Rigetti Computing (NASDAQ:RGTI) Trading Down 4.5% – Should You Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI) shares dropped 4.5% on Thursday . The company traded as low as $8.35 and last traded at $8.87. Approximately 20,905,447 shares changed hands during mid-day trading, a decline of 85% from the average daily volume of 137,872,969 shares. The stock had previously closed at $9.28.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on RGTI. Benchmark lifted their price target on Rigetti Computing from $2.50 to $14.00 and gave the stock a “buy” rating in a report on Friday, February 21st. B. Riley upped their target price on shares of Rigetti Computing from $8.50 to $15.00 and gave the company a “buy” rating in a report on Friday, February 14th. Craig Hallum assumed coverage on shares of Rigetti Computing in a research report on Friday, December 20th. They issued a “buy” rating and a $12.00 price objective on the stock. Finally, Needham & Company LLC reiterated a “buy” rating and set a $2.00 target price on shares of Rigetti Computing in a research report on Wednesday, November 13th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $9.30.

Rigetti Computing Trading Down 13.5 %

The company has a quick ratio of 4.84, a current ratio of 4.84 and a debt-to-equity ratio of 0.02. The business has a 50 day moving average price of $12.44 and a 200-day moving average price of $5.52. The firm has a market cap of $1.54 billion, a price-to-earnings ratio of -21.13 and a beta of 1.26.

Insider Transactions at Rigetti Computing

In other Rigetti Computing news, Director Michael S. Clifton sold 125,000 shares of the stock in a transaction on Monday, December 9th. The shares were sold at an average price of $5.03, for a total transaction of $628,750.00. Following the sale, the director now directly owns 1,063,864 shares of the company’s stock, valued at approximately $5,351,235.92. This represents a 10.51 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 2.81% of the company’s stock.

Institutional Investors Weigh In On Rigetti Computing

A number of institutional investors have recently modified their holdings of the business. Vanguard Group Inc. boosted its stake in Rigetti Computing by 81.7% in the fourth quarter. Vanguard Group Inc. now owns 11,746,361 shares of the company’s stock valued at $179,249,000 after acquiring an additional 5,280,128 shares during the period. Invesco Ltd. boosted its position in Rigetti Computing by 7,367.2% during the 4th quarter. Invesco Ltd. now owns 4,580,317 shares of the company’s stock valued at $69,896,000 after purchasing an additional 4,518,978 shares during the period. JPMorgan Chase & Co. boosted its position in Rigetti Computing by 3,295.7% during the 4th quarter. JPMorgan Chase & Co. now owns 2,117,563 shares of the company’s stock valued at $32,314,000 after purchasing an additional 2,055,203 shares during the period. Nuveen Asset Management LLC grew its stake in Rigetti Computing by 418.6% during the 4th quarter. Nuveen Asset Management LLC now owns 999,617 shares of the company’s stock worth $15,254,000 after buying an additional 806,878 shares during the last quarter. Finally, Geode Capital Management LLC lifted its stake in Rigetti Computing by 20.6% in the third quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company’s stock valued at $2,837,000 after buying an additional 617,506 shares during the last quarter. 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.