Rigetti Computing (NASDAQ:RGTI) Trading Down 4.5% – Time to Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI) shares fell 4.5% during mid-day trading on Thursday . The company traded as low as $8.35 and last traded at $8.87. 20,905,447 shares were traded during mid-day trading, a decline of 85% from the average session volume of 137,872,969 shares. The stock had previously closed at $9.28.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. Craig Hallum assumed coverage on Rigetti Computing in a research note on Friday, December 20th. They set a “buy” rating and a $12.00 target price on the stock. B. Riley increased their target price on Rigetti Computing from $8.50 to $15.00 and gave the stock a “buy” rating in a research note on Friday, February 14th. Benchmark increased their target price on Rigetti Computing from $2.50 to $14.00 and gave the stock a “buy” rating in a research note on Friday, February 21st. Finally, Needham & Company LLC reiterated a “buy” rating and set a $2.00 target price on shares of Rigetti Computing in a research note on Wednesday, November 13th. Five analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $9.30.

Rigetti Computing Stock Performance

The stock has a 50 day simple moving average of $12.43 and a 200 day simple moving average of $5.59. The company has a current ratio of 4.84, a quick ratio of 4.84 and a debt-to-equity ratio of 0.02. The stock has a market cap of $1.63 billion, a P/E ratio of -22.26 and a beta of 1.26.

Insiders Place Their Bets

In other Rigetti Computing news, Director Michael S. Clifton sold 125,000 shares of the firm’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $5.03, for a total value of $628,750.00. Following the sale, the director now owns 1,063,864 shares of the company’s stock, valued at approximately $5,351,235.92. This trade represents a 10.51 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 2.81% of the company’s stock.

Institutional Investors Weigh In On Rigetti Computing

A number of large investors have recently modified their holdings of the business. Allworth Financial LP boosted its holdings in shares of Rigetti Computing by 14.9% in the 4th quarter. Allworth Financial LP now owns 11,604 shares of the company’s stock valued at $161,000 after purchasing an additional 1,504 shares in the last quarter. Signaturefd LLC acquired a new stake in shares of Rigetti Computing in the 4th quarter valued at $25,000. Legal & General Group Plc boosted its holdings in shares of Rigetti Computing by 14.9% during the 4th quarter. Legal & General Group Plc now owns 14,051 shares of the company’s stock valued at $214,000 after acquiring an additional 1,817 shares in the last quarter. EverSource Wealth Advisors LLC acquired a new stake in shares of Rigetti Computing during the 4th quarter valued at $28,000. Finally, JPMorgan Chase & Co. boosted its holdings in shares of Rigetti Computing by 3.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 62,360 shares of the company’s stock valued at $49,000 after acquiring an additional 2,045 shares in the last quarter. 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.