Rigetti Computing (NASDAQ:RGTI) Shares Gap Down – Should You Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI) shares gapped down before the market opened on Tuesday . The stock had previously closed at $11.81, but opened at $11.37. Rigetti Computing shares last traded at $10.92, with a volume of 16,518,870 shares.

Wall Street Analyst Weigh In

A number of research firms have commented on RGTI. Benchmark reiterated a “buy” rating and set a $2.50 target price on shares of Rigetti Computing in a research report on Thursday, November 14th. Needham & Company LLC reiterated a “buy” rating and set a $2.00 target price on shares of Rigetti Computing in a research report on Wednesday, November 13th. Craig Hallum started coverage on Rigetti Computing in a research report on Friday, December 20th. They set a “buy” rating and a $12.00 target price on the stock. Finally, B. Riley increased their target price on Rigetti Computing from $8.50 to $15.00 and gave the stock a “buy” rating in a research report on Friday. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, Rigetti Computing has a consensus rating of “Buy” and an average target price of $7.00.

Rigetti Computing Trading Down 10.9 %

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 has a fifty day simple moving average of $12.22 and a 200 day simple moving average of $5.15. The company has a market cap of $2.02 billion, a P/E ratio of -27.68 and a beta of 1.26.

Insider Buying and Selling

In related news, Director Michael S. Clifton sold 125,000 shares of the firm’s stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $4.00, for a total value of $500,000.00. Following the sale, the director now owns 1,188,864 shares of the company’s stock, valued at approximately $4,755,456. This trade represents a 9.51 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In the last 90 days, insiders have sold 375,000 shares of company stock valued at $1,503,750. Insiders own 2.81% of the company’s stock.

Institutional Trading of Rigetti Computing

Several hedge funds have recently made changes to their positions in the stock. Allworth Financial LP lifted its holdings in shares of Rigetti Computing by 14.9% in the 4th quarter. Allworth Financial LP now owns 11,604 shares of the company’s stock worth $161,000 after purchasing an additional 1,504 shares during the last quarter. Signaturefd LLC acquired a new stake in Rigetti Computing in the 4th quarter valued at approximately $25,000. Legal & General Group Plc increased its position in Rigetti Computing by 14.9% in the 4th quarter. Legal & General Group Plc now owns 14,051 shares of the company’s stock valued at $214,000 after acquiring an additional 1,817 shares during the period. EverSource Wealth Advisors LLC acquired a new stake in Rigetti Computing in the 4th quarter valued at approximately $28,000. Finally, JPMorgan Chase & Co. increased its position in 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 acquiring an additional 2,045 shares during the period. Institutional investors own 35.38% of the company’s stock.

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.