Rigetti Computing (NASDAQ:RGTI) Shares Down 1% - Time to Sell?

Key Points

• Rigetti Computing's stock fell by 1%, closing at $15.50, with a significant decline in trading volume of 88% compared to its average.
• Multiple analysts maintain a positive outlook for Rigetti, with price targets set between $15.00 and $19.00 and a consensus rating of "Buy."
• Institutional investors have been increasing their stakes in Rigetti, with Vanguard Group raising its ownership by 20.7%, signaling confidence in the company's future.

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) fell 1% on Friday . The company traded as low as $15.51 and last traded at $15.50. 8,453,926 shares changed hands during mid-day trading, a decline of 88% from the average session volume of 71,544,805 shares. The stock had previously closed at $15.66.

Wall Street Analysts Forecast Growth

RGTI has been the subject of several research analyst reports. B. Riley upped their price target on shares of Rigetti Computing from $15.00 to $19.00 and gave the company a "buy" rating in a research report on Wednesday, July 23rd. Industrial Alliance Securities set a $18.00 target price on shares of Rigetti Computing in a research note on Wednesday, July 16th. Alliance Global Partners reissued a "buy" rating on shares of Rigetti Computing in a research note on Wednesday, July 16th. Cantor Fitzgerald assumed coverage on Rigetti Computing in a report on Wednesday, July 2nd. They set an "overweight" rating and a $15.00 price target on the stock. Finally, Needham & Company LLC upped their price target on Rigetti Computing from $15.00 to $18.00 and gave the stock a "buy" rating in a report on Monday. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Rigetti Computing presently has an average rating of "Buy" and a consensus price target of $16.00.

Rigetti Computing Price Performance

The company's 50 day moving average price is $13.25 and its 200 day moving average price is $11.36. The firm has a market capitalization of $4.45 billion, a P/E ratio of -21.96 and a beta of 1.44.

Insider Transactions at Rigetti Computing

In related news, Director Michael S. Clifton sold 25,000 shares of Rigetti Computing stock in a transaction on Wednesday, July 16th. The stock was sold at an average price of $15.00, for a total transaction of $375,000.00. Following the completion of the sale, the director directly owned 853,766 shares of the company's stock, valued at $12,806,490. The trade was a 2.84% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Ray O. Johnson sold 40,420 shares of the company's stock in a transaction that occurred on Wednesday, July 16th. The shares were sold at an average price of $15.00, for a total transaction of $606,300.00. Following the completion of the sale, the director directly owned 419,756 shares of the company's stock, valued at $6,296,340. The trade was a 8.78% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.90% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. lifted its stake in Rigetti Computing by 20.7% in the first quarter. Vanguard Group Inc. now owns 14,177,119 shares of the company's stock valued at $112,283,000 after buying an additional 2,430,758 shares during the period. Geode Capital Management LLC lifted its holdings in Rigetti Computing by 22.9% during the 2nd quarter. Geode Capital Management LLC now owns 6,484,155 shares of the company's stock worth $76,910,000 after purchasing an additional 1,206,925 shares in the last quarter. Invesco Ltd. grew its position in Rigetti Computing by 7,367.2% during the fourth quarter. Invesco Ltd. now owns 4,580,317 shares of the company's stock worth $69,896,000 after buying an additional 4,518,978 shares in the last quarter. UNICOM Systems Inc. raised its holdings in shares of Rigetti Computing by 1,235.8% in the 1st quarter. UNICOM Systems Inc. now owns 3,806,935 shares of the company's stock valued at $30,151,000 after acquiring an additional 3,521,935 shares in the last quarter. Finally, Penserra Capital Management LLC boosted its position in shares of Rigetti Computing by 41.0% during the 1st quarter. Penserra Capital Management LLC now owns 2,215,671 shares of the company's stock valued at $17,548,000 after acquiring an additional 644,455 shares during 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.

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