Rigetti Computing (NASDAQ:RGTI) Stock Price Down 3.1% - Time to Sell?

Key Points

• Rigetti Computing's stock price fell by 3.1%, closing at $15.96, with trading volume significantly down at 10,659,160 shares compared to the average of 72,169,336 shares.
• Equities analysts maintain a generally positive outlook, with six analysts rating the stock as a "buy" and a consensus price target of $16.00.
• Recent insider trading included the sale of shares by directors Ray O. Johnson and Michael S. Clifton, with decreases in their respective stock positions of 8.78% and 2.84%.

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report)'s share price was down 3.1% during trading on Wednesday . The company traded as low as $15.70 and last traded at $15.96. Approximately 10,659,160 shares changed hands during mid-day trading, a decline of 85% from the average daily volume of 72,169,336 shares. The stock had previously closed at $16.47.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on RGTI shares. Cantor Fitzgerald began coverage on shares of Rigetti Computing in a research note on Wednesday, July 2nd. They issued an "overweight" rating and a $15.00 price objective for the company. B. Riley lifted their target price on shares of Rigetti Computing from $15.00 to $19.00 and gave the company a "buy" rating in a research note on Wednesday, July 23rd. Needham & Company LLC lifted their target price on shares of Rigetti Computing from $15.00 to $18.00 and gave the company a "buy" rating in a research note on Monday. Alliance Global Partners reissued a "buy" rating on shares of Rigetti Computing in a research note on Wednesday, July 16th. Finally, Benchmark reissued a "buy" rating and set a $14.00 target price on shares of Rigetti Computing in a research note on Thursday, May 15th. Six research analysts have rated the stock with a buy rating, According to MarketBeat, Rigetti Computing presently has an average rating of "Buy" and a consensus price target of $16.00.

Rigetti Computing Trading Down 2.9%

The firm has a market cap of $4.64 billion, a P/E ratio of -22.82 and a beta of 1.44. The business's fifty day moving average price is $13.17 and its two-hundred day moving average price is $11.29.

Insiders Place Their Bets

In other news, Director Ray O. Johnson sold 40,420 shares of the firm's stock in a transaction 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 transaction, the director owned 419,756 shares in the company, valued at approximately $6,296,340. This trade represents a 8.78% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Michael S. Clifton sold 25,000 shares of the firm's stock in a transaction on Wednesday, July 16th. The shares were sold at an average price of $15.00, for a total transaction of $375,000.00. Following the transaction, the director owned 853,766 shares in the company, valued at $12,806,490. This represents a 2.84% decrease in their position. The disclosure for this sale can be found here.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Harel Insurance Investments & Financial Services Ltd. raised its holdings in Rigetti Computing by 20.0% in the 2nd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 6,000 shares of the company's stock worth $71,000 after acquiring an additional 1,000 shares during the period. IFP Advisors Inc raised its holdings in Rigetti Computing by 146.1% in the 2nd quarter. IFP Advisors Inc now owns 2,190 shares of the company's stock worth $26,000 after acquiring an additional 1,300 shares during the period. California State Teachers Retirement System raised its holdings in Rigetti Computing by 12.7% in the 4th quarter. California State Teachers Retirement System now owns 11,551 shares of the company's stock worth $176,000 after acquiring an additional 1,301 shares during the period. Stratos Wealth Partners LTD. raised its holdings in Rigetti Computing by 9.8% in the 2nd quarter. Stratos Wealth Partners LTD. now owns 15,048 shares of the company's stock worth $178,000 after acquiring an additional 1,342 shares during the period. Finally, Center for Financial Planning Inc. raised its holdings in Rigetti Computing by 35.5% in the 2nd quarter. Center for Financial Planning Inc. now owns 5,137 shares of the company's stock worth $61,000 after acquiring an additional 1,345 shares during the period. Institutional investors own 35.38% of the company's stock.

About Rigetti Computing

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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