Rigetti Computing (NASDAQ:RGTI) Shares Down 20.5% – Time to Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price traded down 20.5% on Monday . The stock traded as low as $6.66 and last traded at $7.10. 86,350,008 shares were traded during mid-day trading, a decline of 47% from the average session volume of 163,218,984 shares. The stock had previously closed at $8.93.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. Craig Hallum initiated coverage on Rigetti Computing in a research report on Friday, December 20th. They issued a “buy” rating and a $12.00 price target for the company. Benchmark restated a “buy” rating and set a $2.50 target price on shares of Rigetti Computing in a report on Thursday, November 14th. B. Riley upped their price target on shares of Rigetti Computing from $4.00 to $8.50 and gave the company a “buy” rating in a report on Tuesday. Finally, Needham & Company LLC reissued a “buy” rating and set a $2.00 price objective on shares of Rigetti Computing in a research note on Wednesday, November 13th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $5.70.

Rigetti Computing Stock Up 47.9 %

The stock has a market cap of $1.72 billion, a price-to-earnings ratio of -23.55 and a beta of 1.31. The firm’s 50 day moving average is $7.24 and its two-hundred day moving average is $3.16. The company has a current ratio of 4.84, a quick ratio of 4.84 and a debt-to-equity ratio of 0.02.

Insider Activity

In related news, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the stock in a transaction dated 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 directly owns 19,582,218 shares in the company, valued at approximately $29,764,971.36. This represents a 6.16 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 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 value of $500,000.00. Following the completion of the sale, the director now directly 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 over the last 90 days. Insiders own 2.81% of the company’s stock.

Institutional Investors Weigh In On Rigetti Computing

A number of institutional investors have recently bought and sold shares of RGTI. JPMorgan Chase & Co. boosted its holdings in shares of Rigetti Computing by 3.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 62,360 shares of the company’s stock valued at $49,000 after purchasing an additional 2,045 shares during the last quarter. Sovereign Financial Group Inc. acquired a new stake in shares of Rigetti Computing in the fourth quarter worth $215,000. Greenhouse Wealth Management LLC purchased a new stake in shares of Rigetti Computing during the 4th quarter valued at about $223,000. Silverleafe Capital Partners LLC acquired a new position in Rigetti Computing in the 4th quarter worth $554,000. Finally, SG Americas Securities LLC lifted its stake in shares of Rigetti Computing by 166.9% in the third quarter. SG Americas Securities LLC now owns 63,202 shares of the company’s stock worth $49,000 after acquiring an additional 39,526 shares in the last quarter. 35.38% of the stock is currently owned by hedge funds and other institutional investors.

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.