Rigetti Computing (NASDAQ:RGTI) Stock Price Down 4% - What's Next?

Key Points

• Rigetti Computing's stock price declined by 4% on Tuesday, trading at $14.95, with a significant drop in share volume to approximately 10.4 million, much lower than its average of over 73 million shares.
• Several analysts have maintained a positive outlook on Rigetti Computing, with a consensus target price of $15.50, and ratings ranging from "buy" to "overweight."
• Insider selling occurred as directors sold shares at an average price of $15.00, indicating a slight decrease in their stake in the company.

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report)'s share price fell 4% during mid-day trading on Tuesday . The company traded as low as $15.01 and last traded at $14.95. 10,404,037 shares traded hands during mid-day trading, a decline of 86% from the average session volume of 73,572,156 shares. The stock had previously closed at $15.57.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on RGTI. Cantor Fitzgerald began 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. Alliance Global Partners reissued a "buy" rating on shares of Rigetti Computing in a research note on Wednesday, July 16th. B. Riley boosted their target price on Rigetti Computing from $15.00 to $19.00 and gave the stock a "buy" rating in a research report on Wednesday, July 23rd. Industrial Alliance Securities set a $18.00 price objective on Rigetti Computing in a research report on Wednesday, July 16th. Finally, Benchmark reiterated a "buy" rating and issued a $14.00 price objective on shares of Rigetti Computing in a research report on Thursday, May 15th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $15.50.

Rigetti Computing Trading Down 2.6%

The company has a market cap of $4.10 billion, a P/E ratio of -20.17 and a beta of 1.43. The business has a 50 day moving average price of $13.08 and a 200-day moving average price of $11.18.

Insiders Place Their Bets

In related news, Director Michael S. Clifton sold 25,000 shares of the stock in a transaction on Wednesday, July 16th. The stock was sold at an average price of $15.00, for a total value of $375,000.00. Following the sale, the director owned 853,766 shares in the company, valued at approximately $12,806,490. This represents a 2.84% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Ray O. Johnson sold 40,420 shares of the stock in a transaction on Wednesday, July 16th. The shares were 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 in the company, valued at approximately $6,296,340. This trade represents a 8.78% decrease in their position. The disclosure for this sale can be found here. 1.90% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Rigetti Computing

Large investors have recently added to or reduced their stakes in the business. IFP Advisors Inc increased its position in Rigetti Computing by 146.1% during the 2nd quarter. IFP Advisors Inc now owns 2,190 shares of the company's stock worth $26,000 after buying an additional 1,300 shares during the period. Armstrong Advisory Group Inc. increased its position in Rigetti Computing by 225.4% during the 2nd quarter. Armstrong Advisory Group Inc. now owns 2,974 shares of the company's stock worth $35,000 after buying an additional 2,060 shares during the period. Orion Capital Management LLC bought a new position in Rigetti Computing during the 4th quarter worth $46,000. GAMMA Investing LLC increased its position in Rigetti Computing by 1,813.0% during the 1st quarter. GAMMA Investing LLC now owns 3,233 shares of the company's stock worth $26,000 after buying an additional 3,064 shares during the period. Finally, Center for Financial Planning Inc. bought a new position in Rigetti Computing during the 1st quarter worth $30,000. 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.