represents a 2.96 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,955,125 shares of company stock worth $5,489,354 in the last 90 days. Insiders own 2.81% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. JPMorgan Chase & Co. raised its position in Rigetti Computing by 3.4% in the third quarter. JPMorgan Chase & Co. now owns 62,360 shares of the company’s stock worth $49,000 after acquiring an additional 2,045 shares during the period. Spire Wealth Management purchased a new stake in Rigetti Computing in the fourth quarter worth about $46,000. Activest Wealth Management bought a new position in shares of Rigetti Computing in the fourth quarter worth about $52,000. Harel Insurance Investments & Financial Services Ltd. purchased a new position in shares of Rigetti Computing during the 4th quarter valued at about $76,000. Finally, SG Americas Securities LLC grew its stake in shares of Rigetti Computing by 10.5% during the 4th quarter. SG Americas Securities LLC now owns 69,856 shares of the company’s stock valued at $1,066,000 after acquiring an additional 6,654 shares during the period. 35.38% of the stock is owned by hedge funds and other institutional investors.

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.