Rigetti Computing (NASDAQ:RGTI) Trading Down 6.4% – Should You Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price was down 6.4% during trading on Wednesday . The company traded as low as $10.20 and last traded at $10.42. Approximately 129,201,842 shares were traded during mid-day trading, an increase of 679% from the average daily volume of 16,594,379 shares. The stock had previously closed at $11.13.

Analyst Upgrades and Downgrades

RGTI has been the topic of a number of recent research reports. Needham & Company LLC reiterated a “buy” rating and set a $2.00 target price on shares of Rigetti Computing in a report on Wednesday, November 13th. Benchmark reiterated a “buy” rating and set a $2.50 target price on shares of Rigetti Computing in a research note on Thursday, November 14th. Finally, B. Riley upped their price objective on Rigetti Computing from $3.50 to $4.00 and gave the company a “buy” rating in a report on Monday, November 25th.

Rigetti Computing Trading Up 3.4 %

The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.84 and a current ratio of 4.84. The company has a market capitalization of $2.21 billion, a price-to-earnings ratio of -30.29 and a beta of 2.72. The firm has a fifty day moving average price of $2.44 and a 200-day moving average price of $1.46.

Insider Buying and Selling at Rigetti Computing

In other news, Director Michael S. Clifton sold 125,000 shares of the firm’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $5.03, for a total transaction of $628,750.00. Following the completion of the transaction, the director now directly owns 1,063,864 shares in the company, valued at $5,351,235.92. This trade represents a 10.51 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Bessemer Venture Partners X. L. sold 580,125 shares of the business’s stock in a transaction on Thursday, November 14th. The shares were sold at an average price of $1.63, for a total transaction of $945,603.75. Following the transaction, the insider now owns 19,002,093 shares in the company, valued at $30,973,411.59. The trade was a 2.96 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,955,125 shares of company stock worth $5,489,354 over the last 90 days. Insiders own 2.81% of the company’s stock.

Institutional Investors Weigh In On Rigetti Computing

Several institutional investors have recently added to or reduced their stakes in RGTI. Cetera Advisors LLC bought a new position in Rigetti Computing in the 1st quarter worth approximately $38,000. SG Americas Securities LLC bought a new stake in shares of Rigetti Computing during the second quarter valued at about $25,000. Bank of New York Mellon Corp boosted its position in shares of Rigetti Computing by 3,788.5% in the second quarter. Bank of New York Mellon Corp now owns 410,705 shares of the company’s stock valued at $439,000 after acquiring an additional 400,143 shares during the period. Rhumbline Advisers purchased a new position in Rigetti Computing during the second quarter valued at approximately $161,000. Finally, Caprock Group LLC bought a new stake in Rigetti Computing during the 2nd quarter worth approximately $42,000. 35.38% of the stock is owned by hedge funds and other 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.