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

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

Analyst Ratings Changes

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

Rigetti Computing Price Performance

The business’s 50 day moving average price is $4.17 and its 200-day moving average price is $2.06. 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 company has a market cap of $3.42 billion, a PE ratio of -46.87 and a beta of 2.72.

Insider Buying and Selling at Rigetti Computing

In other Rigetti Computing news, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $1.52, for a total transaction of $1,954,893.28. Following the transaction, the insider now owns 19,582,218 shares of the company’s stock, valued at $29,764,971.36. This trade represents a 6.16 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Michael S. Clifton sold 125,000 shares of the firm’s stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $4.00, for a total transaction of $500,000.00. Following the completion of the transaction, the director now owns 1,188,864 shares in the company, valued at approximately $4,755,456. The trade was a 9.51 % 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 valued at $5,489,354 in the last ninety days. Insiders own 2.81% of the company’s stock.

Institutional Trading of Rigetti Computing

A number of large investors have recently modified their holdings of RGTI. Bank of New York Mellon Corp increased its stake in shares of Rigetti Computing by 3,788.5% in 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 acquired a new stake in Rigetti Computing in the 2nd quarter valued at approximately $161,000. Caprock Group LLC bought a new stake in Rigetti Computing during the 2nd quarter valued at $42,000. XTX Topco Ltd boosted its position in Rigetti Computing by 1,121.1% during the 2nd quarter. XTX Topco Ltd now owns 156,515 shares of the company’s stock worth $167,000 after acquiring an additional 143,697 shares during the period. Finally, Point72 DIFC Ltd acquired a new position in shares of Rigetti Computing during the second quarter valued at $88,000. Institutional investors and hedge funds own 35.38% of the company’s stock.

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.