Rigetti Computing (NASDAQ:RGTI) Trading Down 3.9% – Time to Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI) dropped 3.9% on Monday . The stock traded as low as $11.87 and last traded at $12.65. Approximately 61,429,144 shares were traded during mid-day trading, a decline of 66% from the average daily volume of 182,618,047 shares. The stock had previously closed at $13.17.

Analyst Ratings Changes

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

Rigetti Computing Price Performance

The stock has a market cap of $2.57 billion, a PE ratio of -35.25 and a beta of 1.26. The stock’s fifty day moving average is $10.06 and its 200-day moving average is $4.19. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84.

Insider Transactions at Rigetti Computing

In related news, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the business’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $1.52, for a total value of $1,954,893.28. Following the sale, the insider now directly owns 19,582,218 shares in the company, valued at approximately $29,764,971.36. The trade was a 6.16 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Michael S. Clifton sold 125,000 shares of the stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $4.00, for a total transaction of $500,000.00. Following the transaction, the director now directly 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 disclosure for this sale can be found here. Insiders sold 2,955,125 shares of company stock worth $5,489,354 in the last 90 days.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Private Advisor Group LLC purchased a new stake in shares of Rigetti Computing in the 4th quarter valued at $1,267,000. Global Retirement Partners LLC acquired a new position in Rigetti Computing in the 4th quarter valued at about $193,000. New York State Common Retirement Fund increased its stake in Rigetti Computing by 90.6% during the fourth quarter. New York State Common Retirement Fund now owns 32,600 shares of the company’s stock worth $497,000 after purchasing an additional 15,500 shares during the period. Fortis Group Advisors LLC acquired a new stake in shares of Rigetti Computing during the fourth quarter worth about $222,000. Finally, Allworth Financial LP boosted its stake in shares of Rigetti Computing by 14.9% in the fourth quarter. Allworth Financial LP now owns 11,604 shares of the company’s stock valued at $161,000 after purchasing an additional 1,504 shares during the period. 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.