Rigetti Computing (NASDAQ:RGTI) Trading Down 5.2% – Time to Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price fell 5.2% on Monday . The stock traded as low as $11.80 and last traded at $12.52. 69,952,461 shares traded hands during trading, a decline of 65% from the average session volume of 200,777,516 shares. The stock had previously closed at $13.20.

Wall Street Analysts Forecast Growth

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

Rigetti Computing Stock Performance

The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84. The business has a 50 day moving average price of $9.39 and a 200 day moving average price of $3.95. The stock has a market capitalization of $2.52 billion, a PE ratio of -34.42 and a beta of 1.31.

Insider Buying and Selling at Rigetti Computing

In other news, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the company’s stock in a transaction on Monday, November 11th. The stock was sold at an average price of $1.52, for a total transaction of $1,954,893.28. Following the transaction, the insider now directly owns 19,582,218 shares of the company’s stock, valued at $29,764,971.36. This represents a 6.16 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Michael S. Clifton sold 125,000 shares of the stock in a transaction on Friday, December 6th. The shares were sold at an average price of $4.00, for a total value of $500,000.00. Following the sale, the director now directly owns 1,188,864 shares in the company, valued at $4,755,456. This trade represents a 9.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 2,955,125 shares of company stock worth $5,489,354. 2.81% of the stock is owned by corporate insiders.

Institutional Trading of Rigetti Computing

Large investors have recently made changes to their positions in the stock. Activest Wealth Management purchased a new stake in Rigetti Computing in the fourth quarter worth approximately $52,000. Stephens Inc. AR purchased a new stake in Rigetti Computing during the fourth quarter valued at $229,000. SkyOak Wealth LLC purchased a new position in Rigetti Computing in the fourth quarter worth about $160,000. Spire Wealth Management bought a new stake in shares of Rigetti Computing during the 4th quarter valued at about $46,000. Finally, Strategic Advocates LLC purchased a new stake in shares of Rigetti Computing during the 4th quarter valued at about $267,000. 35.38% of the stock is currently owned by institutional investors.

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.