Rigetti Computing (NASDAQ:RGTI) Stock Price Down 7.6% – Time to Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI) was down 7.6% on Friday . The stock traded as low as $16.16 and last traded at $16.61. Approximately 24,203,005 shares traded hands during mid-day trading, a decline of 66% from the average daily volume of 70,881,875 shares. The stock had previously closed at $17.98.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. B. Riley boosted their price target on Rigetti Computing from $15.00 to $19.00 and gave the company a “buy” rating in a research note on Wednesday, July 23rd. Industrial Alliance Securities set a $18.00 target price on Rigetti Computing in a research note on Wednesday, July 16th. Williams Trading set a $20.00 target price on Rigetti Computing in a research report on Wednesday. Alliance Global Partners reissued a “buy” rating on shares of Rigetti Computing in a report on Wednesday, July 16th. Finally, Cantor Fitzgerald began coverage on shares of Rigetti Computing in a report on Wednesday, July 2nd. They set an “overweight” rating and a $15.00 price objective for the company. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $17.43.

Rigetti Computing Trading Down 7.4%

The company has a 50 day moving average of $13.83 and a 200 day moving average of $11.49. The firm has a market cap of $4.83 billion, a price-to-earnings ratio of -21.91 and a beta of 1.44.

Insiders Place Their Bets

In related news, Director Michael S. Clifton sold 25,000 shares of Rigetti Computing stock in a transaction dated Wednesday, July 16th. The shares were sold at an average price of $15.00, for a total transaction of $375,000.00. Following the completion of the transaction, the director directly owned 853,766 shares of the company’s stock, valued at $12,806,490. This trade represents a 2.84% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Ray O. Johnson sold 40,420 shares of the company’s stock in a transaction dated Wednesday, July 16th. The stock was sold at an average price of $15.00, for a total transaction of $606,300.00. Following the sale, the director directly owned 419,756 shares in the company, valued at $6,296,340. This represents a 8.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.90% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of RGTI. IFP Advisors Inc raised its position in Rigetti Computing by 146.1% in the 2nd quarter. IFP Advisors Inc now owns 2,190 shares of the company’s stock valued at $26,000 after purchasing an additional 1,300 shares during the last quarter. Armstrong Advisory Group Inc. increased its stake in shares of Rigetti Computing by 225.4% in the second quarter. Armstrong Advisory Group Inc. now owns 2,974 shares of the company’s stock valued at $35,000 after buying an additional 2,060 shares in the last quarter. Orion Capital Management LLC bought a new position in shares of Rigetti Computing in the fourth quarter valued at about $46,000. GAMMA Investing LLC raised its holdings in shares of Rigetti Computing by 1,813.0% in the first quarter. GAMMA Investing LLC now owns 3,233 shares of the company’s stock valued at $26,000 after buying an additional 3,064 shares during the last quarter. Finally, Center for Financial Planning Inc. acquired a new position in Rigetti Computing during the 1st quarter worth about $30,000. 35.38% of the stock is owned by institutional investors and hedge funds.

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.