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

Rigetti Computing, Inc. (NASDAQ:RGTI) shares gapped down prior to trading 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 changing hands.

Wall Street Analysts Forecast Growth

RGTI has been the topic of several research analyst reports. Benchmark reiterated a “buy” rating and set a $2.50 price target on shares of Rigetti Computing in a research report on Thursday, November 14th. Craig Hallum initiated coverage on Rigetti Computing in a research report on Friday, December 20th. They set a “buy” rating and a $12.00 price target on the stock. B. Riley lifted their price target on Rigetti Computing from $8.50 to $15.00 and gave the company a “buy” rating in a research report on Friday. Finally, Needham & Company LLC reiterated a “buy” rating and set a $2.00 price target on shares of Rigetti Computing in a research report on Wednesday, November 13th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $7.00.

Rigetti Computing Stock Down 10.9 %

The company has a current ratio of 4.84, a quick ratio of 4.84 and a debt-to-equity ratio of 0.02. The firm has a market capitalization of $2.02 billion, a price-to-earnings ratio of -27.68 and a beta of 1.26. The stock has a fifty day moving average of $12.22 and a 200-day moving average of $5.15.

Insider Activity at Rigetti Computing

In related news, Director Michael S. Clifton sold 125,000 shares of the company’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $5.03, for a total transaction of $628,750.00. Following the transaction, the director now directly owns 1,063,864 shares of the company’s stock, valued at approximately $5,351,235.92. The trade was a 10.51 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last ninety days, insiders have sold 375,000 shares of company stock valued at $1,503,750. Company insiders own 2.81% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. Allworth Financial LP raised its position in Rigetti Computing by 14.9% during the fourth quarter. Allworth Financial LP now owns 11,604 shares of the company’s stock valued at $161,000 after buying an additional 1,504 shares during the period. Signaturefd LLC acquired a new position in Rigetti Computing during the fourth quarter valued at $25,000. Legal & General Group Plc raised its position in Rigetti Computing by 14.9% during the fourth quarter. Legal & General Group Plc now owns 14,051 shares of the company’s stock valued at $214,000 after buying an additional 1,817 shares during the period. EverSource Wealth Advisors LLC acquired a new position in Rigetti Computing during the fourth quarter valued at $28,000. Finally, JPMorgan Chase & Co. raised its position in Rigetti Computing by 3.4% during the third quarter. JPMorgan Chase & Co. now owns 62,360 shares of the company’s stock valued at $49,000 after buying an additional 2,045 shares during the period. 35.38% of the stock is owned by institutional investors and hedge funds.

Rigetti Computing Company Profile

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.