Rigetti Computing (NASDAQ:RGTI) Shares Down 3.7% - Should You Sell?

Key Points

• Rigetti Computing's stock price fell 3.7% to $13.97, with a significant drop in trading volume, declining 78% compared to the average session.
• Multiple analysts have given the stock a consensus rating of "Buy" with a price target of $15.50, though individual price targets vary from $14.00 to $19.00.
• Recent insider transactions included the sale of shares by directors, with notable decreases in their holdings, indicating potential shifts in insider confidence.

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report)'s share price traded down 3.7% during mid-day trading on Friday . The company traded as low as $13.61 and last traded at $13.97. 15,793,009 shares changed hands during mid-day trading, a decline of 78% from the average session volume of 72,822,836 shares. The stock had previously closed at $14.50.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. Needham & Company LLC cut their price target on Rigetti Computing from $17.00 to $15.00 and set a "buy" rating for the company in a report on Wednesday, May 14th. Cantor Fitzgerald assumed coverage on Rigetti Computing in a report on Wednesday, July 2nd. They issued an "overweight" rating and a $15.00 price target for the company. B. Riley lifted their price target on Rigetti Computing from $15.00 to $19.00 and gave the company a "buy" rating in a report on Wednesday, July 23rd. Industrial Alliance Securities set a $18.00 price target on Rigetti Computing in a report on Wednesday, July 16th. Finally, Alliance Global Partners reaffirmed a "buy" rating on shares of Rigetti Computing in a report on Wednesday, July 16th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, Rigetti Computing has a consensus rating of "Buy" and a consensus price target of $15.50.

Rigetti Computing Price Performance

The stock has a 50-day moving average of $13.09 and a 200 day moving average of $11.21. The stock has a market capitalization of $4.59 billion, a price-to-earnings ratio of -22.39 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 dated Wednesday, July 16th. The stock was sold at an average price of $15.00, for a total value of $375,000.00. Following the completion of the sale, the director directly owned 853,766 shares in the company, valued at $12,806,490. This trade represents a 2.84% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Ray O. Johnson sold 40,420 shares of Rigetti Computing stock in a transaction dated Wednesday, July 16th. The stock was sold at an average price of $15.00, for a total value of $606,300.00. Following the completion of the sale, the director owned 419,756 shares of the company's stock, valued at approximately $6,296,340. The trade was a 8.78% decrease in their ownership of the stock. The disclosure for this sale can be found here.

Institutional Trading of Rigetti Computing

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. increased its position in Rigetti Computing by 3,295.7% in the fourth quarter. JPMorgan Chase & Co. now owns 2,117,563 shares of the company's stock worth $32,314,000 after purchasing an additional 2,055,203 shares during the period. The Manufacturers Life Insurance Company acquired a new position in shares of Rigetti Computing during the 4th quarter worth about $848,000. Alliancebernstein L.P. grew its position in shares of Rigetti Computing by 11.5% during the 4th quarter. Alliancebernstein L.P. now owns 155,480 shares of the company's stock worth $2,373,000 after buying an additional 15,980 shares during the period. BNP Paribas Financial Markets acquired a new position in shares of Rigetti Computing during the 4th quarter worth about $316,000. Finally, Legal & General Group Plc grew its position 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 worth $214,000 after buying an additional 1,817 shares during the period. 35.38% of the stock is currently owned by institutional investors and hedge funds.

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.