Rigetti Computing (NASDAQ:RGTI) Shares Down 2.3% – Time to Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI) shares were down 2.3% on Friday . The company traded as low as $11.71 and last traded at $11.97. Approximately 17,790,136 shares changed hands during mid-day trading, a decline of 89% from the average daily volume of 155,668,203 shares. The stock had previously closed at $12.25.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the company. B. Riley raised their price objective on Rigetti Computing from $8.50 to $15.00 and gave the company a “buy” rating in a research report on Friday. Benchmark reiterated a “buy” rating and issued a $2.50 price target on shares of Rigetti Computing in a research note on Thursday, November 14th. Craig Hallum started coverage on shares of Rigetti Computing in a research note on Friday, December 20th. They set a “buy” rating and a $12.00 price objective for the company. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $2.00 target price on shares of Rigetti Computing in a research note on Wednesday, November 13th. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $7.00.

Rigetti Computing Price Performance

The firm has a 50-day moving average of $11.84 and a 200 day moving average of $4.88. The company has a market capitalization of $2.23 billion, a PE ratio of -30.59 and a beta of 1.26. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84.

Insider Buying and Selling

In other Rigetti Computing news, Director Michael S. Clifton sold 125,000 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The shares were 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 directly owns 1,313,864 shares of the company’s stock, valued at approximately $3,941,592. This represents a 8.69 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last quarter, insiders have sold 375,000 shares of company stock worth $1,503,750. 2.81% of the stock is owned by insiders.

Hedge Funds Weigh In On Rigetti Computing

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Signaturefd LLC bought a new position in shares of Rigetti Computing in the fourth quarter worth approximately $25,000. EverSource Wealth Advisors LLC bought a new stake in Rigetti Computing in the 4th quarter worth approximately $28,000. Tucker Asset Management LLC purchased a new stake in shares of Rigetti Computing during the 4th quarter worth approximately $32,000. Spire Wealth Management bought a new position in shares of Rigetti Computing during the 4th quarter valued at approximately $46,000. Finally, Jones Financial Companies Lllp purchased a new position in shares of Rigetti Computing in the fourth quarter valued at $50,000. 35.38% of the stock is currently 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.