Rigetti Computing (NASDAQ:RGTI) Shares Gap Down – Should You Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price gapped down before the market opened on Tuesday . The stock had previously closed at $11.81, but opened at $11.37. Rigetti Computing shares last traded at $10.92, with a volume of 16,518,870 shares trading hands.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on RGTI shares. 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 target for the company. Needham & Company LLC reissued a “buy” rating and issued a $2.00 target price on shares of Rigetti Computing in a research report on Wednesday, November 13th. B. Riley upped their price target on Rigetti Computing from $8.50 to $15.00 and gave the company a “buy” rating in a research report on Friday, February 14th. Finally, Benchmark reiterated a “buy” rating and set a $2.50 price target on shares of Rigetti Computing in a research note on Thursday, November 14th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $7.00.

Rigetti Computing Price Performance

The business’s 50 day moving average is $12.29 and its two-hundred day moving average is $5.19. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.84 and a current ratio of 4.84. The firm has a market capitalization of $2.21 billion, a PE ratio of -30.18 and a beta of 1.26.

Insider Transactions at Rigetti Computing

In related news, Director Michael S. Clifton sold 125,000 shares of the stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $5.03, for a total transaction of $628,750.00. Following the sale, the director now owns 1,063,864 shares of the company’s stock, valued at approximately $5,351,235.92. This represents a 10.51 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders sold 375,000 shares of company stock valued at $1,503,750 over the last three months. Company insiders own 2.81% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of RGTI. Signaturefd LLC purchased a new stake in shares of Rigetti Computing in the fourth quarter worth $25,000. EverSource Wealth Advisors LLC bought a new position in Rigetti Computing in the 4th quarter worth about $28,000. Tucker Asset Management LLC purchased a new stake in shares of Rigetti Computing in the 4th quarter valued at about $32,000. Arete Wealth Advisors LLC purchased a new position in shares of Rigetti Computing during the third quarter worth about $45,000. Finally, Spire Wealth Management purchased a new position in shares of Rigetti Computing during the fourth quarter worth about $46,000. 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.