Rigetti Computing (NASDAQ:RGTI) Trading Down 10.2% – Time to Sell?

Rigetti Computing, Inc. (NASDAQ:RGTIGet Free Report)’s share price dropped 10.2% during trading on Wednesday . The company traded as low as $15.02 and last traded at $15.26. Approximately 141,167,297 shares traded hands during mid-day trading, an increase of 518% from the average daily volume of 22,856,375 shares. The stock had previously closed at $17.00.

Wall Street Analyst Weigh In

RGTI has been the topic of a number of analyst reports. Benchmark reaffirmed a “buy” rating and set a $2.50 price objective on shares of Rigetti Computing in a research report on Thursday, November 14th. 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 report on Monday, November 25th. Craig Hallum started coverage on Rigetti Computing in a research note on Friday, December 20th. They issued a “buy” rating and a $12.00 price target for the company. Finally, Needham & Company LLC restated a “buy” rating and issued a $2.00 price objective on shares of Rigetti Computing in a research report on Wednesday, November 13th. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Rigetti Computing presently has a consensus rating of “Buy” and a consensus target price of $4.80.

Read Our Latest Report on Rigetti Computing

Rigetti Computing Stock Performance

The company has a market capitalization of $3.85 billion, a P/E ratio of -52.63 and a beta of 2.72. 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 fifty day simple moving average is $5.05 and its 200-day simple moving average is $2.36.

Insider Activity

In other Rigetti Computing 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 transaction of $1,954,893.28. Following the completion of the transaction, the insider now owns 19,582,218 shares in the company, valued at $29,764,971.36. This trade represents a 6.16 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, 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 transaction, the director now directly owns 1,313,864 shares of the company’s stock, valued at $3,941,592. The trade was a 8.69 % 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 90 days. Corporate insiders own 2.81% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Bank of New York Mellon Corp raised its position in Rigetti Computing by 3,788.5% during the second quarter. Bank of New York Mellon Corp now owns 410,705 shares of the company’s stock valued at $439,000 after purchasing an additional 400,143 shares during the period. Rhumbline Advisers bought a new position in shares of Rigetti Computing during the 2nd quarter valued at approximately $161,000. Caprock Group LLC purchased a new stake in Rigetti Computing during the 2nd quarter valued at $42,000. XTX Topco Ltd lifted its position in Rigetti Computing by 1,121.1% in the second quarter. XTX Topco Ltd now owns 156,515 shares of the company’s stock worth $167,000 after buying an additional 143,697 shares during the last quarter. Finally, Point72 DIFC Ltd bought a new stake in Rigetti Computing in the second quarter worth $88,000. Institutional investors own 35.38% of the company’s stock.

About Rigetti Computing

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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.

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