Rigetti Computing (NASDAQ:RGTI) Stock Price Down 8.9% – Should You Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s stock price was down 8.9% on Monday . The company traded as low as $14.40 and last traded at $15.56. Approximately 71,504,559 shares changed hands during mid-day trading, an increase of 225% from the average daily volume of 21,993,617 shares. The stock had previously closed at $17.08.

Analysts Set New Price Targets

RGTI has been the topic of a number of research analyst reports. B. Riley raised their price objective on shares of Rigetti Computing from $3.50 to $4.00 and gave the company a “buy” rating in a research note on Monday, November 25th. Needham & Company LLC reissued a “buy” rating and issued a $2.00 price objective on shares of Rigetti Computing in a research note on Wednesday, November 13th. Craig Hallum initiated coverage on Rigetti Computing in a research note on Friday, December 20th. They set a “buy” rating and a $12.00 target price for the company. Finally, Benchmark reiterated a “buy” rating and issued a $2.50 price target on shares of Rigetti Computing in a research report on Thursday, November 14th. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Rigetti Computing presently has an average rating of “Buy” and a consensus target price of $4.80.

Rigetti Computing Stock Performance

The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84. The firm has a market capitalization of $3.42 billion, a PE ratio of -46.87 and a beta of 2.72. The firm has a fifty day moving average price of $4.17 and a 200 day moving average price of $2.06.

Insiders Place Their Bets

In related news, Director Michael S. Clifton sold 125,000 shares of Rigetti Computing 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 completion of the sale, the director now owns 1,313,864 shares of the company’s stock, valued at approximately $3,941,592. This trade represents a 8.69 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the company’s stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $1.52, for a total value of $1,954,893.28. Following the completion of the transaction, the insider now directly owns 19,582,218 shares in the company, valued at approximately $29,764,971.36. The trade was a 6.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,955,125 shares of company stock worth $5,489,354 over the last ninety days. 2.81% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Rigetti Computing

Institutional investors have recently made changes to their positions in the company. JPMorgan Chase & Co. raised its position in Rigetti Computing by 3.4% during the third quarter. JPMorgan Chase & Co. now owns 62,360 shares of the company’s stock valued at $49,000 after acquiring an additional 2,045 shares in the last quarter. Barclays PLC raised its holdings in shares of Rigetti Computing by 275.6% during the 3rd quarter. Barclays PLC now owns 185,959 shares of the company’s stock valued at $145,000 after purchasing an additional 136,443 shares in the last quarter. Arete Wealth Advisors LLC acquired a new stake in shares of Rigetti Computing in the 3rd quarter valued at $45,000. Geode Capital Management LLC boosted its holdings 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 worth $2,837,000 after purchasing an additional 617,506 shares in the last quarter. Finally, Jane Street Group LLC increased its position in Rigetti Computing by 23.8% during the third quarter. Jane Street Group LLC now owns 244,496 shares of the company’s stock worth $191,000 after buying an additional 47,013 shares during the last quarter. 35.38% of the stock is currently owned by institutional investors and hedge funds.

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.