A company insider recently sold 8,000 shares of Rigetti Computing Inc. [RGTI]. Should You Sale?

Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Rigetti Computing Inc. shares valued at $18,640 were sold by Fitzgerald Alissa on Sep 14. At $2.33 per share, Fitzgerald Alissa sold 8,000 shares. The insider’s holdings dropped to 67,436 shares worth approximately $0.13 million following the completion of this transaction.

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Also, Rigetti Chad sold 116,800 shares, netting a total of over 468,368 in proceeds. Following the sale of shares at $4.01 each, the insider now holds 9,547,136 shares.

Before that, Sereda Brian J had sold 30,820 shares from its account. In a trade valued at $123,588, the Chief Financial Officer traded Rigetti Computing Inc. shares for $4.01 each. Upon closing the transaction, the insider’s holdings decreased to 30,820 shares, worth approximately $1.98 million.

As published in their initiating research note from Deutsche Bank on August 09, 2022, Rigetti Computing Inc. [RGTI] has been a Buy and the price target has been revised to $10. This represents a 80.8% premium over Thursday’s closing price. Analysts at Needham started covering the stock with ‘”a Buy”‘ outlook in a report released in early June. As of May 27, 2022, Cowen has initiated its “an Outperform” rating for RGTI.

Analyzing RGTI’s Price Performance

On Thursday, Rigetti Computing Inc. [NASDAQ: RGTI] plunged -4.00% to $1.92. The stock’s lowest price that day was $1.89, but it reached a high of $2.06 in the same session. During the last five days, there has been a drop of approximately -15.79%. Over the course of the year, Rigetti Computing Inc. shares have dropped approximately -81.34%. Shares of the company reached a 52-week high of $11.37 on 03/02/22 and a 52-week low of $1.89 on 09/22/22. A 50-day SMA is recorded $3.84, while a 200-day SMA reached $6.81. Nevertheless, trading volume fell to 1.27 million shares from 1.27 million shares the previous day.

Support And Resistance Levels for Rigetti Computing Inc. (RGTI)

According to the 24-hour chart, there is a support level at 1.85, which, if violated, would cause prices to drop to 1.79. In the upper region, resistance lies at 2.02. The next price resistance is at 2.13. RSI (Relative Strength Index) is 23.81 on the 14-day chart, showing oversold technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.38, which suggests the price will decrease in the coming days. Percent R is at 98.34%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.

Is Rigetti Computing Inc. subject to short interest?

Stocks of Rigetti Computing Inc. saw a sharp rise in short interest on Jul 14, 2022 jumping by 1.43 million shares to 3.17 million. Data from Yahoo Finance shows that the short interest on Jun 14, 2022 was 1.74 million shares. A jump of 45.11% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 3 of the overall float, the days-to-cover ratio (short ratio) jumped to 3.

Which companies own the most shares of Rigetti Computing Inc. (RGTI)?

According to T. Rowe Price Associates, Inc. filings, the company currently owns 3,372,837 shares, which is about 2.84% of the total RGTI shares outstanding. The investor’s shares have plunged by -525,163 from its previous 13-F filing of 3898000.0 shares. In its current portfolio, Lansdowne Partners holds 796,625 shares valued at $3.17 million.

In terms of Rigetti Computing Inc. share price expectations, FactSet research, analysts set an average price target of $9.67 in the next 12 months, up nearly 400.0% from the previous closing price of $2.00. Analysts anticipate Rigetti Computing Inc. stock to reach $11.00 by 2022, with the lowest price target being $8.00. In spite of this, 4 analysts ranked Rigetti Computing Inc. stock as a Buy at the end of 2022.


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