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

Rigetti Computing, Inc. (NASDAQ:RGTI) gapped down prior to trading on Monday . The stock had previously closed at $19.02, but opened at $18.54. Rigetti Computing shares last traded at $20.83, with a volume of 26,124,376 shares trading hands.

Analyst Upgrades and Downgrades

Several research firms have commented on RGTI. Benchmark reissued a “buy” rating and set a $2.50 price objective on shares of Rigetti Computing in a report on Thursday, November 14th. Craig Hallum assumed coverage on Rigetti Computing in a report on Friday, December 20th. They set a “buy” rating and a $12.00 price target for the company. Needham & Company LLC reaffirmed a “buy” rating and set a $2.00 price objective on shares of Rigetti Computing in a report on Wednesday, November 13th. Finally, B. Riley raised their target price on shares of Rigetti Computing from $3.50 to $4.00 and gave the company a “buy” rating in a report on Monday, November 25th. Five research 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 target price of $4.80.

Rigetti Computing Trading Down 45.4 %

The stock has a fifty day moving average price of $6.48 and a 200 day moving average price of $2.89. The stock has a market cap of $1.93 billion, a PE ratio of -26.42 and a beta of 1.31. 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 Activity

In other Rigetti Computing news, Director Michael S. Clifton sold 125,000 shares of the business’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $3.00, for a total value of $375,000.00. Following the completion of the transaction, the director now directly owns 1,313,864 shares in the company, valued at approximately $3,941,592. The trade was a 8.69 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, major shareholder Bessemer Venture Partners X. L. sold 580,125 shares of the stock in a transaction that occurred 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 sale, the insider now directly owns 19,002,093 shares of the company’s stock, 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. Over the last quarter, insiders sold 2,955,125 shares of company stock valued at $5,489,354. Corporate insiders own 2.81% of the company’s stock.

Hedge Funds Weigh In On Rigetti Computing

Hedge funds have recently modified their holdings of the stock. Penserra Capital Management LLC grew its position in Rigetti Computing by 9.8% during the 3rd quarter. Penserra Capital Management LLC now owns 4,553,633 shares of the company’s stock worth $3,565,000 after purchasing an additional 407,389 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Rigetti Computing by 20.6% during the third quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company’s stock valued at $2,837,000 after buying an additional 617,506 shares during the last quarter. State Street Corp increased its position in shares of Rigetti Computing by 12.9% in the 3rd quarter. State Street Corp now owns 2,715,223 shares of the company’s stock valued at $2,126,000 after acquiring an additional 309,831 shares during the period. Charles Schwab Investment Management Inc. raised its stake in Rigetti Computing by 14.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,149,934 shares of the company’s stock worth $901,000 after acquiring an additional 144,742 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its position in Rigetti Computing by 3,788.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 410,705 shares of the company’s stock worth $439,000 after acquiring an additional 400,143 shares during the period. Institutional investors and hedge funds own 35.38% of the company’s stock.

Rigetti Computing Company Profile

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.