Rigetti Computing (NASDAQ:RGTI) Stock Price Down 1.8% – Time to Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price dropped 1.8% during trading on Tuesday . The stock traded as low as $16.23 and last traded at $16.69. Approximately 66,538,860 shares changed hands during mid-day trading, an increase of 195% from the average daily volume of 22,525,396 shares. The stock had previously closed at $17.00.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on RGTI shares. Craig Hallum started coverage on shares of Rigetti Computing in a research report on Friday, December 20th. They set a “buy” rating and a $12.00 price objective for the company. B. Riley lifted their price target 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. Benchmark reiterated a “buy” rating and set a $2.50 price objective on shares of Rigetti Computing in a research report on Thursday, November 14th. Finally, Needham & Company LLC restated a “buy” rating and issued a $2.00 target price on shares of Rigetti Computing in a report on Wednesday, November 13th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $4.80.

Rigetti Computing Price Performance

The company has a market cap of $2.93 billion, a PE ratio of -40.16 and a beta of 2.72. The stock has a fifty day moving average price of $4.77 and a 200-day moving average price of $2.27. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84.

Insiders Place Their Bets

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 completion of the sale, the director now directly owns 1,313,864 shares in the company, valued at approximately $3,941,592. This trade represents a 8.69 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through 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 shares were 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 owns 19,002,093 shares in the company, valued at $30,973,411.59. This trade represents a 2.96 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 2,955,125 shares of company stock worth $5,489,354. 2.81% of the stock is currently owned by company insiders.

Institutional Trading of Rigetti Computing

A number of institutional investors have recently added to or reduced their stakes in RGTI. Penserra Capital Management LLC raised its holdings in shares of Rigetti Computing by 9.8% during the 3rd quarter. Penserra Capital Management LLC now owns 4,553,633 shares of the company’s stock valued at $3,565,000 after purchasing an additional 407,389 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of 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 buying an additional 617,506 shares during the last quarter. State Street Corp boosted its stake in shares of Rigetti Computing by 12.9% during the 3rd quarter. State Street Corp now owns 2,715,223 shares of the company’s stock worth $2,126,000 after acquiring an additional 309,831 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Rigetti Computing by 14.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,149,934 shares of the company’s stock valued at $901,000 after acquiring an additional 144,742 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in shares of Rigetti Computing by 3,788.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 410,705 shares of the company’s stock valued at $439,000 after acquiring an additional 400,143 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.