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

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) gapped down before the market opened on Thursday . The stock had previously closed at $10.69, but opened at $10.10. Rigetti Computing shares last traded at $9.02, with a volume of 32,224,657 shares changing hands.

Analyst Upgrades and Downgrades

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

Rigetti Computing Price Performance

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 stock has a market cap of $1.52 billion, a price-to-earnings ratio of -20.82 and a beta of 2.72. The company has a 50 day simple moving average of $2.64 and a 200-day simple moving average of $1.52.

Insider Transactions at Rigetti Computing

In related news, major shareholder Bessemer Venture Partners X. L. sold 713,886 shares of the business’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $1.52, for a total transaction of $1,085,106.72. Following the transaction, the insider now directly owns 20,868,332 shares in the company, valued at approximately $31,719,864.64. The trade was a 3.31 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Michael S. Clifton sold 125,000 shares of the company’s stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $4.00, for a total transaction of $500,000.00. Following the completion of the sale, the director now directly owns 1,188,864 shares in the company, valued at approximately $4,755,456. The trade was a 9.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,955,125 shares of company stock valued at $5,489,354 in the last ninety days. 2.81% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. SG Americas Securities LLC acquired a new stake in Rigetti Computing in the second quarter valued at about $25,000. Caprock Group LLC acquired a new stake in shares of Rigetti Computing in the second quarter valued at about $42,000. Arete Wealth Advisors LLC bought a new stake in Rigetti Computing in the third quarter valued at approximately $45,000. Point72 DIFC Ltd bought a new position in Rigetti Computing during the 2nd quarter worth approximately $88,000. Finally, Rhumbline Advisers bought a new stake in shares of Rigetti Computing in the 2nd quarter valued at $161,000. 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.