Rigetti Computing (NASDAQ:RGTI) Trading Down 3.9% - Time to Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) was down 3.9% during trading on Friday . The stock traded as low as $11.46 and last traded at $11.62. Approximately 18,888,030 shares traded hands during mid-day trading, a decline of 67% from the average daily volume of 56,966,919 shares. The stock had previously closed at $12.10.

Wall Street Analyst Weigh In

Several research analysts have recently commented on RGTI shares. Benchmark reissued a "buy" rating and issued a $14.00 price objective on shares of Rigetti Computing in a research note on Thursday, May 15th. B. Riley raised their price objective on shares of Rigetti Computing from $8.50 to $15.00 and gave the company a "buy" rating in a research note on Friday, February 14th. Needham & Company LLC decreased their price target on shares of Rigetti Computing from $17.00 to $15.00 and set a "buy" rating for the company in a research note on Wednesday, May 14th. Finally, Alliance Global Partners reiterated a "buy" rating on shares of Rigetti Computing in a research note on Thursday, March 6th. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus target price of $14.00.

Rigetti Computing Stock Down 5.8%

The business's 50 day moving average is $10.64 and its 200-day moving average is $10.30. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84. The company has a market cap of $3.31 billion, a PE ratio of -30.00 and a beta of 1.50.

Institutional Trading of Rigetti Computing

Institutional investors have recently modified their holdings of the stock. Steward Partners Investment Advisory LLC purchased a new stake in shares of Rigetti Computing during the 4th quarter worth approximately $83,000. Stephens Inc. AR purchased a new stake in shares of Rigetti Computing during the 4th quarter worth approximately $229,000. JPMorgan Chase & Co. lifted its position in shares of Rigetti Computing by 3,295.7% during the 4th quarter. JPMorgan Chase & Co. now owns 2,117,563 shares of the company's stock worth $32,314,000 after buying an additional 2,055,203 shares during the last quarter. The Manufacturers Life Insurance Company purchased a new stake in shares of Rigetti Computing during the 4th quarter worth approximately $848,000. Finally, Jones Financial Companies Lllp acquired a new position in shares of Rigetti Computing in the 4th quarter valued at $50,000. Hedge funds and other institutional investors 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.