Rigetti Computing (NASDAQ:RGTI) Trading Down 49.4% – Should You Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price fell 49.4% during mid-day trading on Wednesday . The stock traded as low as $9.21 and last traded at $9.30. 174,618,348 shares were traded during trading, an increase of 18% from the average session volume of 147,941,406 shares. The stock had previously closed at $18.39.

Analysts Set New Price Targets

Several research firms recently issued reports on RGTI. Needham & Company LLC reaffirmed a “buy” rating and set a $2.00 price target on shares of Rigetti Computing in a research note on Wednesday, November 13th. Craig Hallum assumed coverage on shares of Rigetti Computing in a 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 company a “buy” rating in a report on Monday, November 25th. Finally, Benchmark reaffirmed a “buy” rating and issued a $2.50 price target on shares of Rigetti Computing in a report on Thursday, November 14th. Five investment analysts have rated the stock with a buy rating, According to MarketBeat.com, Rigetti Computing has an average rating of “Buy” and an average price target of $4.80.

Rigetti Computing Price Performance

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’s 50 day simple moving average is $6.98 and its 200-day simple moving average is $3.04. The stock has a market capitalization of $1.72 billion, a price-to-earnings ratio of -23.50 and a beta of 1.31.

Insider Buying and Selling at Rigetti Computing

In other Rigetti Computing news, Director Michael S. Clifton sold 125,000 shares of the business’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $5.03, for a total transaction of $628,750.00. Following the sale, the director now directly owns 1,063,864 shares in the company, valued at approximately $5,351,235.92. The trade was a 10.51 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Bessemer Venture Partners X. L. sold 580,125 shares of the business’s stock in a transaction that occurred on Thursday, November 14th. The stock was sold at an average price of $1.63, for a total transaction of $945,603.75. Following the completion of the sale, the insider now owns 19,002,093 shares in the company, valued at $30,973,411.59. The trade was a 2.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,955,125 shares of company stock valued at $5,489,354 in the last ninety days. Company insiders own 2.81% of the company’s stock.

Institutional Investors Weigh In On Rigetti Computing

Several hedge funds have recently made changes to their positions in RGTI. Silverleafe Capital Partners LLC acquired a new position in Rigetti Computing in the 4th quarter valued at approximately $554,000. JPMorgan Chase & Co. increased its stake in shares of Rigetti Computing by 3.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 62,360 shares of the company’s stock worth $49,000 after purchasing an additional 2,045 shares during the last quarter. Barclays PLC boosted its holdings in shares of Rigetti Computing by 275.6% during the 3rd quarter. Barclays PLC now owns 185,959 shares of the company’s stock worth $145,000 after buying an additional 136,443 shares during the period. Arete Wealth Advisors LLC bought a new stake in shares of Rigetti Computing during the 3rd quarter worth $45,000. Finally, Geode Capital Management LLC boosted its holdings in shares of Rigetti Computing by 20.6% during the 3rd 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 period. Hedge funds and other 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.