Rigetti Computing (NASDAQ:RGTI) Shares Down 0.6% – Should You Sell?

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) traded down 0.6% during mid-day trading on Thursday . The stock traded as low as $12.72 and last traded at $12.58. 42,645,006 shares were traded during trading, a decline of 77% from the average session volume of 185,813,172 shares. The stock had previously closed at $12.66.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. 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. B. Riley raised their price target on shares of Rigetti Computing from $4.00 to $8.50 and gave the stock a “buy” rating in a research report on Tuesday, January 14th. Benchmark reaffirmed a “buy” rating and issued a $2.50 price target on shares of Rigetti Computing in a report on Thursday, November 14th. Finally, Craig Hallum began coverage on shares of Rigetti Computing in a report on Friday, December 20th. They issued a “buy” rating and a $12.00 target price on the stock. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $5.70.

Rigetti Computing Stock Up 7.1 %

The firm has a market cap of $2.53 billion, a price-to-earnings ratio of -34.66 and a beta of 1.31. The firm’s fifty day moving average is $10.06 and its two-hundred day moving average is $4.15. 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 Activity at Rigetti Computing

In other news, Director Michael S. Clifton sold 125,000 shares of Rigetti Computing stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $5.03, for a total value of $628,750.00. Following the transaction, the director now directly owns 1,063,864 shares of the company’s stock, valued at $5,351,235.92. This trade represents a 10.51 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the company’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 completion of the sale, the insider now owns 19,582,218 shares of the company’s stock, valued at approximately $29,764,971.36. This trade represents a 6.16 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,955,125 shares of company stock worth $5,489,354 over the last quarter. 2.81% of the stock is currently owned by company insiders.

Institutional Trading of Rigetti Computing

A number of hedge funds have recently modified their holdings of RGTI. Arete Wealth Advisors LLC acquired a new position in Rigetti Computing during the third quarter valued at $45,000. Spire Wealth Management purchased a new stake in shares of Rigetti Computing in the fourth quarter worth approximately $46,000. SG Americas Securities LLC boosted its holdings in shares of Rigetti Computing by 166.9% during the third quarter. SG Americas Securities LLC now owns 63,202 shares of the company’s stock worth $49,000 after purchasing an additional 39,526 shares during the period. JPMorgan Chase & Co. increased its stake in Rigetti Computing by 3.4% in the 3rd 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. Finally, Activest Wealth Management acquired a new stake in shares of Rigetti Computing during the 4th quarter valued at $52,000. 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.