Rigetti Computing (NASDAQ:RGTI) Trading Down 23.6% - Should You Sell?

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) fell 23.6% on Thursday . The company traded as low as $7.45 and last traded at $8.17. 89,616,603 shares changed hands during mid-day trading, an increase of 410% from the average session volume of 17,555,348 shares. The stock had previously closed at $10.69.

Wall Street Analysts Forecast Growth

RGTI has been the subject of several research reports. B. Riley lifted their price target on Rigetti Computing from $3.50 to $4.00 and gave the stock a "buy" rating in a research note on Monday, November 25th. Benchmark reaffirmed a "buy" rating and issued a $2.50 price target on shares of Rigetti Computing in a report on Thursday, November 14th. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $2.00 price target on shares of Rigetti Computing in a research report on Wednesday, November 13th.

Rigetti Computing Price Performance

The company's 50 day simple moving average is $2.64 and its 200-day simple moving average is $1.52. The company has a current ratio of 4.84, a quick ratio of 4.84 and a debt-to-equity ratio of 0.02. The company has a market capitalization of $1.44 billion, a price-to-earnings ratio of -19.66 and a beta of 2.72.

Insider Buying and Selling at Rigetti Computing

In other news, Director Michael S. Clifton sold 125,000 shares of the business's stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $3.00, for a total transaction of $375,000.00. Following the completion of the sale, the director now owns 1,313,864 shares in the company, valued at approximately $3,941,592. The trade was a 8.69 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $1.52, for a total transaction of $1,954,893.28. Following the sale, the insider now directly owns 19,582,218 shares of the company's stock, valued at approximately $29,764,971.36. This trade represents a 6.16 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,955,125 shares of company stock worth $5,489,354 in the last 90 days. 2.81% of the stock is owned by company insiders.

Institutional Trading of Rigetti Computing

Institutional investors have recently added to or reduced their stakes in the business. Geode Capital Management LLC lifted its stake in shares of Rigetti Computing by 20.6% during the third quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company's stock worth $2,837,000 after purchasing an additional 617,506 shares in the last quarter. Penserra Capital Management LLC lifted its position in Rigetti Computing by 9.8% during the 3rd quarter. Penserra Capital Management LLC now owns 4,553,633 shares of the company's stock worth $3,565,000 after acquiring an additional 407,389 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in Rigetti Computing by 3,788.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 410,705 shares of the company's stock worth $439,000 after acquiring an additional 400,143 shares during the period. State Street Corp grew its position in Rigetti Computing by 12.9% in the third quarter. State Street Corp now owns 2,715,223 shares of the company's stock valued at $2,126,000 after acquiring an additional 309,831 shares in the last quarter. Finally, Rhumbline Advisers purchased a new stake in shares of Rigetti Computing during the second quarter valued at approximately $161,000. 35.38% of the stock is owned by hedge funds and other institutional investors.

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.