Rigetti Computing (NASDAQ:RGTI) Shares Down 3.6% - Is It Time to Sell?

On Monday, shares of Rigetti Computing, Inc. (NASDAQ:RGTI) fell by 3.6%, marking a notable decrease. The stock reached as low as $11.43 before last trading at $11.81. During the trading session, approximately 48,048,684 shares changed hands, which represents a decline of 72% compared to the average daily trading volume of 169,707,248 shares. The previous close for the stock was $12.25.

Analyst Opinions on RGTI

Several equity research analysts have recently provided their insights on Rigetti Computing shares. B. Riley has raised their price target from $8.50 to $15.00, maintaining a "buy" rating. In contrast, Benchmark reiterated a "buy" rating but set a lower price target of $2.50. Meanwhile, Needham & Company LLC also maintained a "buy" rating with a price target of $2.00. Craig Hallum initiated coverage on Rigetti, establishing a "buy" rating and setting the price target at $12.00. Currently, five investment analysts rate the stock as a buy, leading to a consensus rating of "Buy" with an average target price of $7.00, according to MarketBeat.

Stock Performance Overview

The 50-day moving average price for Rigetti Computing stands at $12.22, while the 200-day moving average price is significantly lower at $5.15. The company exhibits a debt-to-equity ratio of 0.02, indicating low financial leverage. It also maintains a quick ratio and current ratio of 4.84, suggesting good short-term financial health. Rigetti Computing has a market capitalization of around $2.12 billion, a PE ratio of -29.03, and a beta value of 1.26, which implies moderate volatility in comparison to the overall market.

Insider Trading Activity

In related news, Director Michael S. Clifton executed a sale of 125,000 shares on November 25, with the shares sold at an average price of $3.00, totaling $375,000. Following this transaction, Clifton now holds 1,313,864 shares valued at approximately $3.94 million, reflecting an 8.69% decrease in his holdings. The legal filing regarding this transaction has been made public through the necessary disclosures. Over the last three months, insiders have sold a total of 375,000 shares worth around $1.5 million.

Institutional Ownership Changes

Several institutional investors have adjusted their positions in Rigetti Computing recently. For instance, Signaturefd LLC has acquired a new position worth around $25,000, while EverSource Wealth Advisors LLC purchased approximately $28,000 in shares. Tucker Asset Management LLC and Arete Wealth Advisors LLC also bought new stakes valued at $32,000 and $45,000, respectively. Spire Wealth Management contributed an additional $46,000 during the same period. Currently, institutional investors own about 35.38% of Rigetti’s stock.

About Rigetti Computing

Rigetti Computing is a company that specializes in building quantum computers and superconducting quantum processors. They provide cloud-based access to their quantum processing units, such as their 9-qubit chip and Ankaa-2 system, through their quantum computing as a service offering under the Novera brand.

Investment Considerations

Before deciding to invest in Rigetti Computing, potential investors should weigh their options carefully. While there are positive ratings from analysts, it's crucial to consider alternative investments that top analysts may recommend. Reviewing multiple opinions and conducting thorough research can provide greater insights into making informed investment decisions.

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