Rigetti Computing (NASDAQ:RGTI) Shares Down 2.6% – Time to Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI) traded down 2.6% on Tuesday . The company traded as low as $2.76 and last traded at $2.94. 34,435,490 shares were traded during mid-day trading, a decline of 41% from the average session volume of 58,124,293 shares. The stock had previously closed at $3.02.

Analyst Ratings Changes

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

Rigetti Computing Price Performance

The business has a 50 day simple moving average of $1.27 and a 200-day simple moving average of $1.07. The company has a market capitalization of $586.52 million, a P/E ratio of -7.74 and a beta of 2.71. The company has a quick ratio of 4.84, a current ratio of 4.84 and a debt-to-equity ratio of 0.02.

Insider Activity at Rigetti Computing

In other Rigetti Computing news, Director Helene Gail Sandford sold 43,200 shares of Rigetti Computing stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $0.82, for a total transaction of $35,424.00. Following the sale, the director now owns 257,752 shares of the company’s stock, valued at $211,356.64. The trade was a 14.35 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Michael S. Clifton sold 125,000 shares of the business’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $3.00, for a total value of $375,000.00. Following the transaction, the director now owns 1,313,864 shares of the company’s stock, valued at $3,941,592. This trade represents a 8.69 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,748,325 shares of company stock worth $4,396,028 in the last ninety days.

Hedge Funds Weigh In On Rigetti Computing

Several large investors have recently bought and sold shares of RGTI. Vanguard Group Inc. increased its stake in shares of Rigetti Computing by 17.0% during the first quarter. Vanguard Group Inc. now owns 5,185,200 shares of the company’s stock valued at $7,933,000 after acquiring an additional 753,110 shares during the period. Geode Capital Management LLC boosted its stake in Rigetti Computing by 20.6% during the 3rd quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company’s stock valued at $2,837,000 after purchasing an additional 617,506 shares in the last quarter. Penserra Capital Management LLC increased its position in shares of Rigetti Computing by 9.8% during the 3rd quarter. Penserra Capital Management LLC now owns 4,553,633 shares of the company’s stock valued at $3,565,000 after purchasing an additional 407,389 shares during the period. Bank of New York Mellon Corp raised its stake in shares of Rigetti Computing by 3,788.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 410,705 shares of the company’s stock worth $439,000 after buying an additional 400,143 shares in the last quarter. Finally, State Street Corp lifted its holdings in shares of Rigetti Computing by 12.9% in the third quarter. State Street Corp now owns 2,715,223 shares of the company’s stock valued at $2,126,000 after buying an additional 309,831 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.