Rigetti Computing (NASDAQ:RGTI) Shares Down 10.2% – Should You Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s stock price traded down 10.2% during mid-day trading on Tuesday . The stock traded as low as $9.10 and last traded at $9.09. 24,577,310 shares were traded during mid-day trading, a decline of 83% from the average session volume of 142,571,703 shares. The stock had previously closed at $10.12.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Needham & Company LLC restated a “buy” rating and issued a $2.00 target price on shares of Rigetti Computing in a research note on Wednesday, November 13th. B. Riley raised their price objective on Rigetti Computing from $8.50 to $15.00 and gave the company a “buy” rating in a research report on Friday, February 14th. Benchmark upped their target price on shares of Rigetti Computing from $2.50 to $14.00 and gave the stock a “buy” rating in a research report on Friday. Finally, Craig Hallum started coverage on shares of Rigetti Computing in a research report on Friday, December 20th. They set a “buy” rating and a $12.00 price target for the company. Five investment analysts have rated the stock with a buy rating, According to MarketBeat, Rigetti Computing has an average rating of “Buy” and an average price target of $9.30.

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 $12.51 and a 200 day moving average price of $5.43. The stock has a market capitalization of $1.76 billion, a PE ratio of -24.15 and a beta of 1.26.

Insider Transactions at Rigetti Computing

In other news, Director Michael S. Clifton sold 125,000 shares of the company’s stock in a transaction on 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 $4,755,456. This represents a 9.51 % 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. Insiders own 2.81% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Signaturefd LLC bought a new position in Rigetti Computing in the 4th quarter worth approximately $25,000. EverSource Wealth Advisors LLC bought a new position in shares of Rigetti Computing during the fourth quarter worth $28,000. Tucker Asset Management LLC purchased a new position in Rigetti Computing during the fourth quarter valued at $32,000. Arete Wealth Advisors LLC bought a new stake in Rigetti Computing in the 3rd quarter valued at $45,000. Finally, Spire Wealth Management bought a new stake in Rigetti Computing in the 4th quarter valued at $46,000. 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.