Rigetti Computing (NASDAQ:RGTI) Shares Gap Down – Time to Sell?

Rigetti Computing, Inc. (NASDAQ:RGTIGet Free Report)’s stock price gapped down before the market opened on Thursday . The stock had previously closed at $10.69, but opened at $10.10. Rigetti Computing shares last traded at $9.02, with a volume of 32,224,657 shares trading hands.

Wall Street Analysts Forecast Growth

A number of research firms have commented on RGTI. Craig Hallum initiated coverage on Rigetti Computing in a research note on Friday. They issued a “buy” rating and a $12.00 price target for the company. Benchmark reaffirmed a “buy” rating and issued a $2.50 price objective on shares of Rigetti Computing in a research report on Thursday, November 14th. B. Riley boosted their target price on shares of Rigetti Computing from $3.50 to $4.00 and gave the stock a “buy” rating in a research report on Monday, November 25th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $2.00 price target on shares of Rigetti Computing in a report on Wednesday, November 13th. Five analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $4.80.

Read Our Latest Report on Rigetti Computing

Rigetti Computing Stock Performance

The firm’s 50 day simple moving average is $2.94 and its 200 day simple moving average is $1.62. The firm has a market capitalization of $1.80 billion, a price-to-earnings ratio of -24.66 and a beta of 2.72. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.84 and a current ratio of 4.84.

Insider Buying and Selling at Rigetti Computing

In other news, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the firm’s stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $1.52, for a total transaction of $1,954,893.28. Following the sale, the insider now owns 19,582,218 shares of the company’s stock, valued at $29,764,971.36. This trade represents a 6.16 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Michael S. Clifton sold 125,000 shares of the business’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $3.00, for a total transaction of $375,000.00. Following the completion of the transaction, the director now owns 1,313,864 shares of the company’s stock, valued at approximately $3,941,592. This represents a 8.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,955,125 shares of company stock valued at $5,489,354. 2.81% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RGTI. SG Americas Securities LLC purchased a new stake in shares of Rigetti Computing during the 2nd quarter worth about $25,000. Caprock Group LLC acquired a new position in Rigetti Computing in the 2nd quarter worth about $42,000. Jane Street Group LLC boosted its position in Rigetti Computing by 23.8% during the third quarter. Jane Street Group LLC now owns 244,496 shares of the company’s stock worth $191,000 after purchasing an additional 47,013 shares in the last quarter. Arete Wealth Advisors LLC acquired a new stake in Rigetti Computing in the third quarter valued at approximately $45,000. Finally, Point72 DIFC Ltd purchased a new stake in shares of Rigetti Computing in the second quarter valued at approximately $88,000. Hedge funds and other institutional investors own 35.38% of the company’s stock.

About Rigetti Computing

(Get Free Report)

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.

Further Reading

Receive News & Ratings for Rigetti Computing Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Rigetti Computing and related companies with MarketBeat.com's FREE daily email newsletter.