Rigetti Computing (NASDAQ:RGTI) Shares Down 10.2% - Should You Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI) experienced a significant drop in its stock price, falling by 10.2% during mid-day trading on Tuesday. The stock reached a low of $9.10 before closing at $9.09. During this trading session, a total of 24,577,310 shares changed hands, representing an 83% decrease in volume compared to the average trading volume of 142,571,703 shares. This decline follows a previous closing price of $10.12.

Analysts Set New Price Targets

In recent days, several financial analysts have shared their views on Rigetti Computing's stock. In a report dated November 13, Needham & Co. LLC reaffirmed a "buy" rating for Rigetti and set a target price of $2.00 per share. Meanwhile, B. Riley raised its price target from $8.50 to $15.00, also assigning a "buy" rating. On the same day, Benchmark increased its target from $2.50 to $14.00 while maintaining a "buy" rating for the stock. Craig Hallum initiated coverage of Rigetti with a "buy" rating and a price target of $12.00. Currently, five analysts have rated Rigetti's stock as a buy, and MarketBeat reports an average rating of "Buy" along with a price target of $9.30.

Rigetti Computing Stock Performance

The performance metrics for Rigetti Computing reveal a debt-to-equity ratio of 0.02, indicating a low level of debt relative to equity. The current and quick ratios stand at 4.84, reflecting strong liquidity. Rigetti has a 50-day moving average price of $12.51 and a 200-day moving average price of $5.43, with a market capitalization of $1.76 billion. Its price-to-earnings (PE) ratio is reported at -24.15, and the stock exhibits a beta of 1.26, suggesting greater volatility compared to the broader market.

Insider Transactions at Rigetti Computing

In recent insider news, Director Michael S. Clifton sold 125,000 shares of Rigetti's stock on December 6 at an average price of $4.00 per share, amounting to a total transaction of $500,000. Following this sale, Clifton's direct ownership in Rigetti decreased to 1,188,864 shares, valued at approximately $4.75 million. This transaction represented a 9.51% drop in ownership, and the details were disclosed in documents filed with the SEC, which can be accessed through the SEC website. Currently, insiders hold approximately 2.81% of Rigetti Computing’s stock.

Institutional Inflows and Outflows

Recent trends in institutional investing show mixed activity regarding Rigetti Computing's shares. Signaturefd LLC made a new investment in Rigetti in the fourth quarter, worth about $25,000. EverSource Wealth Advisors LLC and Tucker Asset Management LLC similarly acquired new positions valued at $28,000 and $32,000, respectively, in the same period. Additionally, Arete Wealth Advisors LLC and Spire Wealth Management each bought new stakes in Rigetti valued at $45,000 and $46,000, respectively. It's noted that institutional investors currently hold about 35.38% of the company’s stock.

About Rigetti Computing

Rigetti Computing, Inc. is focused on the development of quantum computing technologies. The firm designs and builds quantum computers, as well as the superconducting quantum processors that power them. Rigetti also provides cloud access to its quantum computing capabilities, including its 9-qubit chip and the Ankaa-2 system, marketed under the Novera brand. The company’s unique offering allows users to experiment with and utilize quantum processing units as a service.

Should You Invest $1,000 in Rigetti Computing Right Now?

If you are considering investing in Rigetti Computing, it might be beneficial to explore additional insights. While Rigetti currently maintains a "Buy" rating from analysts, it is also important to note that several top-rated analysts have identified five other stocks that they believe may provide better investment opportunities. We recommend investigating these alternatives before making any investment decisions.

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