Rigetti Computing (NASDAQ:RGTI) Trading Down 5.3% - Should You Sell?

Key Points

• Rigetti Computing's stock price dropped by 5.3%, reaching $14.35, with a significantly lower trading volume of approximately 12.5 million shares, compared to its average of 70 million shares.
• Several analysts have issued upgrades, with a consensus price target of $17.43 and a majority rating of "Buy" from six analysts.
• Insider transactions saw key directors selling shares, with Director Michael S. Clifton selling 25,000 shares at $15.00, reducing his ownership by 2.84%.

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report)'s stock price was down 5.3% on Wednesday . The company traded as low as $13.97 and last traded at $14.35. Approximately 12,521,657 shares were traded during mid-day trading, a decline of 82% from the average daily volume of 70,177,063 shares. The stock had previously closed at $15.16.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on RGTI shares. Williams Trading set a $20.00 target price on Rigetti Computing in a research report on Wednesday, August 13th. Benchmark lifted their price target on Rigetti Computing from $14.00 to $20.00 and gave the stock a "buy" rating in a research note on Wednesday, August 13th. Needham & Company LLC lifted their price target on Rigetti Computing from $15.00 to $18.00 and gave the stock a "buy" rating in a research note on Monday, August 4th. Alliance Global Partners reaffirmed a "buy" rating on shares of Rigetti Computing in a research note on Wednesday, July 16th. Finally, B. Riley lifted their price target on Rigetti Computing from $15.00 to $19.00 and gave the stock a "buy" rating in a research note on Wednesday, July 23rd. Six analysts have rated the stock with a Buy rating, According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus price target of $17.43.

Rigetti Computing Price Performance

The company has a market capitalization of $4.25 billion, a PE ratio of -19.28 and a beta of 1.44. The company has a 50 day moving average of $14.02 and a two-hundred day moving average of $11.53.

Insider Buying and Selling at Rigetti Computing

In related news, Director Michael S. Clifton sold 25,000 shares of the company's 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 directly owned 853,766 shares of the company's stock, valued at $12,806,490. This 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 is available at this link. Also, Director Ray O. Johnson sold 40,420 shares of the company's stock in a transaction on 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 directly owned 419,756 shares in the company, 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 Investors Weigh In On Rigetti Computing

Hedge funds have recently added to or reduced their stakes in the stock. Envestnet Asset Management Inc. bought a new position in shares of Rigetti Computing during the fourth quarter valued at $456,000. Bank of Montreal Can bought a new position in Rigetti Computing during the fourth quarter valued at approximately $341,000. Legal & General Group Plc boosted its stake in Rigetti Computing by 14.9% during the fourth quarter. Legal & General Group Plc now owns 14,051 shares of the company's stock valued at $214,000 after buying an additional 1,817 shares during the last quarter. Raymond James Financial Inc. bought a new position in Rigetti Computing during the fourth quarter valued at approximately $2,396,000. Finally, Sterling Capital Management LLC boosted its stake in Rigetti Computing by 1,006.2% during the fourth quarter. Sterling Capital Management LLC now owns 4,967 shares of the company's stock valued at $76,000 after buying an additional 4,518 shares during the last quarter. 35.38% of the stock is owned by 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.

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