Rigetti Computing (NASDAQ:RGTI) Trading Down 3.9% – Should You Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI) shares fell 3.9% during mid-day trading on Tuesday . The stock traded as low as $7.03 and last traded at $7.40. 20,687,782 shares traded hands during trading, a decline of 52% from the average session volume of 43,409,810 shares. The stock had previously closed at $7.70.

Analyst Ratings Changes

Several research firms have weighed in on RGTI. 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 target price for the company. Needham & Company LLC reaffirmed a “buy” rating and set a $2.00 target price on shares of Rigetti Computing in a report on Wednesday, November 13th. Benchmark raised their price target on Rigetti Computing from $2.50 to $14.00 and gave the stock a “buy” rating in a report on Friday, February 21st. Finally, B. Riley upped their price objective on Rigetti Computing from $8.50 to $15.00 and gave the stock a “buy” rating in a research note on Friday, February 14th.

Rigetti Computing Trading Up 2.1 %

The firm’s 50-day simple moving average is $12.36 and its 200 day simple moving average is $5.70. The stock has a market cap of $1.51 billion, a P/E ratio of -20.68 and a beta of 1.26. 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 Transactions at Rigetti Computing

In related news, Director Michael S. Clifton sold 125,000 shares of the stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $5.03, for a total value of $628,750.00. Following the completion of the transaction, the director now owns 1,063,864 shares in the company, valued at $5,351,235.92. This represents a 10.51 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 2.81% of the company’s stock.

Institutional Trading of Rigetti Computing

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Signaturefd LLC acquired a new position in shares of Rigetti Computing during the fourth quarter valued at approximately $25,000. EverSource Wealth Advisors LLC bought a new stake in shares of Rigetti Computing in the 4th quarter worth $28,000. Tucker Asset Management LLC acquired a new stake in shares of Rigetti Computing in the fourth quarter valued at $32,000. Spire Wealth Management bought a new position in Rigetti Computing during the fourth quarter valued at about $46,000. Finally, Orion Capital Management LLC acquired a new position in Rigetti Computing during the fourth quarter worth about $46,000. 35.38% of the stock is currently owned by 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.