Rigetti Computing (NASDAQ:RGTI) Stock Price Down 3.7% - Time to 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) 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 have issued reports on the stock. Cantor Fitzgerald began coverage on shares of Rigetti Computing in a report on Wednesday, July 2nd. They set an "overweight" rating and a $15.00 target price for the company. Industrial Alliance Securities set a $18.00 target price on shares of Rigetti Computing in a report on Wednesday, July 16th. B. Riley lifted their price objective on shares of Rigetti Computing from $15.00 to $19.00 and gave the company a "buy" rating in a report on Wednesday, July 23rd. Needham & Company LLC cut their price objective on shares of Rigetti Computing from $17.00 to $15.00 and set a "buy" rating for the company in a report on Wednesday, May 14th. 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 analysts have rated the stock with a buy rating, According to MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of $15.50.

Rigetti Computing Stock Down 3.9%

The stock has a market capitalization of $4.04 billion, a price-to-earnings ratio of -19.93 and a beta of 1.43. The business's 50-day moving average is $13.08 and its two-hundred day moving average is $11.18.

Insider Transactions at Rigetti Computing

In other Rigetti Computing news, Director Michael S. Clifton sold 25,000 shares of the business's stock in a transaction dated Wednesday, July 16th. The shares were sold at an average price of $15.00, for a total value of $375,000.00. Following the transaction, the director directly owned 853,766 shares in the company, valued at $12,806,490. The trade was a 2.84% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Ray O. Johnson sold 40,420 shares of the business's stock in a transaction dated 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 transaction, the director owned 419,756 shares in the company, valued at $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. Insiders own 1.90% of the company's stock.

Hedge Funds Weigh In On Rigetti Computing

Institutional investors and hedge funds have recently bought and sold shares of the company. IFP Advisors Inc raised its stake in shares of Rigetti Computing by 146.1% in the 2nd quarter. IFP Advisors Inc now owns 2,190 shares of the company's stock valued at $26,000 after acquiring an additional 1,300 shares during the period. California State Teachers Retirement System raised its stake in shares of Rigetti Computing by 12.7% in the 4th quarter. California State Teachers Retirement System now owns 11,551 shares of the company's stock valued at $176,000 after acquiring an additional 1,301 shares during the period. Stratos Wealth Partners LTD. raised its stake in shares of Rigetti Computing by 9.8% in the 2nd quarter. Stratos Wealth Partners LTD. now owns 15,048 shares of the company's stock valued at $178,000 after acquiring an additional 1,342 shares during the period. US Bancorp DE raised its stake in shares of Rigetti Computing by 29.4% in the 1st quarter. US Bancorp DE now owns 6,248 shares of the company's stock valued at $49,000 after acquiring an additional 1,420 shares during the period. Finally, Kellett Wealth Advisors LLC raised its stake in shares of Rigetti Computing by 10.5% in the 2nd quarter. Kellett Wealth Advisors LLC now owns 17,052 shares of the company's stock valued at $202,000 after acquiring an additional 1,619 shares during the period. 35.38% of the stock is currently owned by institutional investors and hedge funds.

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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